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Power And Hand Tools Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Power And Hand Tools
How Large Will the Power And Hand Tools Market Size By 2025?
The market size of power and hand tools has consistently expanded in prior years. The market value forecast predicts a growth from $11.99 billion in 2024 to $12.32 billion in 2025, with a compound annual growth rate (CAGR) of 2.7%. Factors such as the rising popularity of do-it-yourself (DIY) projects and home improvement tasks, an expanding construction sector boosting the demand for these tools, the prevalence of online sales channels making these tools widely available to customers, increased urbanization spurring both residential and commercial construction activities, and the advent of eco-friendly tools have attributed to this growth observed in the historic period.
How Big Is the Power And Hand Tools Market Size Expected to Grow by 2029?
The market size of power and hand tools is anticipated to experience continued expansion in the coming years, reaching $14.15 billion by 2029 with a compound annual growth rate (CAGR) of 3.5%. The growth projected for the forecasted period is due to a multitude of factors; increasing consumer preference for green and sustainable hand and power tools, the adoption of automation and artificial intelligence technology in tools for improved functionality and user interaction, a surge in urbanization and infrastructural growth, the emergence of e-commerce and omnichannel retailing, along with the mounting demand for tailored and personalized tools. Expected trends during this period will see the rise of intelligent and networked tools, progressive battery technologies, the adoption of automation and robotics in power tools, the application of AI and machine learning, and the development of modular, multi-functional tools which can be customized and personalized.
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Which Key Market Drivers Powering Power And Hand Tools Market Expansion and Growth?
Growth in the construction sector is anticipated to bolster the power and hand tools market. The construction sector encompasses the professional areas involved in the conceptualization, design, development, and building of structures, infrastructure, and other tangible entities. Multiple elements, such as urban growth, population expansion, infrastructure progress, technological evolution, and economic growth, contribute to the escalation of the construction sector. Power and hand tools are instrumental in enhancing efficiency, velocity, and accuracy in construction-related tasks, thus boosting the overall success and quality of the project. For instance, ConstructConnect, a trusted construction contractor based in the U.S., reported in February 2023 that U.S. construction had grown by 16.7% in 2022, accumulating up to $912 billion. Consequently, the emerging construction sector is set to fuel the power and hand tools market.
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Which Emerging Trends Are Transforming the Power And Hand Tools Market in 2025?
Major players in the power and hand tools sector are advancing in the production of battery-powered tools that boast greater usage times, incorporating smart built-in sensors for immediate tracking and ergonomically friendly designs. These battery-powered tools with extended operating times are rechargeable and can maintain persistent usage for lengthy periods, eliminating the need for consistent recharging. For instance, Bosch Power Tools GmbH, an electrical and electronic manufacturing firm based in Germany, introduced a new 18V REVOLVE 4000 green-beam rotary laser in January 2022. This most recent offering includes improved features such as a wider leveling range and a visibility that is up to four times greater than that of conventional red beams, as well as more ADS settings, providing a more enhanced user experience for demanding tasks.
What Are the Emerging Segments in the Power And Hand Tools Market?
The power and hand tools market covered in this report is segmented -
1) By Type: Secateurs, Hammers, Spanners, Other Types
2) By Technology: Engine Driver, Hydraulic And Powder-Actuated, Pneumatic, Electric
3) By Application: Electronics, Construction, Aerospace, Automobiles, Other Applications
Subsegments:
1) By Secateurs: Manual Secateurs, Bypass Secateurs, Anvil Secateurs, Ratchet Secateurs, Electric Secateurs
2) By Hammers: Claw Hammers, Sledgehammers, Ball Peen Hammers, Framing Hammers, Mallets, Rubber Hammers
3) By Spanners: Open-End Spanners, Box-End Spanners, Combination Spanners, Adjustable Spanners, Torque Wrenches, Ratchet Spanners, Impact Wrenches
4) By Other Types: Pliers, Screwdrivers, Saw Blades, Drills And Drill Bits, Tapes And Measuring Tools, Chisels And Gouges, Planes And Shapers, Files And Rasps
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Who Are the Global Leaders in the Power And Hand Tools Market?
Major companies operating in the power and hand tools market are The Bosch Limited, Danaher Corporation, Stanley Black & Decker Inc., Atlas Copco AB, Emerson Electric Co., Techtronic Industries Co. Ltd., Milwaukee Electric Tool Corporation, Makita Corporation, Ingersoll-Rand Plc, Snap-On Incorporated, MISUMI Group Inc., Chervon Holdings Limited, Apex Tool Group LLC, Fluke Corporation, Enerpac Tool Group, Chicago Pneumatic Tool, The Ames Companies In., Alberta Investment Management Corporation (AIMCo), Daniels Manufacturing Corporation, Alltrade Tools LLC, AnCor Inc., Taparia Tools
Which are the Top Profitable Regional Markets for the Power And Hand Tools Industry?
North America was the largest region in the power and hand tools market in 2024. The regions covered in the power and hand tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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