Dublin, Dec. 19, 2024 (GLOBE NEWSWIRE) -- The "Power Tools Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global power tools market is expected to grow at a CAGR of 6.36% from 2023 to 2029.
China and India, with their rapidly growing economies and large populations, are pivotal in driving the expansion of the global construction industry. These nations are experiencing significant urbanization and industrialization, leading their governments to escalate investments in infrastructure to accommodate their burgeoning urban populations and boost economic activities. The synergy of environmental goals, economic growth in emerging markets, and rapid urbanization drive the global construction industry forward. China and India, in particular, are at the forefront, leading substantial investments in infrastructure development and technological advancements.
These factors enhance infrastructure capabilities, contribute significantly to sustainable economic development, and improve worldwide quality of life. In these economies, low-tech industries dominate low-income levels and offer large-scale employment. High-tech industries offer productivity gains advocated mainly by government and institutional reforms to escape the middle-income trap, which can substantially drive the demand for machines and power tools market share by brand during the forecast period.
Growing Adoption of Power Tools
The adoption of power tools has rapidly increased across various industries due to their ability to enhance productivity, precision, and efficiency. Power tools offer several advantages over traditional hand tools, including increased speed, precision, and efficiency. They can also help reduce operator fatigue, increase productivity, and improve work quality.
The popularity of power tools has grown significantly in recent years as manufacturers have introduced new models with improved features and functionality. Consumers are also increasingly interested in DIY projects, home renovation, and woodworking, further boosting the power tools market 2021. Bosch Power Tools is a key player in this market, known for its innovative and high-quality tools.
Rise in Residential Improvement & DIY Projects
Most adults indulge in creative and purposeful leisure activities in some developed North American and European economies. Some consumers also invest in home improvement and maintenance activities based on their interests. This concept is also gaining momentum in developing economies such as India, Brazil, and South Africa. Consumers in the residential sector often undertake repair and enhancement activities that improve their skills and prove cost-efficient. Furthermore, hypermarkets, supermarkets, and other specialty stores such as Home Depot offer more DIY products and drive the DIY tools market, eventually boosting the most bought power tools.
Furthermore, manufacturers are creating electric hammers with user-friendly features that attract DIY users, including lightweight designs, variable speed control, and easy-to-change drill bits. The growth of DIY activities is estimated to propel the growth of the cordless power tools market in particular. Cordless models provide greater convenience and portability, which makes them suitable for DIY users who may not have readily available power outlets in their work areas.
SEGMENTATION INSIGHTS
INSIGHTS BY OPERATION TYPE
The global power tools market by operation type is segmented into cutting, drilling, fastening, routing & planning, and others. Based on operation type, the cutting segment is expected to be the largest revenue segment of the global power tools market. Various industries have unique cutting needs, from construction and manufacturing to automotive and aerospace.
Each industry requires specific cutting tools and tools modified to its applications. For example, construction may require masonry drill bits and abrasive wheels, while manufacturing may need carbide-tipped saw blades and precision cutting discs. The diverse demands from these industries propel the development and availability of various cutting operation types in the market.
INSIGHTS BY TOOL TYPE
The global drilling and fastening tools market has been experiencing robust growth, driven by increasing demand across various sectors such as construction, manufacturing, and home improvement. In 2023, the drilling and fastening tools segment held the largest share of the global power tools market. Drilling and fastening tools have seen significant growth and are booming in the market due to several key factors. These tools, essential in various applications, from construction to home improvement, offer unparalleled convenience and efficiency. Bosch Power Tools and Makita are leading players in this segment.
Segmentation by Tool Type
- Drilling and Fastening Tools
- Cutting Tools
- Grinding and Sanding Tools
- Polishing Tools
- Shaping and Routing Tools
- Pneumatic Tools
- Power Screwdrivers
- Impact and Demolition Tools
- Measuring and Layout Tools
- Others
INSIGHTS BY POWER SOURCE
The global power tools market by power source is segmented into electric-powered, battery-powered, and others. The electric-powered segment dominates the global market. This segment encompasses a wide range of tools powered primarily by electricity, catering to diverse applications in both professional and consumer markets. The electric power tools market is projected to grow significantly with innovations in battery technology and smart tool integration.
Segmentation by Power Source
- Electric-Powered
- Battery-Powered
- Others
Segmentation by End-User
- Industrial
- Commercial
- Residential
Segmentation by Industrial
- Energy
- Construction
- Aerospace
- Automotive
- Electronics
- Shipbuilding
- Others
Segmentation by Commercial
Segmentation by Residential
Segmentation By Distribution Channel
- Offline
- Online
GEOGRAPHICAL ANALYSIS
APAC held the largest share of the global power tools market, accounting for a global share of over 36% in 2023. APAC emerges as a vibrant and rapidly evolving hub for power tools, propelled by its diverse economies, burgeoning urbanization, and expanding commercial sectors. APAC witnesses notable growth in adopting power tool solutions. Furthermore, the North American power tools market is expected to maintain its position during the forecast period, with the U.S. power tools market contributing significantly. With advances in Li-ion battery technology, the North American cordless power tools market is expected to witness substantial growth.
Segmentation by Geography
- North America
- US
- Canada
- APAC
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Rest of APAC
- Europe
- Germany
- France
- Russia
- UK
- Norway
- Denmark
- Italy
- Poland
- Spain
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
COMPETITIVE LANDSCAPE
The global power tools market is moderately fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch Power Tools, and TTI. These major vendors have a global presence in the three major regions of North America, APAC, and Europe. The power tools market share by brand is competitive, with innovations and mergers further intensifying competition. Bosch Power Tools continues to lead through technological advancements, while local vendors strive to compete in this dynamic landscape.
Key Company Profiles
- Stanley Black & Decker
- Bosch
- Techtronic Industries (TTI)
- Makita
- Hilti
- Apex Tool Group
- Snap-on
- Koki Holdings
- Fortive
- Positec
Other Prominent Vendors
- CHERVON
- Fein
- Ferm
- Milwaukee Tools
- Hitachi Power Tools
- Ryobi
- Erbauer
- Metabo
- Karcher
- Wurth Group
- Wacker Neuson Group
- Mafell AG
- Yamabiko Corporation
- Pferd
- AIMCO
- Festool
- CS Unitec
- Dynabrade
- Husqvarna
- STIHL
- Blount
- KYOCERA Corporation
- INTERSKOL
- Panasonic
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
- Emerson
- Ridgid
- Skil
- Metabo
- Craftsman
- Porter-Cable
- Irwin Tools
- Diablo Tools
- Kobalt
- Dremel
- Proxxon
- Parkside
- Chicago Pneumatic
- Matco Tools
- Cornwell Quality Tools
- Senco
- Paslode
- Worx
KEY QUESTIONS ANSWERED
1. Which region dominates the global power tools market share?
2. How big is the power tools market?
3. What is the growth rate of the global power tools market?
4. What are the significant trends in the power tools market?
5. Who are the key players in the global power tools market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 542 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $40 Billion |
| Forecasted Market Value (USD) by 2029 | $57.9 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/o2m59l
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