Power Tools Market A Report on the Examination of the Major Players' Strategy and the Prediction for 2030

Written by Ravi Thakre  »  Updated on: January 03rd, 2024

Power Tools Market A Report on the Examination of the Major Players' Strategy and the Prediction for 2030

Global Power Tools Market Forecast to 2030

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 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 of the market.

The market for Power Tools is thoroughly examined in the Global Power Tools Market Research Report and Forecast to 2030, which also includes market size and share, current and future trends, and the most recent technological developments. The research provides a complete forecast through 2030 as well as insight into the regional and global competitive landscape of the Power Tools market. The new study offers up-to-date details on the COVID-19 pandemic's effects on the market for Power Tools. It examines how the outbreak changed the political climate and judicial system in each location. Along with providing a present and future, it also examines the economic instability and supply chain disruptions brought on by the disease.

Growing utilization of various types of cordless power tools, such as hammer drills, sawing blades, impacting wrenches, staplers, and nailers, is contributing to rapid growth of the market. 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 has led to a surge in utilization of high density battery packs in cordless power tools, thereby enabling better operational time after every recharge. On 13 April 2022, Makita U.S.A., Inc., which is one of the leading manufacturer of high quality professional tools and accessories, expanded its cordless woodworking solutions with 18V LXT 1/3 Sheet Finishing Sanders (model XOB03). Sander is designed to provide power and performance of a corded version but without cord and powered by an efficient brushless motor, enabling a convenient wood finishing solution for user.

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Competitive Terrain:

The global Power Tools industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.

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

Research Report on the Power Tools Market Addresses the Following Key Questions:

• Who are the dominant players of the Power Tools market?

• Which regional market is anticipated to have a high growth rate over the projected period?

• What consumer trends and demands are expected to influence the operations of the market players in the Power Tools market?

• What are the key growth drivers and restraining factors of the Power Tools market?

• What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?

• What is the overall impact of the COVID-19 pandemic on the Power Tools market and its key segments?

Market Overview:

The report bifurcates the Power Tools market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Segments Covered in this report are:

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

o Electric

1. Cordless

2. Corded

o Pneumatic

o Others

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

o Wrenches

o Grinders

o Drills

o Saws

o Others

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

o Industrial

o Residential

Regional Landscape section of the Power Tools report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

• 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)

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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.

The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Power Tools market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.

Key Points of the Geographical Analysis:

• Data and information related to the consumption rate in each region

• Estimated increase in the consumption rate

• Proposed growth of the market share of each region

• Geographical contribution to market revenue

• Expected growth rate of the regional markets

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