Press Release

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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