Power Tools Market Worth USD 35.13 Billion by 2029 | Power Tools Industry Exhibiting CAGR of 4.0% During 2022-2029
Companies covered in the power tools market are Robert Bosch GmbH (Germany), Stanley, Black & Decker, Inc. (U.S.), Hilti Corporation (Liechtenstein), Atlas Copco AB (Sweden), Makita Corporation (Japan), Emerson Electric Co. (U.S.), Hitachi Koki Ltd. (Japan), Ingersoll Rand (U.S.), Techtronic Industries Co. Ltd. (Hong Kong), Enerpac Tool Group (U.S.)
Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global Power Tools Market size stood at USD 25.87 Billion in 2021. The market is anticipated to rise from USD 26.61 billion in 2022 to USD 35.13 Billion by 2029 at a 4.0% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Power Tools Market, 2022-2029.”
According to the analysis, the construction and automotive industries will exhibit profound demand for power tools. Stakeholders will continue to inject funds into advanced tools to boost comfort amidst the soaring popularity of cordless equipment. Moreover, string trimmers, hedge trimmers and lawnmowers are likely to be sought over the next few years.
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Soaring Urbanization to Trigger Growth across Asia Pacific
Leading companies are slated to inject funds into China, India, Australia and Japan following the investments across infrastructure and industrialization sectors. Asia Pacific market forecast will be strong with robust government policies across China and India. Industry participants are likely to infuse funds into manufacturing R&D facilities, fueling the industry growth. For instance, India has invested in subsidies to encourage investments in advanced power tools. Prevailing trends suggest electric and pneumatic power tools will be sought-after across the region to tap markets.
The Middle East & Africa power tools market growth will observe an appreciable gain on the back of investments in industrialization. Prominently, oil & gas and power and energy sectors will be the major recipients of advanced equipment. End-users are likely to exhibit traction for material removal tools following their demand across metal processing workshops and car factories.
Leading companies expect North America to witness moderate growth, partly due to investments in the construction sector. The trend for do-it-yourself (DIY) tools will be noticeable across the U.S. and Canada, boding well for regional growth. Moreover, advancements in drilling technology will further provide impetus to drilling and fastening tools across the region.
Report Scope and Segmentation:
2022 to 2029
Forecast Period 2022 to 2029 CAGR
2029 Value Projection
USD 35.13 Billion
Market Size in 2021
USD 25.87 Billion
Historical Data for
2018 to 2020
No. of Pages
By Mode of Operation, By Tool Type, By Application, By Region
Expansion of Construction Industry and Manufacturing Sector in Emerging Economies to Boost Growth
Pitfalls & Challenges
Price Fluctuations of Raw Materials to Hinder Power Tools Market Growth
In terms of mode of operation, the market is segregated into pneumatic, electric, and others.
Based on tool type, the market is segmented into material removal tools, drilling & fastening tools, demolition tools, sawing & cutting tools, and others.
On the basis of application, the market is fragmented into industrial and DIY.
With respect to region, the market covers Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.
Major Players Profiled in the Report:
Robert Bosch GmbH (Germany)
Stanley, Black & Decker, Inc. (U.S.)
Hilti Corporation (Liechtenstein)
Atlas Copco AB (Sweden)
Makita Corporation (Japan)
Emerson Electric Co. (U.S.)
Hitachi Koki Ltd. (Japan)
Ingersoll Rand (U.S.)
Techtronic Industries Co. Ltd. (Hong Kong)
Enerpac Tool Group (U.S.)
Dip in Car Sales to Bring Paradigm Shift in Industry Landscape
While the vaccination rollouts and bullish government policies have augured well, the plunge in car sales in 2020 sent shock waves in the industry. According to the China Passenger Car Association (CPCA), car sales in China dipped 92% in the first half of February 2020. End-use sectors, including shipbuilding, aerospace and automotive, witnessed a tectonic shift, with a reduction in trade volumes.
Browse Summary of this Research Report:
The report provides a deep-dive analysis on market share, size, volume, revenue and focuses on SWOT analysis. The report has been prepared through qualitative and quantitative analysis to boost a comprehensive market view. Prominently, several primary interviews have been conducted with leading stakeholders and suppliers. Primary data has been collected through telephonic conversations, questionnaires and emails. Besides, the report also includes secondary sources, such SEC filings, press releases and government websites. The inclusion of drivers, restraints, opportunities and trends further solidifies the holistic approach of the report.
Drivers and Restraints
Trend for Cordless Tools in Construction Sector to Foster Innovations
Industry players expect construction activities to spur the penetration of advanced power tools across emerging and advanced economies. Notably, the trend for cordless equipment and tools will underpin power tools market share during the assessment period. Small and mid-sized enterprises will continue to bank on state-of-the-art tools for increased flexibility. With the gradual growth in the construction sector, the penetration of electric tools will be pronounced globally.
However, volatile raw material prices could dent the industry growth in the ensuing period.
Companies Invest in Product Offerings to Foster Footprint
Major players are likely to emphasize product launches, technological advancements and mergers & acquisitions. Both well-established players and new entrants could also infuse funds into research and development activities to bolster penetration.
Key Industry Development
July 2021 – – Makita UK extended its outdoor power tools range with ‘XGT 40VMax machines’. It includes UR002G 40VMax Brushless Brush Cutter and UH007G, UH006G, UH005G, and UH004G 40VMax Hedge Trimmers that are brushless. These machines are designed to deliver durability and high output for heavy-duty and regular use on-site.
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Table of Content
Definition, By Segment
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Impact of COVID-19 on Economic Outlook
Effect of COVID-19 on Supply Chain Management
Influence of COVID-19 on Power Tools Market
Steps Taken by the Manufacturers to Mitigate COVID-19 Impact
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Power Tools Key Players Market Share Insights and Analysis, 2021
Global Power Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
By Mode of Operation (USD)
Others (Hydraulic, etc.)
By Tool Type (USD)
Drilling & Fastening Tools
Material Removal Tools
Sawing and Cutting tools
Others (Routing Tools etc.)
By Application (USD)
By Region (USD)
Middle East & Africa
North America Power Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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