Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global power tools market size was valued USD 26.61 billion in 2022 and is projected to reach USD 36.82 billion by 2030 from an estimated USD 27.51 billion in 2023, reflecting a compound annual growth rate (CAGR) of 4.3% during the period spanning 2023 to 2030. Power tools serve various purposes such as cutting, wrenching, drilling, and polishing materials and find applications across multiple industries including automotive, aerospace, construction, petrochemical, oil and gas, among others. The global market is expected to witness significant expansion in the forecasted period, primarily driven by the increasing adoption of cordless power equipment. These insights are drawn from a research report titled "Power Tools Market, 2023-2030" by Fortune Business Insights™.
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The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants for strengthening their market presence.
Key Industry Development:
Dewalt launched chipping hammers, breker hammer, and other tools to enhance the capabilities and offer support to construction industries. Dewalt is the leading brand of Stanley Black & Decker offering total jobsite solutions.
Discover the Leading Players Featured in the Report:
Companies leading the Power Tools Market are Robert Bosch GmbH, Stanley, Black & Decker, Inc., Hilti Corporation, Atlas Copco AB, Makita Corporation, Emerson Electric Co., Hitachi Koki Ltd., Ingersoll Rand, Techtronic Industries Co. Ltd., Enerpac Tool Group
Key Takeaways:
- Asia Pacific has been recognized to be the dominant and exponentially growing region in the global market.
- Material Removal Tools to Witness High Growth during the Forecast Period due to Various Industrial Applications
- Electric Segment to Depict Highest Growth Rate with Rising Demand from Construction Sector
- Development of Multi-Purpose Products and Additional Accessories to Lay the Foundation for Future Growth
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.3% |
| 2030 Value Projection | USD 36.82 billion |
| Base Year | 2022 |
| Power Tools Market Size in 2022 | USD 26.61 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | By Mode of Operation, By Tool Type, By Application, By Region |
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Drivers and Restraints:
Expansion of Construction and Manufacturing to Increase Market Value
Expansion of construction and manufacturing activities is one of the major driving factors of the power tools market growth. Key market players are manufacturing corded and cordless tools that allow construction workers to use them across various applications. Also, small and mid-sized manufacturing enterprises are bound to use these tools to their capabilities and flexibility. Additionally, manufacturers have been offering advanced products through collaboration and research. Companies such as Atlas Copco AB, Robert Bosch Tool Corporation, Techtronic Industries Co. Ltd., and others have been developing energy-efficient power tool products integrated with innovative technologies.
However, power fluctuations of raw materials are anticipated to limit the market growth.
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 etc.)
By Application
- DIY
- Industrial
- Manufacturing
- Automotive
- Construction
- Energy
- Others (Ship building, etc.)
By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights:
Asia Pacific to Dominate with Growing Industrialization, Infrastructure Development, and Urbanization
Asia Pacific is set to lead the global power tools market share due to growing industrialization, infrastructure development, and urbanization. India is expected to witness significant growth due to Industry 4.0 and enhanced production in the manufacturing sector. India is one of the developing countries in the market due to increasing automotive manufacturing clusters and heavy construction sector development.
The Middle East & Africa market is set to have a positive impact due to growing product adoption across the construction, power and energy, and oil & gas sectors. Presence of several players is also finding these regions to be potential zones to expand their business portfolios.
Europe and North America are expected to grow steadily steady influence on the market with their steady demand for power tools and stagnant production rate.
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Competitive Landscape:
Dewalt Enhanced its Product Lineup by Adding Outdoor Power Tools
Market participants have a strong presence in Asia Pacific, North America, and Europe. The companies have been focusing on the acquisition of small and mid-sized companies. It allows them to expand their businesses and customer bases in other regions/countries. In February 2021, Dewalt enhanced its lineup by adding outdoor power tools for the preparation for lawn & home maintenance season and spring landscaping.
FAQ’s
How big is the Power Tools Market?
Power Tools Market size was USD 36.82 billion in 2022.
How fast is the Power Tools Market growing?
The Power Tools Market will exhibit a CAGR of 4.3 % during the forecast period, 2023-2030
More Reports
North America Power Tools Market Size, Share | Growth, 2030
Europe Power Tools Market Growth & Forecast [2023-2030]
China Power Tools Market Size, Share, Trends Analysis [2030]
Asia Pacific Power Tools Market Size, Share | Analysis [2030]
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