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Global Power Tools Market Research Report, 2028

Global Power Tools Market Research Report, 2028

Actual Market Research 31-01-2023 165 Pages Figures : 38 Tables : 84 Region : Global Category : Manufacturing & Industry Machinery, Parts & Equipment

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 and 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 Report, 2028," published by Actual Market Research, the market was valued at USD 45.91 billion in 2021 and is anticipated to reach USD 64.26 billion during the forecast period. Also, the market is projected to grow at a 5.84% CAGR from 2023 to 2028. In car production, over 55 different types of power tools are used, including torque wrenches, impact drivers, air wrenches, power drills, polishing machines, air compressors, spray guns, and others. The increasing production of vehicles is likely to boost demand for the power tool market. Steel, aluminum, zinc, and others are the key materials used in manufacturing power tools. Apart from this, batteries, motors, and other electronic components are used in the production of power tools. Also, with the surge in demand for power tools in the automotive and manufacturing industries, the market for power tools is expected to grow exponentially. Furthermore, power tools are widely used in automotive production and assembly lines, assisting with faster results.It also helps a lot in minimising the overall time that it takes to complete the task within the stipulated time frame. Furthermore, the increasing use of sanders, wrenches, drills, and other tools in the construction sector is enhancing the demand for these power tools. According to the report, the global power tools market is segmented into five major regions, including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Among them, the Asia-Pacific segment is leading with more than 34% market share in 2022, whereas Europe and North America are expected to grow at a significant rate during the forecast period. These regions are considered to be relatively mature and therefore are not able to witness substantial construction expenditures. Similarly, South America is also expected to grow at a steady rate, owing to the stable growth of the industrial sector. Prominent market participants have a strong presence in Asia-Pacific, North America, and Europe. Hence, these companies are focusing on acquiring small and midsized companies with a strong local presence in the market. It allows them to expand their businesses and customer bases in other regions and countries. Based on the countries, the USA is projected to lead the global market with more than 16% of the market by 2028, followed by China with around 11%. In the USA, there has been an increased demand for efficient power tools due to the growing popularity of flexible battery systems that eliminate redundancy and galvanise the productivity of power tool operators. On the other hand, parameters like the growing manufacturing industry, increasing automotive sales, and rising urbanisation in this region are the key factors that propel the enhancement of the market in China. Technological advancements are another factor influencing the growth of the market. Companies are introducing technologically advanced products in order to enhance the efficiency of their products. For instance, the Flexvolt battery offered by Dewalt automatically switches battery voltage depending on the tool you attach to it. An automatic switch of voltage helps with manually adjusting the power before using different corded power tools. Similarly, in January 2019, Bosch Power Tools introduced the X-Lock angle grinder lock interface. The changing system for grinders ejects wheels with just a pull of a lever and helps eliminate the use of other tools. The Pro Tool Innovation Awards (PTIA) are an annual programme to recognise innovation in the tools, accessories, and fasteners used in the residential and commercial construction industries and related fields. Their goal is to recognise and award manufacturers for releasing tools that are going to change the way we work in the residential and commercial construction industry. Cordless tools made up the largest category in the 2018 edition of the awards. On the basis of mode of operation, the market is categorised 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 revolutionised the work culture of construction, the automotive industry, and others. The cordless electric mode dominated the power tool market in 2022 and is expected to continue to do so throughout the forecast period.Many power tool manufacturers are modifying their product portfolios and increasing the cordless power tool offerings for their customers. Moreover, the cordless tools are user-friendly and easy to use for industrial as well as household applications. For instance, in 2018, Stanley Black & Decker and Robert Bosch diversified their product portfolios as the companies launched several cordless power tools and introduced intelligent power tools for professionals. Pneumatic tools work on compressed air and are conventional, but they result in the overuse of energy. According to the U.S. Department of Energy, tools that are powered by compressed air are less efficient for any manufacturing plant. Also, such tools are frequently used inaccurately. Other tools, such as hydraulic power tools, are anticipated to showcase moderate growth over the forecast period. 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 tool 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 times, and simple supplier access. Another element boosting the drilling tool markets is the increase in shale gas exploration activities. Also, wind turbine installation requires the use of electric fastening tools. Bolts, gearboxes, rotor-bearing tools, and wind turbine foundations all require these fastening tools. Electric fastening tools are considered to be the most suitable power tools for this business since wind turbine installation demands accurate torque. Growing installation capacity may present profitable prospects for power tool manufacturers. On the other hand, sawing and demolition tools are projected to grow moderately, as they do not have as much hold as drilling and material removal tools. Further, the material removal tools segment is anticipated to witness the highest growth of more than 7%, owing to their demand across car factories, metal processing workshops, and other industrial sites. Material removal tools, such as grinders, sanders, and others, also exhibit considerable penetration across various residential and industrial projects. Based on application, the "industrial" market segment held around 60% of the global market revenue share in 2022. The various industrial applications include using the tools in various industries like construction, automotive, aerospace, energy, and shipbuilding. Increased technological innovation and adoption of advanced technologies among these industries are the pivotal factors for the dominance of industrial applications over the residential segment. Automotive production and assembly lines involve a lot of fastening jobs. Power tools help in reducing the time associated with these redundant tasks, along with providing increased efficiency. Thus, power tools are increasingly used by vehicle manufacturers as well as repair and maintenance service providers in the automotive industry. 