Global Power Tools Market to Reach USD 46.73 Billion by 2031. This is a 4.3% CAGR.

Global power tools market growth is driven primarily by smart technologies. The development of low-cost and energy-efficient tools, combined with an increasing demand for automation, has led to a revolution in the adoption of power tool technology. The global power tools market is also expected to grow due to factors like the rising demand for fastening tools in industrial environments and the expanding construction industry in emerging countries.

In 2017 Brazil announced an investment of around USD 36 billion in 7,000 construction projects. Market growth will also be boosted by increasing urbanization in the future.

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Power Tools Market: Drivers

Investment in research and development is growing to make way for innovation

Increased market collaborations have led to an increase in the number of funds available for developing and growing automated technology/ machinery. Innovations in manufacturing technology would be possible if there were increased research and development investment.

More electronics are being produced globally, resulting in more excellent supply and demand in emerging countries

The market’s growth is mainly due to the increasing penetration and proliferation of electronic tools and equipment. The increased availability and demand for electric nut wrenches and power fretsaws, motor screwdrivers, power hammers, and electric hammers directly affect the market’s growth rate. The market will continue to grow due to increased acceptance and use by the aerospace industry.

Small scale businesses have many opportunities to grow and expand their end-user verticals

The global economic boom has created enormous opportunities for growth in the electronics and semiconductor industries. The major manufacturers focus more on applying advanced technologies, increasing growth potential.

Power Tools Market: Restraints

More regulations to limit growth in the long-term

The market will be hindered by the increasing enforcement of strict environmental regulations. Stringent regulations regarding product approvals will limit the market’s growth potential. The coronavirus pandemic could also cause business activity to be suspended.

Supply chain disruptions could pose a threat to the market’s unprecedentedly high demand

Due to the pandemic in Asia, there has been a drop in demand for display materials. Markets will also be affected by fluctuations in raw material prices. This will limit the market’s growth rate.

The market will also be affected by low awareness and high manufacturing costs. The market’s growth rate will be limited by the lack of strong infrastructure facilities in backward countries, falling sales of commercial vehicles due to COVID-19, and accidents and health concerns associated with power tools.

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Power Tools Market Key Trends:

Atlas Copco AB and Robert Bosch Tool Corporation are just a few companies developing innovative power tools with energy-efficient technologies. Multi-purpose machines are becoming a key focus of industry leaders. They can be used for precise tasks and multiple operations.

Consumers are looking for cordless power tools that can be used on high-torque motors, are lightweight, efficient, and compact. Companies can achieve their greatest breakthrough innovations thanks to consumers’ growing demand for less error-prone products. Hilti Corporation, for example, introduced almost 40 new tools, accessories, and systems in January 2020. These new tools include a cordless, battery-powered fastening tool (described as “BX3 – BT”) and other tools and accessories.

Recent development:

 VTOMAN launched All-in-One Cordless Power Tool Kits via Indiegogo on 18 January 2022. Each tool in the kit has a standard power supply. This eliminates the need to have a separate power source for each tool. VTOMAN uses a polymer ternary battery that supports fast charging. It takes just over an hour to charge fully. The Toolkit includes a power supply, a tire inflator, and an impact wrench. It features a brushless motor that can deliver up to 517 ft./lbs. The auto mode control board provides breakaway torque and allows for controlled removal in reverse.

July 2021 Makita UK has expanded its outdoor power tool range with the ‘XGT-40VMax machines’. The range includes the UR002G 40VMax Brushless Brushless Cutter, UH006G, and UH005G, as well as UH007G and UH006G brushless hedge trimmers. These machines are durable and can be used on-site for regular heavy-duty work.

Scope of the Report

Attribute

Details

Market Size in 2031

USD 46.73 Billion

Growth Rate

CAGR of 4.3%

Historical Years

2016-2020

Base Year

2021

Quantitative Units

USD In Bn

No. of Pages in Report

200+ Pages

No. of Tables & Figures

150+

Format

PDF/Excel

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Key Market Players:

  • Robert Bosch GmbH
  • Hitachi Ltd.
  • Stanley Black & Decker Inc.
  • Atlas Copco AB
  • Techtronic Industries Co. Ltd.
  • Hilti Corporation
  • Makita Corp
  • Ingersoll Rand Inc.
  • Snap-on Incorporated
  • Apex Tool Group LLC

Based on Mode Type:

  • Electric Type
  • Pneumatic Type
  • Engine Driver Type
  • Hydraulic Type
  • Powder-Actuated Type

Based on Tool Type:

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

Based on Application:

  • Residential Applications
  • Construction Field
  • Industry Field
  • Gardening Field
  • Other Applications 

Industry, By Region

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • The Middle East & Africa [GCC, North Africa, South Africa]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]

Key questions:

  • What is the global power tools market’s anticipated revenue (CAGR) during the forecast period (2022-2030)?
  • What was the market size for power tools worldwide in 2021?
  • What factors will drive global market growth for power tools?
  • Which segment was the most popular in the power tools’ application market in 2021?
  • What are the main obstacles to growth in the global power tool market?
  • What are some of the key factors driving the power tool market’s growth?

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