Power Tools Market Size (2024 - 2029)

The power tools market is experiencing significant growth, driven by increasing demand for tools used in home renovation and building projects. The market's expansion is supported by the easy availability of power tools through various distribution channels and their user-friendly design, which appeals to a growing number of small and medium-scale users. The drills segment leads in revenue due to its cost-effectiveness and ease of use in both residential and industrial settings. The Asian-Pacific region holds the largest market share, propelled by rapid industrialization and urbanization.

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Market Size of Power Tools Industry

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Power Tools Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 8.00 %
Fastest Growing Market Asia Pacific
Market Concentration Low

Major Players

Power Tools Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Power Tools Market Analysis

The power tools market size was valued at USD 40 billion in 2022, which is expected to grow by registering a CAGR of about 8% during the forecast period, driven by a booming demand for power tools for home renovation and building projects.

  • Power tools are easily available in the market via both online and offline modes of distribution. These are easy to operate, are available in a wide array of shapes, and offer greater precision in operations. A rising number of small and medium-scale end users increasingly understand the importance of power tools.
  • The drills segment accounted for the largest revenue share in 2022. Ease of operations and cost-effectiveness are some of the key factors, owing to which demand for the drill is increasing in both residential and industrial applications, thereby driving revenue growth of the segment.
  • The Asian-Pacific market accounted for the largest revenue share in the market due to rapid industrialization, urbanization, and industrial developments, which are some of the primary factors significantly driving revenue growth of the market in this region.
  • Taparia Tools Ltd, which is a 53-year-old manufacturer and exporter of precision quality hand tools, is increasing manufacturing facilities for the production of hand tools and is a part of the IndoMach Industrial and Machinery Expo 2022 at Hyderabad(India) with a focus on collaborating with new distributors for growing business while displaying existing with improved products.

Power Tools Industry Segmentation

Power tools are semiconductor tools employed in various industrial applications when activated by an external power source. Power tools include circular saws, sanders, grinders, routers, jigsaws, drills, hammer drills, and many others. A power tool is propelled by a mechanism and a power source different from the physical labor employed with hand tools. Internal combustion engines, electric motors, and compressed air are the three most popular forms of power tools.

A comprehensive background analysis of the Power Tools Market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the industry's competitive landscape. The impact of COVID-19 has also been incorporated and considered during the study.

The power tools market is segmented by mode of operation (electric (cordless, corded), pneumatic, other modes of operations), by product (wrenches, grinders, drills, saws, other products), by application (industrial, residential), by region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The report offers market size and forecasts for the power tools market in value (USD billion) for all the above segments.

By Mode Of Operation
Electric
Cordless
Corded
Pneumatic
Other Modes of Operations
By Product
Wrenches
Grinders
Drills
Saws
Other Products
By Application
Industrial
Residential
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Power Tools Market Size Summary

The power tools market is experiencing significant growth, driven by increasing demand for tools used in home renovation and construction projects. The market is characterized by a wide availability of products through both online and offline channels, offering ease of use and precision. The drills segment is particularly prominent, favored for its cost-effectiveness and versatility in both residential and industrial settings. The Asia-Pacific region leads in market share, propelled by rapid industrialization and urban development. Companies like Taparia Tools Ltd are expanding their manufacturing capabilities to meet this growing demand, participating in industry expos to forge new partnerships and enhance their product offerings.

The competitive landscape of the power tools industry is dominated by major players such as Stanley Black & Decker, Robert Bosch GmbH, and Hilti Corporation, who collectively hold a substantial portion of the market. These companies focus on innovation and product development to maintain their competitive edge. Recent developments include Stanley Black & Decker's expansion of its TOUGHSYSTEM® 2.0 storage portfolio and Hilti's strategic partnership with Canvas to integrate robotics into construction processes. The market's growth is further supported by the expanding global construction industry and increasing infrastructure investments in emerging economies, which drive the demand for power tools.

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Power Tools Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Current Market Scenario

    2. 1.2 Market Dynamics

      1. 1.2.1 Drivers

      2. 1.2.2 Restraints

      3. 1.2.3 Opportunities

    3. 1.3 Value Chain / Supply Chain Analysis

    4. 1.4 Industry Policies and Regulations

    5. 1.5 Technological Developments

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of Covid-19 on the market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Mode Of Operation

      1. 2.1.1 Electric

        1. 2.1.1.1 Cordless

        2. 2.1.1.2 Corded

      2. 2.1.2 Pneumatic

      3. 2.1.3 Other Modes of Operations

    2. 2.2 By Product

      1. 2.2.1 Wrenches

      2. 2.2.2 Grinders

      3. 2.2.3 Drills

      4. 2.2.4 Saws

      5. 2.2.5 Other Products

    3. 2.3 By Application

      1. 2.3.1 Industrial

      2. 2.3.2 Residential

    4. 2.4 By Region

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia Pacific

      4. 2.4.4 Latin America

      5. 2.4.5 Middle East & Africa

Power Tools Market Size FAQs

The Power Tools Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

Stanley Black & Decker, Inc., Robert Bosch GmbH , Techtronic Industries Co. Ltd. , Makita Corporation and Hilti Corporation are the major companies operating in the Power Tools Market.

Power Tools Market Report Snapshots

Power Tools Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)