Power Tools Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The Power Tools market size was estimated at USD 45.65 billion in 2023 and is projected to reach USD 80.44 billion in 2030 at a CAGR of 8.43% during the forecast period 2023-2030.

Any equipment or gadget that draws energy from a source outside of itself, such as compressed air or electricity, is referred to as a power tool. Power tools are crucial in many sectors because they offer improved speed, strength, and efficiency compared to manual tools, which only rely on human labour. Power tools offer the durability, accuracy, and productivity required to finish a variety of jobs. Power tools increase productivity and professional outcomes on anything from building sites to workshops.

Due to their simplicity of use and portability, power tools are currently quite popular in residential applications. The popularity of DIY projects has increased demand for power tools among household users.  Additionally, it is expected that the power tools market would grow significantly due to the rise in demand for power tools in the industrial and automotive industries. Additionally, assembly lines and the automobile industry make extensive use of power tools, supporting the operations with quicker outcomes. It also significantly reduces the overall time required to finish the entire activity within the allotted time.

However, the market for power tools is being constrained by a number of issues. High maintenance expenses for the moving parts are one of the key reasons limiting the expansion of power tools. Additionally, the total market expansion during the projection period is being hampered by changes in the cost of raw materials used to create power materials.

The COVID-19 Pandemic has had a significant impact on the power tools market. The market got negatively affected due to disruptions in the supply chains, labour shortages, and economic uncertainties, However, as restrictions were lifted and the industries resumed their operations, the market witnessed a rebound. The pandemic also aided the adoption of e-commerce platforms for power tool purchases.

Delvens Industry Expert's Standpoint

The Power Tools market is expected to grow during the forecast period. This growth can be attributed to several factors. The demand for power tools is expected to increase in the future years as governments throughout the world start infrastructure development initiatives. During the forecast period, these measures are anticipated to fuel further expenditures in non-residential building projects, which in turn would fuel demand for power tools. However, the high cost for the moving parts and the fluctuating costs of raw materials might hamper the growth of the market during the forecast period.

Market Portfolio

Key Findings

• Based on machine type, the market is segmented into drilling tools, cutting/sawing tools, fastening tools, breaker tools, others. Drilling tools dominated the market in this segment. Drilling machines are renowned for the end-cutting tools that they can accommodate. These drilling instruments are designed to make holes in different kinds of workpieces. Drilling is a material-eliminating or cutting technique used to create a hole in solid objects' circular cross-sections. These tools are created and made in accordance with the various job specifications. The needs of the workpieces determine how this drilling equipment are used most frequently.
   
• Based on mode of operation, the market is segmented into electric, hydraulic, pneumatic, others. Electric tools dominated the market in this segment. The electric tools are specifically made for specialized activities and are propelled by the power of electricity. Electricity-powered tools have been gaining popularity for decades due to their features that minimize human labour. Additionally, employing these electricity-powered power tools promotes accuracy, improved handling, and increased effectiveness.
   
• Based on mobility, the market is bifurcated into stationery, and portable. The portable segment dominated the market in this segment. Portable power tools can be used as mobile tools since they can be moved from one location to another. The market has become more accepting of portable tools as a result of increasing demand from manufacturing and assembly businesses.
   
• Based on application, the market is segmented into residential, commercial, and industrial. The industrial segment dominated the market in this segment. The development of these power tool goods was aided by the global industrial expansion that is always expanding. Over the years, widespread and continuous use of a wide range of tools in sectors including oil & gas, construction, petrochemicals, and automotive has gained pace. Additionally, the development of infrastructure in industrialized nations has played a significant role in the explosive rise of these power tools.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, expanding industrial and infrastructural development is fuelling demand for the industry. Major companies like Stanley Black & Decker, Emerson Electric Co., and Apex Tool Group are also present, which helps the region's revenue share.

Regional Analysis

North America to Dominate the Market

• North America is estimated to account for the largest market share during the forecast period because of the expanding industrial and infrastructural development within the region.

• Moreover, the presence of key market players as well as the unavailability of cheap labour aids in the adoption of DIY jobs, thus, contributing to regional growth.

Competitive Landscape

• 3M
• Apex Tool Group
• Atlas Copco AB
• DeWalt
• Emerson Electric Co.
• Festool GmbH
• Hilti Corporation
• Hitachi
• Honeywell International Inc.
• Husqvarna AB
• Ingersoll Rand
• Koki Holding Co., Ltd.
• KYOCERA Corporation
• Makita Corporation
• Milwaukee Tool
• Robert Bosch GmbH
• Ryobi
• Snap-on Incorporated
• SKIL
• Stanley Black & Decker, Inc.
• Techtronic Industries Co. Ltd.

Recent Developments

• In June 2022, Schneider Electric announced collaboration with Hitachi Energy to facilitate decarbonization in the industrial and energy sectors. The companies decided to leverage Hitachi’s medium-voltage power tools and Schneider’s high voltage power tools to present a more comprehensive portfolio.
   
• In October 2022, New 12V and 18V cordless orbital sanders from Bosch Power Tools were introduced. With this launch, users may get more accurate, precise, and individualized woodworking and wood cutting solutions with the 12V and 18V Cordless Orbit Sanders. This has aided the business in diversifying its product offering.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Power Tools Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope