Global Power Tools Market Research Report, 2023-28

Power tools are tools that, in addition to manual labour, are activated by a power source. They are used in a variety of applications, including production and assembly lines, maintenance and repair, packaging, and do-it-yourself projects. Power tool demand is being driven by several factors, including ease and efficiency of operation, reduced time and labour requirements, and easy portability. Companies sell their products in two categories: professional and consumer. Professional products include pneumatic and fastener tools that are either corded or cordless (wrenches and drivers, drills, saws, guns, nails, concrete, masonry anchors, and others). Gardening products that fall under the consumer product category include hedge trimmers, string trimmers, lawnmowers, and edgers. Power tools are widely used in a variety of applications and functionalities, including assembly and production lines, repair and maintenance, do-it-yourself projects, and many other packaging jobs. These power tools provide better handling and efficiency in terms of various operations, as well as helping to reduce time, thereby meeting the various labour requirements. Furthermore, it is extremely beneficial in terms of increasing profitability and productivity. These are some of the key factors driving the market forward in a variety of industries in the near future. According to the research report, “Global Power Tools Market Research Report, 2023-28” 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. Because power tools are supplied globally by multiple tool makers to various industries such as automotive, aircraft, energy and power, shipbuilding, and consumer electronics, manufacturers face significant challenges in terms of product safety and regulatory compliance. End users and domestic and international distribution channels require safety, dependability, and strict adherence to existing and emerging safety standards. As a result, tool manufacturers must strictly adhere to these safety regulations. In addition to complying with mandated laws, manufacturers must address major concerns raised by retailers and consumers about quality and environmental sustainability. Based on these factors, industrial application led the global power tools market in 2022 and is expected to maintain its dominance throughout the forecast period. Increased technological innovation and adoption of advanced technologies by these industries is a critical factor in industrial applications' dominance over the residential segment. The automotive and construction industries are the most likely to use power tools, fuelling the growth of the industrial segment. The growing DIY culture is primarily responsible for the expansion. The availability of user-friendly and simple-to-use power tools is a critical reason for the rapid growth of household applications. The use of power tools in the residential sector is increasing as renovation and remodelling of construction projects increase. Furthermore, the drill & fastening tools segment dominated the market in 2022 with a revenue share of approximately 28% and is expected to maintain dominance throughout the forecast period. Drills are simple to use, less expensive than other power tools, and are widely used in industrial and household applications. Drills are also widely used as a basic repair and maintenance tool, contributing to segment growth. Aside from that, the tools segment is divided into demolition tools, sawing and cutting tools, material removal tools, routing tools, and other categories. From 2023 to 2028, the demolition segment is expected to grow at a healthy CAGR. The automation of manufacturing facilities is a major contributor to the segment's growth. As a result, home renovation and increased construction activities around the world are driving market growth in the demolition segment. In terms of mode of operation, the electric segment dominated the market over the other segments. Growing advancements in this category are expected to drive the growth of the electric power tools market during the forecast period. Recent Developments: • Dewalt, a subsidiary of Stanley Black & Decker, Inc., focuses on growing the business by strategically introducing newer outdoor products. Dewalt, for example, added outdoor power tools to its lineup in February 2021 in preparation for lawn and home maintenance season and spring landscaping. The new tools include an electric cold water pressure washer with a PSI of 2400 (DWPW2400), a corded 18-inch chainsaw (DWCS600), and a string trimmer kit (DCST972B). • Metabo HPT and Drop Zone will collaborate in November 2021 to provide cordless power tools for outdoor enthusiasts. • Lowe's Companies Inc. and Chervon will launch FLEX, a cordless power tool line, in March 2021. • Robert Bosch Power Tools GmbH announced the launch of its 18V and 12V cordless sanders, the GEX12V-5 Brushless 5 In., in September 2021, expanding its comprehensive product line of woodcutting and woodworking solutions. Cordless sanders have been specially designed for convenience and optimal balance. • Robert Bosch Power Tools GmbH announced new additions to its line of random orbit sanders in August 2021, including the GEX33-6N 6 In., GEX33-5N 5 In., and GEX34-6N 6 In. These new sanders are designed specifically for professionals. Covid-19 Impacts: The global COVID-19 pandemic has been unprecedented and astounding, with lower-than-expected demand across all regions compared to pre-pandemic levels. Wuhan has been a traditional manufacturing base for various sectors since the beginning of the COVID 19 impact. It is also the domain of modern industrial change, which includes optoelectronics, automotive manufacturing, iron manufacturing, and steel manufacturing. The COVID-19 pandemic has a significant impact on many industries, including automotive, aerospace, shipbuilding, energy, and construction. 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 Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global Power Tools market with its value and forecast along with its segments • Region-wise Power Tools market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report: • North America • Europe • Asia-Pacific • South America • Middle-East & Africa By Tools Type: • Drilling and Fastening Tools • Demolition Tools • Sawing and Cutting Tools • Material Removal Tools • Routing Tools • Others By Mode of Operation: • Electric • Pneumatic • Others (Hydraulic) By Application Type: • Industrial • Residential The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have 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 & organizations related to the Power Tools industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.