Pune, May 04, 2023 (GLOBE NEWSWIRE) -- The Power Tool Market had a worth of USD 33.67 billion in 2022 and is projected to attain USD 55.72 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period of 2023-2030, as reported by SNS Insider.
Market Overview
Power tools are mechanical devices powered by electricity, compressed air, or gasoline, that are used to perform a wide range of tasks such as drilling, cutting, shaping, polishing, and fastening. They are essential tools in various industries, including construction, automotive, manufacturing, and DIY, as they provide greater precision, efficiency, and speed compared to manual tools. Power tools come in various types and sizes, ranging from handheld drills and saws to larger industrial machines such as grinders and sanders.
Market Analysis
The rise of power tools in households is a trend that continues to gain momentum, thanks to their portability and user-friendly design. DIY enthusiasts are increasingly turning to power tools to tackle a range of household projects. In particular, the drilling and fastening segment is expected to experience significant growth in the coming years. Drilling and fastening tools are popular due to their ease of use and affordability, making them a practical choice for both industrial and household applications. Overall, the increasing popularity of power tools in households is a trend that shows no signs of slowing down. As more and more people turn to DIY activities, the demand for high-quality, user-friendly power tools like drilling and fastening products is expected to continue to drive growth for the power tool market.
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Key Company Profiles Listed in this Report Are:
The key players in the market are Robert Borsch Gmbh, ANDREAS STIHL AG & Co, Stanley Black & Decker. Inc, CHEVRON, Hilti Corporation, Enerpac tool group, Atlas Copco Ltd, Hitachi Koki Ltd, Makita Corporation, Emersonelectric and co. & More
Impact of Recession on Power Tool Industry
Recession can have a significant impact on the power tool market, as it affects the overall demand and purchasing power of customers. During an economic downturn, the construction, automotive, and manufacturing industries may experience a slowdown, leading to a reduction in demand for power tools. On the other hand, the recession could also present opportunities for power tool manufacturers to explore new markets and segments. For instance, the repair and maintenance sector may experience an upswing during a recession, which could drive demand for power tools used in repairing and maintaining machines and equipment.
Power Tool Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 33.67 Billion |
| Market Size by 2030 | US$ 55.27 Billion |
| CAGR | CAGR of 6.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Power Tool Market: Key Segmentation | • By Product (Drills, Saws, Wrenches, Grinders, Sanders, Others) • By Operation (Electric, Corded, Cordless, Pneumatic, Others)• By Application (Industrial, Residential) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The power tool market is set to experience significant growth in the coming years, with North America and Asia Pacific poised to dominate the industry. These two regions are expected to be the driving force behind the growth of the market, thanks to a combination of factors such as rising demand for DIY activities and increasing industrialization. North America is expected to remain a dominant force in the market due to the high adoption rate of power tools in the region.
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Key Takeaway from Power Tool Market Study
- The drills segment presents a significant opportunity for companies looking to dominate the market. By focusing on innovation, competitive pricing, marketing, and customer service, companies can position themselves as leaders in this essential tool category.
- According to recent market research, the industrial segment is expected to hold the largest share in the market. This is attributed to the increasing demand for power tools in the manufacturing and construction sectors.
Recent Developments Related to Power Tool Market
- Japanese power tool company, Makita, has taken the world by surprise with its recent launch of the world's first cordless microwave oven. This innovative appliance is a groundbreaking addition to the market, offering unparalleled convenience to users who crave the ability to cook and heat up their meals without being tethered to an electrical outlet.
- Bosch Power Tools, a leading manufacturer of power tools and accessories, has recently announced a new partnership with two major sports franchises in Tampa Bay, Florida: the Tampa Bay Rays and the Tampa Bay Rowdies.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Power Tools Market Segmentation, by Product
9. Power Tools Market Segmentation, by Operation
10. Power Tools Segmentation, by Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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