Press release
Future of the Power Tools Market: Trends, Innovations, and Key Forecasts Through 2034
Power Tools Market Size
Power Tools Market Size Growth Forecast: What to Expect by 2025?
In recent years, the market size for power tools has seen significant growth. It is projected to expand from $41.51 billion in 2024 to $44.36 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.9%. Several factors contributed to this growth during the historical period, including the rise of the construction and DIY industries, the enlargement of manufacturing and fabrication, the need for more efficient and cordless tools, an uptick in home improvement projects, and regulatory standards pertaining to tool safety.
How Will the Power Tools Market Size Evolve and Grow by 2029?
Expectations are high for the power tools market to witness substantial expansion in the next few years. It is projected to reach a valuation of $59.97 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.8%. The projected growth in this period can be credited to factors such as tailor-made power tool solutions catering to particular trades, power tools that are sustainable and environmentally friendly, the rise in electric and cordless tool options, advancements in connected and intelligent power tools, and an uptick in the usage of precision and microtools. The landscape in the forecast period is set to be shaped by predominant trends such as the advent of smart and IoT-integrated power tools, enforcement of regulatory compliances related to power tool safety, the development of ergonomic and user-friendly tools, provision of customized power tool sets for professionals, and the emphasis on transparency in tool performance and maintenance.
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What Drivers Are Propelling the Growth of Power Tools Market Forward?
The power tools market has been significantly driven by progression in the industrial sector. This sector embodies a broad spectrum of economic endeavors, which includes the large-scale production, manufacturing, and processing of various goods and services. The expansion of different industrial fields such as automotive, aerospace, and manufacturing, necessitates the use of power tools for production and maintenance tasks. For instance, Eurostat, a UK government statistical agency, reported in July 2023 that industrial production in the European area saw an upturn of 0.2%. In addition, between May and April 2023, a 0.1% rise was noted in the European Union. Hence, this upward trajectory in the global industrial sector is projected to spur on the power tools market.
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Which Emerging Trends Are Transforming the Power Tools Market in 2025?
The emergence of fresh product advancements has become a significant trend in the power tools industry. Numerous thriving companies in the market are harnessing new products innovations to consolidate their presence. Take for example, in January 2023, Bosch Power Tools, a firm based in India specializing in power tools for the construction, woodworking, and metalworking sectors, unveiled the GWS 800 Professional, augmenting its already broad array of angle grinders. This product, primarily crafted for the average Indian hand size under the 'Make-in-India' initiative, weighs a mere 1.6 kg, reducing arm strain even during elevated tasks. What's more, the device incorporates a metal flange and premium carbon brushes, simplifying the upkeep process.
What Are the Key Segments in the Power Tools Market?
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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Who Are the Key Players Shaping the Power Tools Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Power Tools Market?
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.
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