Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The global Power Tools Market was USD 25.87 billion in 2021. The global market size is expected to be USD 26.61 billion in 2022 and is projected to reach USD 35.13 billion by 2029, exhibiting a CAGR of 4% during the forecast period from 2022-2029. This information is provided by Fortune Business Insights, in its report, titled, “Power Tools Market, 2022-2029.”
According to our analysts, the construction and automotive industries will exhibit profound demand for power tools. Stakeholders will continue to inject funds into advanced tools to boost comfort amidst the soaring popularity of cordless equipment. Moreover, string trimmers, hedge trimmers and lawnmowers are likely to be sought over the next few years.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 4% |
| 2029 Value Projection | USD 35.13 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 25.87 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 150 |
| Segments covered | By Mode of Operation, By Tool Type, By Application and By Region |
| Growth Drivers | Development of Multi-Purpose Products and their Accessories to Lay Foundation for Future Growth |
| Expansion of Construction Industry and Manufacturing Sector in Emerging Economies to Boost Growth |
COVID-19 Impacts:
Dip in Car Sales to Bring Paradigm Shift in Industry Landscape
While the vaccination rollouts and bullish government policies have augured well, the plunge in car sales in 2020 sent shock waves in the industry. According to the China Passenger Car Association (CPCA), car sales in China dipped 92% in the first half of February 2020. End-use sectors, including shipbuilding, aerospace and automotive, witnessed a tectonic shift, with a reduction in trade volumes.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/power-tools-market-101444
Drivers and Restraints:
Trend for Cordless Tools in Construction Sector to Foster Innovations
Industry players expect construction activities to spur the penetration of advanced power tools across emerging and advanced economies. Notably, the trend for cordless equipment and tools will underpin power tools market share during the assessment period. Small and mid-sized enterprises will continue to bank on state-of-the-art tools for increased flexibility. With the gradual growth in the construction sector, the penetration of electric tools will be pronounced globally.
However, volatile raw material prices could dent the industry growth in the ensuing period.
Industry Developments:
July 2021 – Makita UK extended its outdoor power tools range with ‘XGT 40VMax machines’. It includes UR002G 40VMax Brushless Brush Cutter and UH007G, UH006G, UH005G, and UH004G 40VMax Hedge Trimmers that are brushless. These machines are designed to deliver durability and high output for heavy-duty and regular use on-site
List of Key Players Mentioned in the Report:
- Robert Bosch GmbH (Germany)
- Stanley, Black & Decker, Inc. (U.S.)
- Hilti Corporation (Liechtenstein)
- Atlas Copco AB (Sweden)
- Makita Corporation (Japan)
- Emerson Electric Co. (U.S.)
- Hitachi Koki Ltd. (Japan)
- Ingersoll Rand (U.S.)
- Techtronic Industries Co. Ltd. (Hong Kong)
- Enerpac Tool Group (U.S.)
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Segments:
In terms of mode of operation, the market is segregated into pneumatic, electric, and others.
Based on tool type, the market is segmented into material removal tools, drilling & fastening tools, demolition tools, sawing & cutting tools, and others.
On the basis of application, the market is fragmented into industrial and DIY.
With respect to region, the market covers Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.
Key Benefits for Power Tools Market:
- The Power Tools market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Power Tools market during the forecast period (2022–2029).
- The report outlines the current market trends and future scenario of the global Power Tools market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
Soaring Urbanization to Trigger Growth across Asia Pacific
Leading companies are slated to inject funds into China, India, Australia and Japan following the investments across infrastructure and industrialization sectors. Asia Pacific market forecast will be strong with robust government policies across China and India. Industry participants are likely to infuse funds into manufacturing R&D facilities, fueling the industry growth. For instance, India has invested in subsidies to encourage investments in advanced power tools. Prevailing trends suggest electric and pneumatic power tools will be sought-after across the region to tap markets.
The Middle East & Africa power tools market growth will observe an appreciable gain on the back of investments in industrialization. Prominently, oil & gas and power and energy sectors will be the major recipients of advanced equipment. End-users are likely to exhibit traction for material removal tools following their demand across metal processing workshops and car factories.
Leading companies expect North America to witness moderate growth, partly due to investments in the construction sector. The trend for do-it-yourself (DIY) tools will be noticeable across the U.S. and Canada, boding well for regional growth. Moreover, advancements in drilling technology will further provide impetus to drilling and fastening tools across the region.
Competitive Landscape:
Companies Invest in Product Offerings to Foster Footprint
Major players are likely to emphasize product launches, technological advancements and mergers & acquisitions. Both well-established players and new entrants could also infuse funds into research and development activities to bolster penetration.
Global Power Tools Market Size Segmentation:
By Mode of Operation
- Electric
- Pneumatic
- Others (Hydraulic)
By Tool Type
- Drilling & Fastening Tools
- Material Removal Tools
- Sawing and Cutting tools
- Demolition Tools
- Others (Routing Tools)
By Application
- DIY
- Industrial
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Power Tools Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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