Press release
Power Tools Market Set to Reach $59.97 Billion by 2029 with 0.0782656574996534% Yearly Growth
Power Tools Market Size
The expansion of the industrial sector is a crucial factor propelling the power tools market. This sector includes an extensive array of economic activities related to large-scale goods and services production, manufacturing, and processing. The development of many industrial areas such as automotive, aerospace, and manufacturing bolsters the demand for power tools in production and upkeep. For example, in July 2023, as per Eurostat, a governmental statistical entity based in the UK, there was a 0.2% surge in industrial output in the European region. Additionally, a 0.1% growth was observed in the European Union during the timeframe from May to April 2023. Thus, this industrial sector's global expansion is anticipated to enhance the power tools market.
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What is the future CAGR of the power tools market, and how will it impact industry expansion?
There has been a significant expansion in the power tools market in the past few years. This market is projected to increase from $41.51 billion in 2024 to $44.36 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.9%. This surge in the historic period is a reflection of several factors, including the growth of construction and do-it-yourself industries, the expansion of manufacturing and fabrication sectors, the escalating demand for efficient and wireless tools, an uptick in home enhancement projects, and the implementation of regulatory standards pertaining to tool safety.
The power tools industry is predicted to experience significant expansion in the coming years, reaching a market size of $59.97 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 7.8%. Factors contributing to this predicted growth during the forecast period include the emerging trend of power tools customized for specific professions, the development of environmentally sustainable power tools, increased availability of electric and cordless tools, advances in connected and intelligent power tools, and the growing popularity of precision and microtools. Future trends predicted to influence the market include the advent of IoT-enabled and intelligent power tools, enforcement of regulatory standards for power tool safety, designs focusing on ergonomics and user-friendliness, personalized tool kits targeting professional users, and increased transparency in tool performance and maintenance.
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What are the most significant trends transforming the power tools market today?
The rising trend of new product introductions is shaping the power tools market significantly. To solidify their market presence, established companies in the power tools sphere are innovating and unveiling new products. To illustrate, Bosch Power Tools, an Indian firm that produces power tools for industries such as construction, woodworking, and metalworking, released the GWS 800 Professional in January 2023. This product, manufactured under the 'Make-in-India' initiative, is crafted keeping in mind the palm size of an average Indian user. The GWS 800 Professional, with a weight of only 1.6 kg, reduces arm fatigue even during overhead use. Further, the device is equipped with a metal flange and premium carbon brushes, enabling effortless upkeep.
Which key market segments comprise the power tools market and drive its revenue growth?
The power tools market covered in this report is segmented -
1) By Tool Type: Drilling and Fastening Tools, Demolition Tools, Routing Tools, Sawing and Cutting Tools, Material Removal Tools, Other Tool Types
2) By Mode Of Operation: Electric, Pneumatic, Other Mode of Operations
3) By Distribution Channel: Online, Offline
4) By Application: Construction, Automotive, Aerospace, Energy, Electronics, Other Applications
Subsegments:
1) By Drilling and Fastening Tools: Cordless Drills, Impact Drivers, Screwdrivers, Hammer Drills, Nailers
2) By Demolition Tools: Rotary Hammers, Demolition Hammers, Jackhammers
3) By Routing Tools: Wood Routers, Laminated Trimmers
4) By Sawing and Cutting Tools: Circular Saws, Jigsaws, Reciprocating Saws, Band Saws
5) By Material Removal Tools: Grinders, Sanders, Planers
6) By Other Tool Types: Heat Guns, Paint Sprayers, Oscillating Multi-Tools
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What regions are at the forefront of power tools market expansion?
Asia-Pacific was the largest region in the power tools market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power tools market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the power tools market?
Major companies operating in the power tools market include Stanley Black & Decker Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Corp., Ingersoll Rand Inc., Snap-on Incorporated, Apex Tool Group Corp., Hitachi Koki Ltd., Emerson Electric Co., Enerpac Tool Group Corp., Carborundum Universal Limited, Electrex India Limited, Husqvarna AB, Panasonic Corporation, Kyocera Corporation, Ridgid Tools Company, Andreas Stihl AG & CO. KG, YAMABIKO Corporation, KEN Holding Co. Ltd., Dynabrade Power Tools Pvt. Ltd., Delta Machinery Corp., Chervon Corp., Diamond Products Ltd., Einhell Germany AG, Elliott Tool Technologies Ltd., Festool Group GmbH & Co. KG, Ideal Industries Inc., Illinois Tool Works Inc., Metabo Power Tools SA Ltd., OLFA Corp., Positec Technology Co. Ltd., Sandvik AB
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What Is Covered In The Power Tools Global Market Report?
•Market Size Forecast: Examine the power tools market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the power tools market for a structured understanding.
•Key Players Overview: Analyze major players in the power tools market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the power tools market.
•Segment Contributions: Evaluate how different segments drive overall growth in the power tools market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the power tools market.
•Industry Challenges: Identify potential risks and obstacles affecting the power tools market.
•Competitive Landscape: Review strategic developments in the power tools market, including expansions, agreements, and new product launches.
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