NEWARK, Del, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the power tool market is expected to be valued at US$ 36.04 Billion in 2023. The market is expected to be worth US$ 64.5 Billion by 2033. The market is estimated to grow at a CAGR of 6% from 2023 to 2033. Persistent advancement in power tool innovations, including brushless motors, batteries made with lithium-ion, and sophisticated amenities like connected IoT devices, improves efficiency, resilience, and customer service. These developments boost customer demand as buyers seek superior, effective, and user-friendly technologies.
Power tools are in high demand in production, building, and installation activities owing to global industry development and the continuous development of infrastructure. Expanding urbanization, especially in emerging nations, boosts the demand for power tools in a variety of activities. Do-it-yourself (DIY) operations, spurred by internet instructions and home renovation shows, are increasing the popularity of power tools among householders and enthusiasts.
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Growing awareness of sustainability led to the development of ecologically sound power tools with lower emissions and energy-saving features. Companies are spending money on environmentally friendly practices such as the adoption of recyclable components and energy-efficient technologies.
Power tool availability via websites and online retailers improves market access. Online commerce provides a diverse choice of items, competitive pricing, and convenience, which drives customer purchases and revenue growth. In Europe, Germany has a sizable power tool sector. The country's development outlook appears positive, especially because demand is expected to expand as the building sector improves. Power tool sales are likely to be supported by the favorable outlook for Germany's construction sector.
Key Takeaways from the Market Study:
- By product type, drilling power tool sales are expected to rise at a 6% CAGR through 2033.
- Sales of power tools via offline channels to incline at a CAGR of 5.9% from 2023 to 2033.
- The United States market is expected to proliferate at a 6.2% CAGR.
- The market for power tools in the United Kingdom is poised to total US$ 7 Billion by 2033.
- China to be a key contributor to market expansion, registering a 6.1% CAGR.
“The advancement of technology is projected to be a crucial driver, with breakthroughs in integrating IoT devices, tool effectiveness, and connection. Sustainable practices are resulting in an increase in the uptake of energy-efficient, environmentally conscious power tools,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
The global market is fragmented, with a large number of small and medium-sized suppliers controlling the majority of the industry. Several corporations are investing considerably in comprehensive research and development operations, notably to produce environmentally friendly products. Product diversification and consolidation are important tactics for key players.
- Makita UK expanded its outdoor power Tool industry with its latest 'XGT 40VMax equipment' in July 2021. Brushless UR002G 40VMax Cutter and 40VMax Hedge Trimmer are included.
- Makita Corporation developed an upgraded nailer called the 18 Gauge 2" Brad Nailer (AF506) in June 2021. It is a battery-powered power tool with improved ergonomics. It is suitable for both hard and soft hardwood surfaces.
Key Players Operating in the Global Power Tool Industry:
- Robert Bosch Power Tool GmbH
- Stanley Black & Decker, Inc.
- Makita Corporation
- Hilti Corporation
- Atlas Copco AB
- Techtronic Industries Company Limited
- Snap-on Incorporated
- Actuant Corporation
- Husqvarna AB
- Illinois Tool Works
- Panasonic Corporation
- Hitachi Corporation
- Ingersoll Rand, Inc.
- Enerpac Tool Group
- Kyocera Corporation
- Apex Tool Group
- Ridgid Tool
- Koki Holdings Co., Ltd.
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More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the global power tool industry presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights by product type (drilling tool, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench and circular saw), technology (electric and pneumatic), application (manufacturing and MRO services) and sales channel (online and offline), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
Power Tool Market Segmentation Analysis:
By Product Type:
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Jigsaw
- Impact Wrench
- Circular Saw
By Technology:
- Electric
- Corded
- Cordless
- Pneumatic
By Application:
- Manufacturing
- Metal Fabrication
- Automotive
- Railways
- Aerospace
- Furniture
- Others
- MRO Services
- Facility Management
- Automotive
- Aerospace
- Other Industrial
- DIY
- Construction
By Sales Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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