Global Power Tools Market Size to Grow at a CAGR of 4.50% in the Forecast Period of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Power Tools Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.50%
Growing demand and adoption of power tools in the industrial and construction sector is expected to fuel the growth of the power tools market. In the construction sector, they are widely used for cutting, wrenching, sawing, drilling, and polishing materials, among other applications. The functions carried out by these power tools in construction processes allow better performance during the construction. Moreover, the speed, efficiency, precision, and accuracy provided by power tools is unmatchable to any manual tool and thus, has been receiving such great demand from the construction sector.
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The demand from the residential segment is also increasing in the power tools market owing to the rising interest of consumers for DIY activities and growing demand for power tools for basic repairs of homes. Power tools are also used widely in gardens and other household activities such as for cleaning, cutting, grinding, shaping, routing, painting, sanding, and polishing, among other activities. These tools reduce the effort of carrying out manual tasks but should also be used carefully as they have higher force which can damage the materials they are being used upon if used incorrectly.
Power Tools Industry Definition and Major Segments
A power tool is a tool that is operated by an external source of power and mechanism, as opposed to traditional tools that are manually operated. Power tool such as circular saws, drills, grinders, jigsaws, routers, sanders, and hammer-drills, among others, help save both effort and time on the job.
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Based on mode of operation, the market is segmented into:
On the basis of tool type, the market is classified into:
• Drilling and Fastening Tools
• Material Removal Tools
• Sawing and Cutting Tools
• Demolition Tools
Based on application, the market is bifurcated into:
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Power Tools Market Trends
The key trends in the global power tools market include the growing popularity of renovations and remodelling in the construction sector, which would thereby increase the use of power tools. Furthermore, power tools are considered to be user friendly and easy to access which is increasing the demand for the tools from individual users. This is expected to fuel the market share of household users of power tools, contributing to the growth of the overall market.
The rise in innovations for the development of advanced power tool technologies and the growing adoption of such power tools among various sectors is expected to boost the market growth. New advancements in power tools is becoming an exciting trend and is being widely adopted by consumers owing to features such as improved battery, connectivity, and efficiency of power tools.
Asia Pacific is expected to account for a large share in the power tools market owing to their growing demand influenced by increasing urbanisation, infrastructure development, and industrialisation. India, among other countries, is contributing to the growth of the market with support from the government to improve the capabilities of the construction sector in the country.
Key Market Players
The major players in the global power tools market report are
• Robert Bosch Tool Corporation
• Stanley Black & Decker Inc.
• Hilti Corporation
• Atlas Copco AB
• Techtronic Industries Co. Ltd.
• Emerson Electric Co.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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