Power tools market size is expected to reach a value of USD 40.4 billion and grow at a CAGR of 4.6% from 2020 to 2027
“Power Tools Market Size”
The power tools market is expected to grow at a compound annual growth rate of 4.6% from 2020 to 2027, reaching a value of 40,400 million by 2027. The growing demand for battery-powered tools, the expansion of the construction industry and ongoing technological innovations in technology are the major drivers for the growth of the power tools market.
Power tools refer to devices that are activated using a power source apart from manual labor. Power tools are used for clamping, sawing, drilling, polishing and cutting materials. Thus, they are used in several end-use applications such as packaging, repair, production, assembly, maintenance and repair work. Ease of use, portability, and reduced need for labor are driving the deployment of power tools in several industries.
The major factor driving the power tools market is the increasing adoption of these tools in the construction industry due to increased accuracy, efficiency and safety in the workforce. Moreover, the tools have gained immense importance in home applications due to their easy portability and user-friendliness. With the rise of the DIY trend, home users are increasingly demanding power tools with enhanced safety. In addition, the ongoing research and development activities with a sharp increase in technological innovations, such as the emergence of smart technology and the transformation of battery technology, are other factors that are expected to fuel the power tools market size.
Request a FREE Sample Power Tools Market Report
However, the sudden outbreak of the coronavirus is expected to hamper the growth of the power tools market. The strict lockdown imposed across the country to curb the spread of the virus has disrupted the supply chain, leading to a slowdown in the automotive and construction sectors. Nevertheless, revival of industries in the near future is expected to sustain the growth of the market.
Tool type segment analysis
The drilling and fastening tools segment is expected to hold a larger share of the market during the forecast period. Drills are used as repair and maintenance instruments commonly used in industrial and household applications. Growing demand for electric drilling and fastening tools by DIY professionals is the major factor fueling the growth of the market. Additionally, ongoing innovations in drilling technologies have improved the characteristics of power tools, which will further increase the power tools market share.
Operation Mode Segment Analysis
The electric mode of operation is expected to grow at a faster CAGR over the forecast period. The emergence of powerful batteries has increased the demand for power tools. Also, the easy mobility and operating efficiency of electric instruments will further drive the market growth. Power tools improve operational efficiency by saving the time and effort needed to perform different functions in the automotive industry. Additionally, continuous innovations in battery technology and accelerated penetration of cordless tools among residential and industrial users will augment the market growth.
The Asia-Pacific region is expected to grow faster during the forecast period. Expanding construction and infrastructure development and accelerating disposable income are significant factors supporting the growth of the market. Rising adoption of power tools due to the proliferation of industrial activities and infrastructure development in China and India is expected to propel the growth of the market.
Various notable players operating in the market include Ingersoll-Rand plc, Koki Holdings Co., Ltd., Stanley Black & Decker, Inc., Robert Bosch Tool Corporation, Hilti Corporation, Apex Tool Group, LLC., Makita Corporation, Atlas Copco, Snap-on Incorporated., and Emerson Electric Co., among others.
- In 2020, Makita Corporation released the 8V X2 LXT® (36V) Cordless String Trimmer (XRU18). This trimmer has horsepower comparable to a 30cc gas trimmer and delivers more productivity using a 17″ cutting swath.
- In 2020, Hilti Corporation launched a suite of 40 new tools, systems and accessories. This range includes the most powerful cordless cutting tools on the market, a battery-powered cordless fastening tool, BX-3BT, to help customers achieve high quality installations on time and safely.
Power Tools Market Segmentation:
Power Tools Market by Tool Type
• Demolition tools
• Drilling and fixing tools
• Material removal tools
• Sawing and cutting tools
• Routing tools
Power Tools Market by Mode of Operation
• Other tools
Power Tools Market by Application
Power Tools Market by Region:
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
Our other related reports:
B2B E-Commerce Marketplace by Power Tools & Accessories Market
About GMI Research
GMI Research is a market research and advisory firm that provides insights and market intelligence across 12 major industries, helping our clients make effective investment and business decisions.
Company Name: GMI RESEARCH
Contact person: Sarah Nass
E-mail: Send an email
Call: +1 860 881 2270
Address:Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland