Power Tool Market Forecasts to 2030 - Global Analysis By Tool Type, Mode of Operation, Application and By Geography

According to Stratistics MRC, the Global Power Tool Market is accounted for $47.9 billion in 2023 and is expected to reach $105.2 billion by 2030 growing at a CAGR of 11.9% during the forecast period. When activated by an extra power source, semiconductor tools known as "power tools" are employed in a wide range of industrial applications. In contrast to hand tools, which can only be operated by manual labor, power tools have an additional mechanism and power source. The three most popular power tool categories are internal combustion engines, electric motors, and compressed air. Power tools are mostly utilized for activities like sawing, drilling, adjusting, and polishing materials. They are used to simplify complicated operations in a variety of industries, including automotive, aerospace, building, petrochemical, oil and gas, and others.

According to the International Study Group, considering the coming deficit in 2021, the copper shortfall at the global level was 441,000 tons, which is 2% less than demand for refined metal and is intended to hike copper prices by 25%.

Market Dynamics:

Driver:

Technological development and infrastructure growth

Power tool manufacturers frequently innovate and implement new technology to improve the functionality and effectiveness of their devices. The functionality and simplicity of power tools have been greatly enhanced by innovations like brushless motors, lithium-ion batteries, and wireless communication, attracting more customers. Additionally, investments made in infrastructure development initiatives, such as building roads, bridges, airports, and trains, have a direct impact on the power tool market. The demand for power tools is increased by these initiatives, which demand a variety of tools for various purposes.

Restraint:

Safety problems and environmental guidelines

Hazardous use of power tools might result in risks. Consumers and regulatory agencies might become concerned when using power tools when accidents and injuries occur. Restraints may be imposed by strict safety laws, the requirement for adequate instruction, and safety measures. Power tool makers may face difficulties as a result of expanding environmental restrictions and standards. Regulations governing emissions, noise levels, and waste management may require additional expenditures and have an impact on the methods used in the design and production of products.

Opportunity:

Expanding the construction sector in emerging economies

The construction sector is expanding as a result of increasing construction activity worldwide. The need for advanced infrastructure development is being fueled by factors including the growing population in both established and emerging nations, quick urbanization, and an increase in residential and commercial construction projects. Projects including the development of roads, trains, airports, energy, utilities, and commercial and residential structures are considered infrastructure development projects. Construction sites frequently make use of a variety of power tools, including cordless drills, demolition jackhammers, circular saws, jigsaws, and reciprocating saws. These tools are needed for drilling holes, removing stones or concrete bricks, cutting wood, and fastening screws for both commercial and residential construction projects.

Threat:

Fluctuations in raw material prices

In industrialized nations like the U.S., U.K., Japan, China, India, and others, power tools in various industries offer a leveraging opportunity. However, a significant element influencing market growth is the ongoing price fluctuation of raw materials on the global market. Common industry materials, including steel, aluminum, and semiconductor chips, have suffered significantly on the global market as a result of the cost hack. Consequently, the main factors impeding market expansion are market volatility and regular raw material price fluctuations.

COVID-19 Impact:

Power tool manufacturers' supply chains were hampered by the global restrictions and lockdowns imposed to avert the virus's spread. Power tool production and distribution were impacted by factory closures, transportation issues, and a shortage of labor, which resulted in supply chain delays and shortages. Consumer habits changed as a result of the pandemic, with many people choosing to spend more time at home.

The Residential/DIY segment is expected to be the largest during the forecast period

Residential/DIY segment is expected to hold the largest share over the projected period. In residential applications, power tools are utilized for specific duties such as drilling, fastening, removing material, cutting, and grinding. The availability of cordless tools and the increasing popularity of the "do-it-yourself" (DIY) movement are driving up demand for power tools for use in home applications. Additionally, DIY users favor smaller, lighter power equipment while conducting routine transactions. As a result, there is a rising propensity to favor compact, ergonomic instruments that are stronger than conventional ones. The need for more compact and lightweight power tools has significantly increased as a result.

The material removal tools segment is expected to have the highest CAGR during the forecast period

Material Removal Tools segment is estimated to witness lucrative growth over the forecast period as manufacturers of material removal tools are continuously innovating to enhance performance, efficiency, and user experience. Tools with dust extraction capabilities are becoming more and more in demand as a result of stricter regulations on airborne dust particles. Additionally, due to their simplicity of use and maneuverability, lightweight and compact designs are becoming increasingly popular. Furthermore, due to environmental rules and concerns, there is an increasing trend towards eco-friendly and energy-efficient instruments.

Region with largest share:

Due to the developing automotive industries in nations like China and India, the Asia-Pacific region is anticipated to have the largest market share over the projection period. The growth is primarily influenced by rising disposable income and expanding building and infrastructure development activities. Additionally, the region is experiencing rapid expansion in these businesses as well as expanding infrastructure investments. Additionally, there are many suppliers in the area, which is anticipated to contribute to the expansion of the India Power Tools market globally.

Region with highest CAGR:

Owing to the increasing road construction and other infrastructure operations, particularly in emerging nations like China, India, Indonesia, the Philippines, and Vietnam, Asia Pacific is predicted to have profitable growth over the forecasted period. Furthermore, to encourage tool manufacture and subsequent sales in the area, governments in numerous states are providing attractive incentives to establish manufacturing R&D facilities in their individual jurisdictions results in the market expansion in APAC region.

Key players in the market:

Some of the key players in Power Tool Market include: 3M, Andreas Stihl ag & Co. KG, Apex Tool Group, Atlas Copco AB, CHERVON (China) Trading Co., Ltd., Emerson Electric Co., Enerpac Tool Group, Hilti Corporation, Honeywell International Inc, Ingersoll Rand, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc. and Techtronic Industries Co. Ltd.

Key Developments:

In February 2023, DEWALT, a Stanley Black & Decker, which is a jobsite solutions company, announced its new DEWALT 20V MAX* Compact Press Tool (DCE210) for plumbers, pipefitters, and HVACR technicians. The new press tool provides broad press versatility in a compact design that allows for trouble-free pressing in small spaces.

In October 2022, BLACK+DECKER(R) launched reviva (TM) the Brand's First Sustainably Led Power Tool Line, which is designed for DIYers to complete an array of do-it-yourself (DIY) projects.

Tool Types Covered:

• Routing Tools
• Material Removal Tools
• Sawing and Cutting Tools
• Demolition Tools
• Drilling and Fastening Tools
• Other Tool Types

Mode of Operations Covered:

• Pneumatic
• Electric
• Other Mode of Operations

Applications Covered:

• Residential/DIY
• Industrial/Professional
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances