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As the electric power tool offers greater flexibility and portability compared to any other hand tool, it is expected to witness increasing demands with more than 6% CAGR for 2023-28. - Actual Market Research
Jan, 31
2023

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As the electric power tool offers greater flexibility and portability compared to any other hand tool, it is expected to witness increasing demands with more than 6% CAGR for 2023-28. - Actual Market Research

 

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Power tools are tools that use a power source rather than manual labour to operate. They work in a variety of settings, such as production and assembly lines, maintenance and repair, packing, and home improvement projects. Because of their ease of use and efficiency, as well as their reduced time and labour requirements and portability, power tools are in high demand across industries. Electric motors, internal combustion engines, and compressed air are the most common power tools. The market is being driven by the increased use of power tools in the construction industry, as well as the global acceptance of cordless power tools. They are primarily used to cut, wrench, saw drill, and polish materials. Various industries such as automotive, construction, aerospace, oil and gas, petrochemical, and others, have transformed using handy and energy-efficient tools. These tools provide comfort while operating which allows for achieving elevated results. The global market is expected to grow significantly in the forecast period, owing to the adoption of cordless equipment resulting in increased operating hours. However, factors such as high costs and maintenance of moving parts, and fluctuations in the prices of raw materials are hampering the market's growth.

According to the research report, “Global Power Tools Market Research, 2028” published by Actual Market Research, the market was valued at USD 45.91 Billion in 2021 which is anticipated to reach USD 64.26 Billion during the forecast period. Also, the market is projected to grow with a 5.84% CAGR from 2023 to 2028. Power tools are widely used in vehicle manufacturing as well as in the repair and maintenance of service providers throughout the automotive industry. Furthermore, technological advancements, increased adoption of cordless tools that provide external power sources with easy mobility and increased funding by global governments for power tools market research are significantly fuelling overall market growth. The increasing use of tools and accessories such as a drill bit, cordless drill, scroll saw, electric screwdriver, electric pressure washer, woodworking tools, Makita impact driver, palm sander, and cordless tools, as well as the growth and advancement of the power tool accessories market and cordless power tools industry, are all driving the industry's overall growth significantly over the forecasted period.

The global market is divided into five major regions, according to the report: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Asia-Pacific is the market leader, with a significant market share in 2022. It is also growing at a faster CAGR during the forecast period. Because of the thriving automotive industries in countries such as India and China, the region is expected to have the highest CAGR during the forecast period. Increasing disposable income and expanding construction and infrastructure development activities are major factors influencing regional market growth. Europe is expected to grow at a healthy rate in the future, led by Germany and the United Kingdom. The presence of manufacturing and production plants in many European Union countries is driving market growth. In 2022, North America will be a significant shareholder in the power tools market. Power tool demand is being driven by the region's growing infrastructure and industrial development. Furthermore, the presence of major players such as Stanley Black and Decker, Emerson Electric Co., and Apex Tool Group contributes to the region's revenue share. Furthermore, the scarcity of cheap labour encourages the adoption of do-it-yourself jobs, which contributes to regional growth.

Asia Pacific has established itself as the dominant and fastest-growing region for the power tools market. The increasing industrialization, infrastructure, and development drive the demand for these tools. In addition, the growing number of Chinese players gaining market control and offering tools at competitive prices would aid growth. Furthermore, India is expected to experience significant market growth. The growing manufacturing industry, rising automotive sales, and rising urbanization in this region are key factors driving the market's expansion in the APAC region. Furthermore, the on-going government initiatives to improve various infrastructure developments and manufacturing facilities in countries such as India, China, and Japan are fuelling the overall growth of the market in this region. Furthermore, the market for power tools is expected to grow at a rapid pace as infrastructure investment increases and people's disposable income rises. In recent years, India has spent nearly one-ninth of its GDP on infrastructure development, which is expected to increase in the coming years. This increase in infrastructure improvement activities is expected to increase the use of power tools.

North America is a significant shareholder in the power tools market. Power tool demand is being driven by the region's growing infrastructure and industrial development. Furthermore, the presence of major players such as Stanley Black and Decker, Emerson Electric Co., and Apex Tool Group contributes to the region's revenue share. Furthermore, the scarcity of cheap labour encourages the adoption of do-it-yourself jobs, which contributes to regional growth. Leading companies anticipate moderate growth in North America, owing in part to investments in the construction sector. The DIY tool trend will be noticeable across the United States and Canada, bode well for regional growth. Furthermore, advancements in drilling technology will provide additional impetus to drilling and fastening tools throughout the region. For example, Bosch Power Tools, a global leader in power tools and accessories, is launching a new brand campaign centred on the engineering of their power tools, which are designed to meet the demands of construction and trades workers on the job.

