Global Power Tools Market by Mode Of Operation (Pneumatic, Electric), by Product (Wrenches, Sanders, Drill, Grinders, Saws) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global power tools market was valued at USD 32.33 billion in 2019. It is projected to grow at a 4.2% compound annual growth rate (CAGR), between 2020 and 2027. Power tools are any tool that can be activated with a power source other than manual labor. These tools are used in many applications, including production and assembly lines, maintenance, repair, packaging, and DIY. Power tools are highly sought after because of their ease and efficiency, low labor costs, and portability.

Over the next seven-years, power tools will be in high demand due to increased adoption in the construction and automotive industries. There are many fastening tasks involved in automotive assembly and production lines. These redundant tasks can be reduced by using power tools, which allows for increased efficiency and time savings. Power tools are being increasingly used by both vehicle manufacturers and repair and maintenance service providers in automotive. The demand for power tools is also increasing due to the increased use of drills and sanders in construction.

Because of their ease-of-use and mobility, power tools are becoming more popular in household applications. Household users are increasingly interested in Do-It Yourself (DIY), activities. Companies are now offering products that have enhanced safety features to meet the needs of non-professional users. Bosh Power Tools, for example, offers Bosch Protection features such as a rotation control clutch in rotary drills and restart protection when angle grinders are used. These features reduce injury risks and encourage the use of power tools for household purposes.

Another factor that influences the growth of the market is technological advancements. To improve the efficiency of their products, companies are developing technologically advanced products. Dewalt's Flexvolt battery automatically switches the battery voltage depending on the tool attached to it. The automatic voltage switch allows you to manually adjust the power for different corded power tools. Bosch Power Tools also introduced the X Lock angle grinder lock interface in January 2019. This changing system for grinders allows you to eject wheels by pulling a lever. It also eliminates the need to use other tools.

The market is growing due to technological innovation and the increased adoption of cordless tools, which allow for easy mobility without the need for an external power source. Due to the market decline in the automotive and other industries following the COVID-19 pandemic, the market is expected to fall. The market is expected to grow over the forecast period due to increased demand from household applications as well as the revival of industrial sectors.

Product Insights

The drills segment was the dominant market player in 2019, with a 30.2% revenue share. This trend is expected to continue over the forecast period. Drills are simple to use and cheaper than other power tools. They are used in both industrial and domestic applications. Segment growth is also driven by drills being used as a basic maintenance and repair tool. The product segment can be divided into drills, saws, wrenches and grinders as well as sanders.

From 2020 to 2027, the wrenches market is expected to expand at a healthy CAGR. Power wrenches are much faster than traditional wrenches and require less time and effort to fasten. To improve productivity, wrenches are used extensively in production plants. Automation of production facilities is an important contributor to the growth and development of this segment.

Mode of Operation Information

In 2019, more than 60% of global revenue was generated by electric operations. This large percentage can be attributed to the ease of use and efficiency of electric tools. The increased power of electric tools has been possible due to the advent of powerful battery packs. Further, the electric operation model can be divided into two parts: corded or cordless.

In 2019, the cordless electric mode accounted for a large share of the market and will continue to be the dominant force in the power tools market. Numerous power tool manufacturers are updating their product lines and expanding their cordless power tool offerings to their customers. The cordless tools can be used for both industrial and household purposes. In 2018, Stanley Black and Decker and Robert Bosch expanded their product range by introducing cordless power tools and intelligent power tools for professionals.

Application Insights

In 2019, the revenue share for industrial applications was more than 63.0%. The use of tools in the construction, aviation, and logistics industries are all industrial applications. The key factor in industrial applications' dominance over residential is technological innovation and the adoption of advanced technologies by these industries. The highest use of power tools is in the construction and automotive industries, which has a direct impact on the growth of this industrial segment.

The industrial segment is the largest shareholder. However, the highest projected CAGR for residential applications is 5.2% between 2020 and 2027. This is due to the increasing popularity of DIY culture. It is due to the availability of easy-to-use power tools that have seen a significant increase in household applications. The demand for power tools is increasing in residential construction, such as renovation and remodeling.

Regional Insights

Asia Pacific accounted for 33.2% of the global market in 2019, which was the highest ever. The region will see the highest projected CAGR due to the thriving automotive industry in India and China. The growth of the region's market is influenced by rising disposable income and growing construction & infrastructure activities. Europe will see a healthy future growth, led by Germany and Britain. Market growth is being driven by the presence of production and manufacturing plants in many European Union countries.

North America is a major shareholder in the power tools market. In 2019, it held a 26.2% revenue share. The region's infrastructure development and industrial growth are driving demand for power tools. The region's revenue share is also influenced by the presence of major players like Stanley Black and Decker and Emerson Electric Co. Regional growth is also aided by the inability to find cheap labor for DIY jobs.

Market Share Insights & Key Companies

The market's major players held the largest revenue share in 2019. To increase their product range and differentiate themselves from the rest, companies are entering into strategic partnerships and mergers and acquisitions. To increase their product range, Stanley Black and Decker, Inc. announced in March 2017 that they had acquired Newell Brands Inc.'s tool business.

Companies are investing in research and development to create technologically advanced products, in addition to their inorganic growth strategies. Robert Bosch, for example, has created the Toolbox App which connects to power tools to increase efficiency. It provides services like customized power control and management tools via smartphones. The market has seen increased competition due to the advent of connected power tools. The following are some of the most prominent players in power tools market:

• Emerson Electric, Co.

• Hilti Corporation

• Ingersoll Rand PLC

• Koki Holdings Co. Ltd.

• Makita Corporation

• Robert Bosch;

• Stanley Black & Decker;

• Techtronic Industries

Up Market Research published a new report titled “Power Tools Market research report which is segmented by Mode Of Operation (Pneumatic, Electric), by Product (Wrenches, Sanders, Drill, Grinders, Saws), By Players/Companies Stanley Black & Decker;, Koki Holdings Co Ltd;, Makita Corporation;, Hilti Corporation;, Emerson Electric Co;, Robert Bosch;, Ingersoll-Rand PLC;, Techtronic Industries”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Power Tools Market Report Segments:

The market is segmented by Mode Of Operation (Pneumatic, Electric), by Product (Wrenches, Sanders, Drill, Grinders, Saws).

Power Tools Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Power Tools Market

Overview of the regional outlook of the Power Tools Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Power Tools Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Power Tools Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Pneumatic

                2. Electric

                1. Wrenches

                2. Sanders

                3. Drill

                4. Grinders

                5. Saws

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Power Tools Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Power Tools Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.