Power Tools Market Size - By Mode (Electric Corded, Electric Cordless, Pneumatic), By Tool Type (Drilling & Fastening, Sawing & Cutting Tools, Demolition, Material Removal, Wrenches, Others), By Application & Forecast, 2023 – 2032

Power Tools Market Size - By Mode (Electric Corded, Electric Cordless, Pneumatic), By Tool Type (Drilling & Fastening, Sawing & Cutting Tools, Demolition, Material Removal, Wrenches, Others), By Application & Forecast, 2023 – 2032

Power Tools Market Size

Power tools market size is expected to witness more than 6.4% CAGR from 2023 to 2032. The increasing demand for efficient and convenient tools across various industries will influence market trends over the forecast period. Factors such as rapid industrialization, urbanization, and the growing do-it-yourself (DIY) culture are also driving market expansion. Based on a 2021 survey by the Home Improvement Research Institute, approximately 50% of DIYers were found to be engaged in exterior home improvement projects. The growing willingness of homeowners to tackle demanding and intricate tasks to enhance the aesthetic appeal and functionality of their residences will thus bolster demand for power tools over the foreseeable future.

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Power Tools Market Drivers and Restraints

The increasing construction and infrastructure development activities worldwide have led to a surge in the demand for power tools. These tools offer enhanced productivity, precision, and ease of use, thereby facilitating faster completion of projects. In addition, the rising adoption of cordless power tools, driven by advancements in battery technology, has contributed to industry growth. Cordless tools offer greater mobility and convenience, allowing users to work in various environments without the limitations of power cords.
 

However, the high initial cost associated with acquiring power tools may restrict industry growth to some extent. These tools often require significant investments, particularly for high-end models or those equipped with advanced features. Furthermore, the market is facing the challenge of intense competition, with several players vying for market share, leading to price wars, which can impact profit margins and impact the market outlook.
 

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Power Tools Market Trends

One prominent trend fueling power tools industry progress is the increasing focus on ergonomic design and user comfort. Manufacturers are investing in research and development to design tools that reduce operator fatigue and improve overall productivity. Additionally, the integration of smart technology and connectivity features into power tools is gaining traction. These advanced tools enable real-time monitoring, diagnostics, and predictive maintenance, enhancing operational efficiency.

COVID-19 Impact

The COVID-19 pandemic has significantly impacted the power tools market. During the initial phases of the pandemic, the market experienced a slowdown due to disruptions in the supply chain, labor shortages, and economic uncertainties. However, as industries resumed operations and construction activities picked up pace, the market witnessed a rebound. The pandemic also accelerated the adoption of e-commerce platforms for power tool purchases, as consumers sought contactless shopping options.

Power Tools Market Analysis

Power tools market size from the electric corded power tools mode segment is witnessing steady growth over 2023-2032. Corded power tools continue to be preferred in applications where continuous power supply is crucial. These tools offer higher power output compared to their cordless counterparts, making them suitable for heavy-duty tasks. Industries such as construction, manufacturing, and woodworking rely on corded power tools for their consistent performance and reliability.

Power tools market share from the drilling and fastening tool type segment is expected to witness more than 6.3% CAGR from 2023 to 2032. Drillings and fastening tools, such as drills, impact drivers, and screwdrivers, find extensive usage across industries for various applications. These tools are essential for tasks such as drilling holes, driving screws, and assembling structures. The growing construction and automotive sectors are driving the demand for drilling and fastening tools, thereby propelling power tools industry expansion.

Europe power tools market is anticipated to observe over 6.2% CAGR from 2023 to 2032 owing to the strong presence of key manufacturers and a mature industrial sector. The region's emphasis on infrastructure development, construction activities, and manufacturing sectors is driving the demand for power tools. Additionally, the increasing adoption of advanced technologies and ergonomic designs will further boost market expansion. The burgeoning focus on sustainable development and energy-efficient solutions has also triggered a shift in trend towards cordless power tools and smart connectivity features, which may strengthen the regional market outlook.

Power Tools Market Share

Some of the major players in the global power tools market are

• Techtronic Industries
• Emerson Electric Co.
• Stanley Black & Decker
• Atlas Copco
• Hilti Corporation
• Robert Bosch GmbH
• Hitachi Koki Ltd.
• Apex Tool Group
• Enerpac Tool Group
• Makita Corporation

Power Tools Industry News

• In January 2023, Bosch Power Tools India launched the GWS 800 Professional to its extensive line of angle grinders. Bosch Power Tools India is a prominent provider of power tools for the construction, woodworking, and metalworking industries. Additionally, with this launch, Bosch Power Tools' localization share in India will increase to 55% in 2023.
• In January 2023, Hilti announced the addition of over 30 battery-powered cordless tools during the year. These products will be added to North America’s portfolio of Nuron battery-powered tools that are used for commercial construction across the region.

This power tools market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments

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Market, By Mode

• Electric Corded
• Electric Cordless
• Pneumatic

Market, By Tool Type

• Drilling & Fastening
• Sawing & Cutting Tools
• Demolition
• Material Removal
• Wrenches
• Others

Market, By Application

• Construction
• Automotive
• Aerospace
• Energy
• Electronics
• DIY
• Others

Market, By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • South Korea
  • Japan
  • Indonesia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE