The global Power Tools market is projected to witness a rise in revenue from US$ 31,994.7 Mn in 2021 to US$ 43,278.3 Mn by 2027. The market is registering a CAGR of 5.2% over the forecast period 2022-2027. A power tool is actuated by an additional power source and mechanism other than the solely manual labor used with hand tools. Power tools are primarily used to cut, wrench, saw drill, and polish materials. These tools come in various sizes and shapes, which makes them easy and handy to operate. Power tools are used by various industries such as construction, automotive, aerospace, energy, and shipbuilding among others.
The growing impetus of the global power tools market is attributed to factors such as the growing application of power tools in the construction industry and the rising adoption of cordless power tools globally. With constant developments in the construction industry, the demand for construction machinery and advanced tools & equipment has increased throughout the world. The growing use of drills, sanders, wrenches and other tools in the construction industry is augmenting the demand for these tools. Furthermore, the growing demand for construction activities coupled with the increasing usage of innovative and energy-efficient tools and growing purchasing power has resulted in the introduction of more efficient power tools.
Cordless power tools are gaining extensive acceptance and implementation in both homes and workplaces. Cordless power tools include a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as nailers and staplers. These sorts of cordless tools are ideal for sanding, welding, metalworking, cutting, and other applications. This is propelling the market growth. However, the high maintenance cost along with regular price fluctuations in raw materials of power tools are limiting the growth of the power tools market globally.
Key Insights of the Report:
Key Takeaways from the Global Power Tools Market Report
Competitive Landscape
The key players in the global power tools market are Robert Bosch GmbH, Stanley Black & Decker, Inc., Hilti Corporation, Techtronic Industries Co. Ltd., and Makita among others. Through extensive research, it is found that big players have adopted various competitive strategies such as product development and collaboration with the OEMs in order to have a grip in the stabilized global market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Strategies Adopted by Key Market Players
Segmentation Overview
The following are the different segments of the Global Power Tools Market:
By Tool Type segment of the Global Power Tools Market is sub-segmented into:
By Mode of Operation segment of the Global Power Tools Market is sub-segmented into:
By Application segment of the Global Power Tools Market is sub-segmented into:
By Region segment of the Global Power Tools Market is sub-segmented into:
Report Attribute | Details |
---|---|
Market Size Value in 2021 | US$ 31,994.7 Mn |
Expected Revenue in 2027 | US$ 43,278.3 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Unit | Value (USD Mn) |
CAGR | 5.2% |
Segments covered | By Tool Type, Mode of Operation, Application, and Region |
Key Companies | Robert Bosch GmbH, Stanley Black & Decker, Inc., Hilti Corporation, Techtronic Industries Co. Ltd., and other prominent players. |
Customization Scope | Get your customized report as per your preference. Ask for customization |
Power tools are primarily used to cut, wrench, saw drill and polish materials.
Power tools are used by various industries such as construction, automotive, aerospace, energy, and shipbuilding among others.
Global Power Tools Market was valued at US$ 31,994.7 Mn in 2021.
Global Power Tools Market is estimated to witness a compounded annual growth rate of 5.2% over the forecast period 2022-2027.
The growth of power tools market is attributed to factors such as growing application of power tools in construction industry and rising adoption of cordless power tools globally.
The growing use of drills, sanders, wrenches, and other tools in the construction industry is augmenting the demand for power tools.
The high maintenance cost along with regular price fluctuations in raw materials of power tools are limiting the growth of the power tools market globally.
Growing emergence of smart connectivity in power tools industry is an emerging opportunity in the market.
The drilling and fastening tools segment is estimated to have the highest market share in 2021.
Electric mode of operation segment has the highest share in the power tools market in 2021.
Industrial application segment holds the highest share in the power tools market globally.
North America dominates the Global Power Tools Market in 2021.
The key players in the global power tools market are Robert Bosch GmbH, Stanley Black & Decker, Inc., Hilti Corporation, Techtronic Industries Co. Ltd., and Makita among others.