The study gives precise forecasts about the growth pattern while looking at the aspects affecting industry growth in the global Power Tools Market. The main topics of the study include the market's drivers, restraints, opportunities, threats, risks, constraints, and other features. The research provides a thorough analysis of the competitive landscape as well as a complete examination of the company profiles, product portfolio, and business expansion strategies.
According to the most recent analysis by Emergen Research, the size of the worldwide power tool market was USD 25.79 billion in 2021 and is predicted to grow at a revenue CAGR of 4.5% during the projected period. Increasing demand for cordless power tools and expanding construction and manufacturing sectors, particularly in emerging markets, are some of the main drivers propelling market revenue development.
Rapid market expansion is being attributed to an increase in the use of various types of cordless power tools, including hammer drills, saws, impact wrenches, staplers, and nailers. Demand for cordless power tools is escalating as there is an increasing requirement for instruments that are more flexible, adaptable, and small. Lithium battery packs are used in power tools in place of conventional nickel cadmium (Ni-Cd) and nickel metal hydride (Ni-MH) battery packs. The use of high density battery packs in cordless power tools has increased significantly as a result of the quick development of battery technology, providing longer working times between recharges.
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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
The leading market contenders listed in the report are:
Apex Tool Group, LLC., Emerson Electric Co., Ingersoll Rand, Atlas Copco, Robert Bosch GmbH, Stanley Black Decker, Inc., Techtronic Industries Co. Ltd., Hilti Group, Makita Corporation, and Koki Holdings Co., Ltd
Target Audience of the Global Power Tools Market Report:
- Key Market Players
- Investors
- Venture capitalists
- Small- and medium-sized and large enterprises
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- Global market producers, distributors, traders, and suppliers
- Research organizations, consulting companies, and various alliances interested in this sector
- Government bodies, independent regulatory authorities, and policymakers
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Major Geographies Analyzed in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Market Segmentations of the Power Tools Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2030. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Power Tools market on the basis of product, application, and region:
Segments Covered in this report are:
- Mode of Operation Outlook (Revenue, USD Billion; 2019-2030)
- Electric
- Cordless
- Corded
- Pneumatic
- Others
- Product Outlook (Revenue, USD Billion; 2019-2030)
- Wrenches
- Grinders
- Drills
- Saws
- Others
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Industrial
- Residential
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Some Key Highlights From the Report
- The electric segment accounted for a significant revenue share in 2021 owing to ease of flexibility and effectiveness of operation of electric tools. Introduction of powerful batteries has led to an increasing demand for electric tools. Electric power tools are utilized in sectors such as automotive, construction, aerospace, and energy owing to various benefits such as better performance, speed, efficiency accuracy, and convenience. Rapid urbanization and industrialization are some of the factors increasing demand for electric power tools.
- The drills segment accounted for a significant revenue share in 2021. Electric drilling and fastening equipment is used by professionals and Do-It-Yourselfers (DIY). Drills are used in both residential and industrial applications since these are easy to operate and cost-effective than other power equipment. Surging demand for drills as primary maintenance and repair equipment is also another factor contributing to growth of the market.
- The industrial segment accounted for largest revenue share in 2021. Increasing technical innovation and implementation of advanced technology by these industries are expected to drive revenue growth of the segment. Rapid shift towards usage of power tools as well as various innovation, such as brushless motor technology, which provides less friction, longer motor-life, less voltage drops, and better performance are some of the major factors increasing demand for power tools in manufacturing and construction plants.
- The North America market is expected to register a significant growth rate over the forecast period. Growing industrial and infrastructural development in addition to lack of cost-effective labor leading to rapid adoption of DIY activities are some of the key factors significantly driving revenue growth of market in this region. Presence of primary companies with increasing development and innovation activities for improvement of existing tools is another major factor contributing to growth of the market.
Additional information offered by the report:
- Along with a complete overview of the global Power Tools market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
- The report elaborates on the global Power Tools market size and share governed by the major geographies.
- It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
- It further presents a detailed description of the company profiles of the key market contenders.
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