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 who are not trained professionals, companies are offering products with enhanced safety features. For instance, Bosch 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 the global power tool market and cordless technology, announced the addition of 19 new items to its 40V and 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 January 18, 2022, VTOMAN launched All-in-One Cordless Power Tool Kits on the crowdfunding platform Indiegogo. Every tool in the kit offers a common power supply, which eliminates the need for a different power source for each power tool. VTOMAN utilises a polymer ternary lithium battery, which supports fast charging and takes almost an hour and a half to fully charge. The toolkit consists of a power supply, tyre inflator, and impact wrench, which features a brushless motor delivering up to 517 ft-lbs of breakaway torque with an auto mode control board designed to provide high, medium, and low speeds and prevent over-tightening while offering controlled removal in reverse. • Craftsman introduced five new products to its expanding V20 platform of portable power tools designed for hobbyists and makers for woodworking, electrical, and on-the-go projects on May 24, 2022.These new tools comprise a V20 rotary tool, a compact personal fan, a soldering iron, an LED light with a magnifying lens, and a power inverter. The rotary tool is intended to provide a variable speed range that can be easily adjusted based on project requirements.It is ideal for cutting, sanding, grinding, carving, and polishing various materials, as it comes with 33 tips and an 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 energise the next generation of high-powered cordless tools. • In 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 improved by adequately modelling the process of wind flow for the turbines and optimising the methods of control of the individual parts associated with it. Partnerships, collaborations, and agreements: • June 2020: Robert Bosch Power Tools GmbH entered into a partnership with Gardena GmbH. The partnership was aimed at enabling users to operate power tools, garden tools, and household appliances from Bosch as well as products bearing the Gardena and other brand names with the same 18-volt battery. • April 2020: Stanley Black & Decker teamed up with Ford and 3M to supply a DEWALT portable battery solution for their new Powered Air-Purifying Respirators (PAPR). PAPR would be used to protect healthcare professionals on the front lines as they treat COVID-19 pandemic patients. Acquisitions and mergers: • November 2019: Atlas Copco acquired the WestRon Group of companies, a group focused on sales, installations, and service of small industrial compressors and blowers. The acquisition broadened its service offering and expanded its presence in the region. • April 2019: Snap-on completed the acquisition of Power Hawk Technologies, Inc., a company that designs, manufactures, and distributes rescue tools and related equipment. The acquisition enhanced and expanded Snap-on’s capabilities in providing solutions that make work easier for serious professionals who apply their skills in workplaces of consequence, where the costs and penalties of failure are high. Product Launches and Product Expansions: • January 2020: Makita released several new cordless models to its product portfolio, for various applications. Chief among them is the new 82mm DKP181 18V brushless LXT planer. The planer was powered by a single 18V lithium-ion battery and incorporated a brushless motor that delivered up to 12,000 rpm. The XRU18 is ideal for professional landscapers because they can use it in robust applications, such as cutting bushes and tall weeds. • December 2019: Makita U.S.A., Inc. unveiled two new 18-volt LXT brushless cordless rivet tools (XVR01 and XVR02) for assembly and construction needs. The 18-volt LXT brushless cordless rivet tools provide power, speed, and convenience for the application. The BL Brushless Motor provides 10 kN of pulling force on the XVR01 and 20 kN of pulling force on the XVR02. • November 2019: Apex Tool Group launched the APEX Industrial Fastening brand under the Crescent umbrella as Crescent APEX. Crescent APEX is a new brand that provides innovative power tool accessories used by industrial and construction tradesmen, including their professional line of u-GUARD non-marring covered tools. Covid-19 Impacts: The power tool market has been negatively impacted in recent months owing to the lockdowns imposed in the majority of countries across the globe. These lockdowns have resulted in halting the manufacturing of power tools temporarily since the pandemic outbreak in December 2019. The lockdowns imposed have also hampered household tasks, construction, gardening, and repair services, which require power tools as the main equipment, thereby affecting the demand for power tools, which are various types of tools and mechanical devices that are operated using a power source and a mechanism and cannot be operated manually. These could generally include electric motors and compressed air or internal combustion engines. Power tools include many types of devices, from handheld machine drills to hydraulic presses and pneumatic tools. Power tools can be used for various kinds of applications, such as automobiles, household tasks, construction, gardening, etc. The outbreak of COVID-19 has negatively impacted the power tool market; however, the demand for these products is anticipated to recover in the coming months as several governments prepare to lift the lockdowns in a phased manner. Major companies present in the market: Robert Bosch Gmbh, Stanley Black & Decker, Inc., Hilti Corporation, Atlas Copco Ab, Makita Corporation, Emerson Electric Co., Koki Holdings Co., Ltd., Ingersoll Rand, Techtronic Industries Co., Ltd., Enerpac Tool Group, Apex Tool Group, L.L.C., Snap-On Incorporated, Ferm, Festool Gmbh, Panasonic Corporation, Honeywell International Inc., Kyocera Corporation, Husqvarna Ab, Chevron Group, 3M, and Considered in this report • Geography: Global • 2017 was a historic year. • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • The global power tool market with its value and forecast, along with its segments • Power Tools market analysis by region • Various drivers and challenges • Ongoing trends and developments • Top-profiled companies • Strategic suggestion Regions and countries covered in the report: • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Spain, Italy, Russia) • Asia-Pacific (China, Japan, India, Australia, South Korea) • South America (Brazil, Argentina, Colombia) • Middle East & Africa (UAE, Saudi Arabia, South Africa) By Tool Type: • Drilling and fastening tools • Demolition Tools • Sawing and cutting tools • Material Removal Tools • Routing Tools • Others  By Operation Mode: • Electric • Pneumatic • Others (hydraulic) By Application Type: • Industrial • Residential The approach of the report is This report consists of a combined approach of primary and secondary research. Secondary research was initially used to gain an understanding of the market and list the companies that are present in it.The secondary research consists of third-party sources such as press releases and annual reports of companies, as well as government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Following this, we began making primary calls to consumers, segmenting them equally into regional aspects, tier aspects, age groups, and gender.Once we had primary data with us, we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the power tools industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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