On the basis of mode of operation, the market is categorized into electric, pneumatic, and others, including, hydraulic tools. Among these, the electric tools segment includes cordless and corded tools. It would remain dominant and is also anticipated to witness notable growth. Additionally, it is observed that the global market has revolutionized the work culture of construction, the automotive industry, and others. The cordless electric mode held a significant share in 2022 and is expected to dominate the power tools market throughout the forecast period. Many power tools manufacturers are modifying their product portfolio and increasing the cordless power tools offerings for their customers. Based on tool type, the market is divided into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others. The drilling and fastening tools segment was estimated to hold the highest power tools market share in 2022. This is attributed to advancements inculcated in the drilling technology by manufacturers. These advancements have enhanced resistance to unbalanced temperatures, high resistance to shocks and vibrations, and increased durability. The worldwide drilling tools market is projected to be driven by an increase in oil, exploration, and production activities, growing concern about energy security, advancements in drilling technologies enabling greater efficiency and condensed drilling time, and simple supplier access.

Further, The Europe power tool market is expected to grow in the coming years due to the region's rising potential growth in the aerospace industry. Furthermore, the France power tools market is expected to contribute to revenue growth in the industrial landscape of the Europe power tools market, supported by an increase in the aerospace and aircraft industry. The increase in the globalized era in the business landscapes has immensely benefited the French industrial landscape and is leading to an increase in the export activities which is leading to an increase in the manufacture of aircraft systems and leading to a rise in the growth of the demand for power tools which has proven itself evident for the quick manufacture process and with ease and is also building the modern industrial landscape in the aircraft industry which is no doubt, expected to benefit the overall market growth of the France power tools market in the coming time zone and is expected to benefit the growth of the overall Europe power tool market soon.

The majority of market expansion is likely to be driven by massive demand for power tools across South America's rapidly growing industries such as automotive, construction, aerospace & defence, and so on, combined with increasing urbanisation, significant government expenditure on infrastructure development, high disposable incomes, and the shift from manual labour to easy & efficient power tools. The region's constantly expanding construction sector, led by Brazil, Columbia, Chile, and Peru, is fuelled by adequate public and private capital and stable commodity prices from extraction markets, which are attracting massive investments in infrastructure development. On the other hand, Brazil's automotive industry is among the largest in the world, owing to rapidly increasing passenger vehicle production and exports. However, the Middle East and Africa power tools market is experiencing tremendous growth as a result of the presence of a dedicated trade fair for tools, hardware, materials, and machinery. It is also the world's largest oil-producing region, so making the switch signalled the beginning of a new era for electricity generation, propelling the power tools market throughout the region. Aside from that, emerging countries throughout the region are expected to boost further growth in the construction sector following the recovery from the economic slowdown, which is one of the major reasons for the growth of the Middle East & Africa power tools market.

Furthermore, among other industry segments, the residential market segment is anticipated to hold the highest CAGR throughout the forecasted period. Power tools are gaining popularity in household applications owing to their easy operability and ease of mobility. The growing trend of Do-It-Yourself (DIY) activities has resulted in increased demand from household users. In order to cater to the requirements of users that are not trained professionals, companies are offering products with enhanced safety features. For instance, Bosh Power Tools offers special Bosch Protection features that include a rotation control clutch in rotary hammer drills and restart protection in angle grinders. Such features help in reducing injury risks associated with products and help in the adoption of power tools in household applications.

Recent Developments:
• May 2022: Makita Corporation, one of the key players in global power tools market and cordless technology, announced the addition of 19 new items to its 40V | 80V max XGT® System. Residential building, metalworking, and woodworking, as well as dust extraction, outdoor power equipment, and other crafts and applications, are among the 19 XGT® releases.
• On 18 January 2022, VTOMAN launched All-in-One Cordless Power Tool Kits on crowdfunding platform, Indiegogo. Every tools in kit offers a common power supply, which eliminates need for a different power source for each power tool. VTOMAN utilizes polymer ternary lithium battery, which supports fast charging and takes almost hour and a half to fully charge. Toolkit consists of power supply, tire inflator, and impact wrench, which features a brushless motor delivering up to 517 ft./lbs. of breakaway torque with auto mode control board designed to provide high, medium and low speeds and prevent over-tightening while offering controlled removal in reverse.
• On 24 May 2022, CRAFTSMAN launched five new products to its growing V20 portable power tools platform designed for hobbyists and makers for woodworking, electrical and on-the-go projects. These new tools comprise V20 rotary tool, compact personal fan, soldering iron, led light with magnifying lens, and power inverter. Rotary tool is designed for providing variable speed range, which can be easily adjusted as per projects. It is ideal for cutting, sanding, grinding, carving, and polishing various materials as it comes with 33 tips and accessory box.
• In January 2022, Bosch Power Tools, the global leader in power tools and power tool accessories, launched a new hammer drill/driver under the PROFACTOR system. The hammer drill/driver includes Bosch Power Tools BITURBO Brushless technology to help energize the next generation of high-powered cordless tools.
• On August 2022, a group of scientists from MIT, Massachusetts, developed a highly efficient power tool known as Self-Propelled Transporters for boosting the energy output of wind farms. The total energy-output of such wind-farm installations can be improvised by adequately modelling the process of wind flow for the turbines & optimizing the methods of control of the individual parts associated with it.