Press release
Top Market Shifts Transforming the Power Tools Market Landscape: Key Insights
Power Tools
What Is the Expected CAGR for the Power Tools Market Through 2025?
In recent times, the power tools market size has seen substantial growth. It is projected to expand from $41.51 billion in 2024 to $43.65 billion in 2025, at a compound annual growth rate (CAGR) of 5.1%. The historical growth can be traced back to the rise in construction and do-it-yourself (DIY) industries, the broadening of manufacturing and fabrication, the growing preference for effective and cordless tools, a surge in home enhancement projects, and the implementation of regulatory norms related to tool safety.
What's the Projected Size of the Global Power Tools Market by 2029?
Predictions suggest a robust rise in the power tools market over the coming years, with its value projected to reach $57.78 billion in 2029, growing at a CAGR of 7.3%. This surge during the forecast period can be linked to the emergence of distinct power tool solutions catered to specific professions, development of sustainable and environmentally friendly power tool models, the rise of electric and cordless tool choices, advancement in smart, connected power tools, and increased application in precision and microtools. Notable trends in this forecast period encompass smart power tools equipped with IoT, compliance with safety regulations for power tools, ergonomic and user-friendly tool concepts, custom-tailored power tool kits for professionals, and transparency in tool efficiency and upkeep.
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Top Growth Drivers in the Power Tools Industry: What's Accelerating the Market?
The expansion of the industrial sector has played a substantial role in propelling the power tools market. This sector comprises a broad spectrum of economic activities which include the creation, manufacturing and large-scale processing of goods and services. The surge in various industrial sectors like automotive, aerospace, and manufacturing fuels the demand for power tools in production and upkeep. For example, industrial output in the European region saw a 0.2% rise in July 2023, as stated by Eurostat, a UK government statistical agency. In addition, the European Union reported a 0.1% growth in the period from May to April 2023. Consequently, this worldwide industrial sector growth is anticipated to stimulate the power tools market.
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Which Fast-Growing Trends Are Poised to Disrupt the Power Tools Market?
The emerging trend in the power tools market focuses on innovative new products. To maintain their market standing, major companies in this sector are investing in the development of fresh product innovations. A case in point was in January 2023, when Bosch Power Tools, an establishment based in India that focuses on producing power tools for use in the construction, metalworking, and woodworking sectors, introduced the GWS 800 Professional to its comprehensive collection of angle grinders. Conceived and manufactured in India, this tool is tailored to fit the average palm size of an Indian user. With a weight of a mere 1.6 kg, the GWS 800 Professional helps reduce arm strain, even during overhead operations. The device is also equipped with a metal flange and high-grade carbon brushes, which simplifies maintenance.
What Are the Main 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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Which Top Companies are Driving 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
Which Regions Will Dominate the Power Tools Market Through 2029?
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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