Power Tools Market Research Study on Revenue, Statistics, Industry Growth, and Demand by 2030

[Ravi Thakre]

The Power Tools Market Study was developed as a result of extensive primary and secondary research, qualitative analysis, and quantitative analysis of significant market segments. Business experts have also acknowledged and verified the clever information. The report's objective is to provide more details on the general market environment for Power Tools.

The global power tools market size was USD 25.79 Billion in 2021 and is expected to register a revenue CAGR of 4.5% during the forecast period, according to the latest analysis by Emergen Research. Rising construction and manufacturing industries, especially in emerging countries, and rising usage of cordless power tools are some of the key factors driving revenue growth in the market.

The growing utilization of various types of cordless power tools, such as hammer drills, sawing blades, impact wrenches, staplers, and nailers, is contributing to the rapid growth of the market. The rising need for more adaptable, flexible, and compact tools is increasingly driving demand for cordless power tools. Traditional nickel-cadmium (Ni-Cd) and Nickel-metal Hydride (Ni-MH) battery packs are replaced with lithium batteries in power tools. In addition, rapid advancements in battery technology have led to a surge in the utilization of high-density battery packs in cordless power tools, thereby enabling better operational time after every recharge. On April 13, 2022, Makita U.S.A., Inc., which is one of the leading manufacturers of high-quality professional tools and accessories, expanded its cordless woodworking solutions with the 18V LXT 1/3 Sheet Finishing Sanders (model XOB03). The sander is designed to provide the power and performance of a corded version but without the cord and powered by an efficient brushless motor, enabling a convenient wood finishing solution for the user.

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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.

The leading market contenders listed in the report are:

Apex Tool Group, LLC., Emerson Electric Co., Ingersoll Rand, Atlas Copco, Robert Bosch GmbH, Stanley Black & Decker, Inc., Techtronic Industries Co. Ltd., Hilti Group, Makita Corporation, and Koki Holdings Co., Ltd

Target Audience of the Global Power Tools Market Report:

Key Market Players

Investors

Venture capitalists

Small- and medium-sized and large enterprises

Third-party knowledge providers

Value-Added Resellers (VARs)

Global market producers, distributors, traders, and suppliers

Research organizations, consulting companies, and various alliances interested in this sector

Government bodies, independent regulatory authorities, and policymakers

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Major Geographies Analyzed in the Report:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Market Segmentations of the Power Tools Market

This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2030. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Power Tools market on the basis of product, application, and region:

Segments Covered in this report are:

Mode of Operation Outlook (Revenue, USD Billion; 2019-2030)

Electric

Cordless

Corded

Pneumatic

Others

Product Outlook (Revenue, USD Billion; 2019-2030)

Wrenches

Grinders

Drills

Saws

Others

Application Outlook (Revenue, USD Billion; 2019-2030)

Industrial

Residential

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Some Key Highlights From the Report

The electric segment accounted for a significant revenue share in 2021 owing to ease of flexibility and effectiveness of operation of electric tools. Introduction of powerful batteries has led to an increasing demand for electric tools. Electric power tools are utilized in sectors such as automotive, construction, aerospace, and energy owing to various benefits such as better performance, speed, efficiency accuracy, and convenience. Rapid urbanization and industrialization are some of the factors increasing demand for electric power tools.

The drills segment accounted for a significant revenue share in 2021. Electric drilling and fastening equipment is used by professionals and Do-It-Yourselfers (DIY). Drills are used in both residential and industrial applications since these are easy to operate and cost-effective than other power equipment. Surging demand for drills as primary maintenance and repair equipment is also another factor contributing to growth of the market.

The industrial segment accounted for largest revenue share in 2021. Increasing technical innovation and implementation of advanced technology by these industries are expected to drive revenue growth of the segment. Rapid shift towards usage of power tools as well as various innovation, such as brushless motor technology, which provides less friction, longer motor-life, less voltage drops, and better performance are some of the major factors increasing demand for power tools in manufacturing and construction plants.

The North America market is expected to register a significant growth rate over the forecast period. Growing industrial and infrastructural development in addition to lack of cost-effective labor leading to rapid adoption of DIY activities are some of the key factors significantly driving revenue growth of market in this region. Presence of primary companies with increasing development and innovation activities for improvement of existing tools is another major factor contributing to growth of the market.

Additional information offered by the report:

Along with a complete overview of the global Power Tools market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.

The report elaborates on the global Power Tools market size and share governed by the major geographies.

It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.

It further presents a detailed description of the company profiles of the key market contenders.

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