Power Tools Market to Grow with a CAGR of 6.19% through 2028
Rising adoption of cordless and battery-powered power
tools and increasing demand for power tools from the construction, automotive,
and manufacturing industries are likely to drive the market in the forecast
period.
According to TechSci Research report, “Power Tools
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Power Tools Market stood at USD 37.08 billion
in 2022 and is anticipated to grow with a CAGR of 6.19% in the forecast period.
Technological
advancements and innovation stand as paramount drivers in the global Power
Tools market. The industry is in a constant state of evolution, with
manufacturers tirelessly working to develop innovative tools that offer
enhanced performance, efficiency, and user convenience. These innovations have
led to the creation of power tools with advanced features like cordless
operation, extended battery life, and increased power output. One notable
advancement is the integration of brushless motor technology, which offers
higher efficiency and durability compared to traditional brushed motors. This
innovation results in power tools that are not only more powerful but also
longer-lasting, reducing the need for frequent replacements and repairs.
Furthermore, the incorporation of smart technologies such as Bluetooth
connectivity and mobile apps has revolutionized how professionals and consumers
interact with their power tools, enabling remote monitoring and control. These
technological advancements not only boost the overall productivity and
effectiveness of power tools but also enhance user safety, making them an
attractive choice across various industries like construction, automotive, and
woodworking. As manufacturers continue to push the boundaries of innovation,
the Power Tools market is poised for sustained growth.
The global Power
Tools market is significantly driven by the growth in construction and
infrastructure development worldwide. Rapid urbanization, population expansion,
and economic development have led to increased demand for residential,
commercial, and industrial construction projects. Power tools play a pivotal
role in these sectors, facilitating crucial tasks such as drilling, cutting,
fastening, and material handling. Power tools have become indispensable for
professionals in construction and related industries as they enhance efficiency
and productivity. Whether it's cordless drills for quick fastening or rotary
hammers for drilling through tough materials like concrete, power tools enable
workers to complete tasks more rapidly and with greater precision. This
efficiency gain accelerates project timelines and reduces labor costs, making
power tools an essential component of the construction sector's toolkit. The
ongoing emphasis on infrastructure development, coupled with the need for
maintenance and renovation, ensures a steady demand for power tools. As such,
the Power Tools market continues to thrive, benefiting from the perpetual
growth and diversification of the global construction and infrastructure
landscape.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Power
Tools Market.”
The Global Power Tools Market is segmented into machine
type, mode of operation, mobility, application and region.
Based on type, The Drilling Tools segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. Drilling tools are incredibly versatile and find applications across a
wide range of industries and tasks. They are used for creating holes in various
materials, including wood, metal, concrete, and masonry. Whether it's drilling
holes for electrical wiring, plumbing, construction, or DIY projects, drilling
tools are indispensable. Drilling is a fundamental operation in many industries
and projects. It is often one of the first steps in building, construction, or
assembly processes. As such, the demand for drilling tools remains consistent,
making them a staple in the toolkits of professionals and DIY enthusiasts
alike. Drilling tools cater to a broad user base, including professionals in
construction, woodworking, metalworking, and manufacturing, as well as
homeowners and DIYers. This wide appeal ensures a steady demand for drilling
tools globally. The drilling tool segment has witnessed continuous innovation,
leading to the development of more advanced and efficient tools. Features like
cordless operation, variable speed settings, ergonomic designs, and brushless
motors have made drilling tools more user-friendly and capable of handling a
variety of drilling tasks. Advances in battery technology, such as the use of
lithium-ion batteries, have greatly improved the performance and runtime of
cordless drilling tools. This has made cordless drills increasingly popular in
both professional and consumer markets. Beyond new construction, drilling tools
are essential for maintenance and repair tasks. This ensures ongoing demand for
drilling tools even in mature markets.
Based on application, The Commercial segment had the
largest market share in 2022 and are projected to experience rapid growth
during the forecast period. Commercial projects, including those in the
construction, infrastructure, and commercial real estate sectors, are often
larger and more extensive than residential projects. These projects require a
wide range of power tools for various tasks, such as drilling, cutting,
fastening, and finishing. As a result, the sheer volume of power tool usage in
the commercial sector is substantial, contributing to its dominance in the
market. Professional Demand: Commercial applications rely heavily on
professional tradespeople, contractors, and skilled workers who depend on
high-quality, reliable power tools to perform their tasks efficiently and
accurately. These professionals require robust, durable tools to meet the
demands of their projects, leading to a consistent market for power tool
manufacturers. Specialized Tools: The commercial sector often requires
specialized power tools designed to meet industry-specific needs. For example,
the construction industry demands heavy-duty rotary hammers, concrete saws, and
demolition tools, while the automotive sector requires precision torque
wrenches and pneumatic tools. This need for specialized tools enhances the
market's depth and diversity. Commercial users are more likely to adopt
advanced and high-performance power tools that incorporate the latest
technological innovations. Manufacturers frequently develop innovative tools
tailored to the specific demands of the commercial sector, including smart
tools with connectivity features, ergonomic designs, and enhanced safety
features. These advancements are well-received by professionals seeking
efficiency and productivity gains. Beyond new construction projects, commercial
settings often involve ongoing maintenance and repairs of infrastructure,
machinery, and equipment. Power tools are crucial for these tasks, ensuring
that commercial properties and facilities remain in good working condition. The
consistent need for maintenance further drives the demand for power tools in
the commercial sector. The growth of the commercial sector is closely linked to
economic development and urbanization.
Major companies operating in the Global Power
Tools Market are:
- Stanley
Black & Decker, Inc
- Robert
Bosch GmbH
- Techtronic
Industries Company Limited
- Makita
Power Tools India Pvt. Ltd
- Hilti
Corporation
- Koki
Holdings Co., Ltd
- Snap-on
Incorporated
- Husqvarna
Motorcycles GmbH
- Emerson
Electric Co.
- Milwaukee
Electric Tool Corporation
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“The Global Power Tools market is expected to rise in
the upcoming years and register a significant CAGR during the forecast period. Continuous
technological advancements in power tool design, including brushless motors,
lithium-ion batteries, and smart features, enhance performance and user
experience. Innovations drive market growth by offering more efficient,
durable, and user-friendly tools, attracting professionals and consumers across
industries like construction and manufacturing. Also, The Asia Pacific region
is the largest market for power tools, followed by North America and Europe.
The Asia Pacific region is expected to continue to dominate the market during
the forecast period, due to the rapid growth of the construction and
manufacturing industries in the region. Therefore, the market of Power Tools is
expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Power Tools Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Machine Type
(Drilling Tools, Cutting/Sawing Tools, Fastening Tools, Breaker Tools, Others)
By Mode of Operation (Electric, Hydraulic, Pneumatic, Others), By Mobility
(Stationery, and Portable), By Application (Residential, Commercial, and
Industrial), By Region, By Competition”, has evaluated the future growth potential of Global
Power Tools Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global Power Tools Market.
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