Power Tools Market Is Projected To Grow At A CAGR Of 5.1% by 2032, Size, Share, Industry Growth Rate, Demand, Opportunities & Revenue Forecast

The global power tools market is predicted to reach a value of US$ 51.2 Bn in 2032, with sales growing at a moderate CAGR of 5.1% from 2022 to 2032. Driven by the surging demand for electric power tools and portable power tools, the target market will reach an estimated US$ 33.36 Bn in 2022. Increasing application in aerospace, automotive, construction, and other industry verticals further fuels the growth of the power tools market during the forecast period.

Owing to the rising application of power tools in various industries such as aerospace, automotive, furniture, and others will drive the target market growth. Again, more and more manufacturers are increasingly presenting intelligent solutions for corded and non-corded power tools, and features like electric motors, and power tools applications are reducing the need for manual labor. These factors bode well for the target market.

Again, benefits associated with power tools like portability and easy maneuverability will contribute to the rising demand for power tools. The growing demand from manufacturing assembly units, the fabrication industry, and service sectors will further amplify the demand for power tools.

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Moreover, key power tool manufacturers are keen on creating technologically advanced products with greater efficiency and enhanced performance, particularly for the cordless power tools market. This is estimated to present the power tools market with lucrative growth opportunities through 2032.

"Rising applications in various industries like construction, automotive, and furniture will propel the global growth of the power tools market over the forecast period," says an FMI analyst.

Key Takeaways:
• In 2022, the offline sales segment will account for 64.3% of the market share.
• By product type, the drilling tools segment will hold 17% of the overall market share.
• The construction application segment will acquire about 30% of the market share during the forecast period.
• The electric technology segment will register high demand due to higher investment in advanced technology.
• Favorable government support for infrastructure development will fuel the target market growth in the U.K.
• Expanding construction sector will drive the power tools market in Germany.

Competitive Landscape

Robert Bosch Power Tools GmbH, Stanley Black & Decker, Inc., Makita Corporation, Hilti Corporation, Atlas Copco AB, Techtronic Industries Company Limited, Snap-on Incorporated, Actuant Corporation, Husqvarna AB, Illinois Tool Works, Panasonic Corporation, Hitachi Corporation, Ingersoll Rand, Inc., Enerpac Tool Group, Kyocera Corporation, Apex Tool Group, Ridgid Tools, and Koki Holdings Co., Ltd., among others are some of the major players in the power tools market profiled in the full version of the report.

Leading market players are focusing on upgrading their product offerings and releasing new products to cater to consumer demands. These firms are using strategies like partnerships, acquisitions, and collaborations to strengthen their market prospects.

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More Insights into Power Tools Market Report

In its latest report, FMI offers an unbiased analysis of the global power tools market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (drilling tool, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench, circular saw), technology (electric (corded, cordless), pneumatic), sales channel (online, offline), application (manufacturing (metal fabrication, automotive, railways, airways, furniture, others), MRO services (facility management, automotive, aerospace, other industrial), DIY, construction), and region.

According to the latest FMI reports, based on segmentation, the offline sales segment will present considerable growth owing to consumers' preference for instant gratification. This segment will account for 64.3% of the overall market share by the end of 2022. The drilling tool product type will register heightened demand due to increasing application in several industries like construction, manufacturing, and others. This segment will hold more than 17% of the market share in 2032.

Based on region, the power tools market in the United States market will exhibit substantial growth during 2022-2032. The advancing commercial and residential sectors coupled with the growing demand for MRO services within the automotive sector will fuel the growth of the power tools market in this country. The United Kingdom, Brazil, China, and Germany are some of the other countries that will present notable growth in the power tools market during the forecast period.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.