The global power tools market represents a dynamic and expansive industry focused on the manufacturing, distribution, and utilization of a diverse range of electric and pneumatic tools. These tools cater to both industrial and consumer segments, encompassing applications in construction, woodworking, metalworking, and more. Power tools play a pivotal role in enhancing efficiency, precision, and speed across diverse sectors.
Access full Report @ https://www.databridgemarketresearch.com/ar/reports/global-power-tools-market
Data Bridge Market Research analyses that the Global Power Tools Market is expected to reach USD 56.48 billion by 2030, which is USD 36.25 billion in 2022, registering a CAGR of 5.70% during the forecast period of 2023 to 2030. The surge in DIY culture, fueled by online tutorials and a penchant for customization, propels the demand for power tools in residential settings. Consumers, inspired by accessible guidance, actively seek versatile and efficient tools to undertake personal projects, contributing to the growth of the power tools market in the residential sector.
Key Findings of the Study
Increasing demand for power tools in the automotive and manufacturing industries is expected to drive the market's growth rate
The escalating demand for power tools in the manufacturing and automotive industries is set to propel the market's exponential growth. Widely utilized in assembly lines, power tools play a crucial role in automotive production, ensuring swift and efficient results. Their extensive usage not only supports job processes but also significantly reduces the overall time required to accomplish tasks within specified timeframes, contributing to enhanced productivity in these key sectors.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2023 to 2030
|
|
Base Year
|
2022
|
|
Historic Years
|
2021 (Customizable to 2015-2020)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Type (Sawing and Cutting, Drilling and Fastening, Demolition, Routing, Portable Nibblers, Air-Powered, Material Removal, Electric Cords and Plugs, Accessories, Others), Mode of Operation (Electric, Liquid Fuel, Hydraulic, Pneumatic, Powder-Actuated), Application (Concrete and Construction, Woodworking, Metalworking, Welding, Others), Material (Concrete, Wood/Metal, Brick/Block, Glass, Others), End User (Industrial/Professional, Residential), Sales Channel (Indirect Sales, Direct Sales)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
|
|
Market Players Covered
|
Stanley Black & Decker, Inc. (U.S.), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (China), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco AB (Sweden), Ingersoll Rand (U.S.), Snap-on Incorporated (U.S.), Apex Tool Group (U.S.), Koki Holding Co., Ltd. (Japan), Honeywell International Inc. (U.S.), 3M (U.S.), Emerson Electric Co. (U.S.), Festool GmbH (Germany), KYOCERA Corporation (Japan), Makita Corporation (Japan), and Husqvarna AB (Sweden)
|
|
Data Points Covered in the Report
|
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
|
Segment Analysis:
The global power tools market is segmented on the basis type, mode of operation, application, material, end user, and sales channel.
- On the basis of type, the global power tools market is segmented into sawing and cutting, drilling and fastening, demolition, routing, portable nibblers, air-powered, material removal, electric cords, and plugs, accessories, and others. The sawing and cutting tools segment hold the largest share in the type segment and is expected to grow at a higher rate with a 23.97% market share considering wide applications and high usage of cutting tools for metalworking and woodworking
- On the basis of mode of operation, the global power tools market is segmented into electric, liquid fuel, hydraulic, pneumatic, and powder-actuated. The mode of operation segment is dominated by the electric segment with 46.18% market share as most of the tools purchased are electric based due to its lower cost of operation and ease of operation
- On the basis of application, the global power tools market is segmented into concrete and construction, woodworking, metalworking, welding, and others. Concrete and construction segment dominates the application segment with 36.74% market share and expected to grow at higher rate due to growing infrastructure around the world where heavy power tools are required as concrete structures are not easy to break or change
- On the basis of material, the global power tools market is segmented into concrete, wood/metal, brick/block, glass, and others. The material segment is dominated by concrete segment with a 44.68% market share considering its coherency with the application segment. Also, concrete material has a tough structure and it requires power tools to change it
- On the basis of end user, the global power tools market is segmented into industrial/professional, and residential. The end user segment is dominated by industrial/professional with 72.83% market share considering large-scale operations in industrial fields which need to be completed in minimum time where power tools have great assistance
The industrial/professional segment is expected to dominate the global power tools market
The industrial/professional segment is expected to dominate the global power tools market with 72.83% market share due to the imperative role of power tools in expediting large-scale industrial operations, where efficiency and speed are paramount, making these tools invaluable for meeting stringent project timelines.
- On the basis of sales channel, the global power tools market is segmented into indirect sales, and direct sales. The indirect sales segment dominates the sales channel segment with 72.83% market share as these tools are mostly purchased from distributors or vendors, however, the growing e-commerce sector and direct online sales by company direct sales are growing at a higher rate
Indirect sales segment is expected to dominate the global power tools market
Indirect sales segment is expected to dominate the global power tools market with a 72.83% market share due to the thriving e-commerce sector and the company's direct online sales, which are experiencing rapid growth, emphasizing the evolving landscape of consumer purchasing preferences in the digital era.
Major Players
Data Bridge Market Research recognizes the following companies as the major global power tools market players in global power tools market are Stanley Black & Decker, Inc. (U.S.), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (China), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco AB (Sweden), Ingersoll Rand (U.S.)
Market Developments
- In October 2021, Stanley Black & Decker, Inc. forged a strategic collaboration with Eastman to drive sustainability in the power tools sector. Under the BLACK+DECKER brand, the company introduced the reviva product line, marking its inaugural foray into sustainability-focused power tools. Leveraging Eastman's Tritan Renew copolyester, these innovative sanders are designed with ecological considerations. Positioned for professional use, the reviva line exemplifies a collaborative effort to bring environmentally conscious solutions to the forefront of the power tools industry, meeting the needs of both professionals and the planet
- In October 2021, DEWALT, a prominent brand under Stanley Black & Decker, unveiled the cutting-edge DEWALT POWERSTACK 20V MAX Compact Battery, signaling a transformative leap in performance for their cordless power tools. This technological innovation promises enhanced efficiency and functionality, setting a new standard in the industry. Tailored for professionals, these advanced sanders embody DEWALT's commitment to delivering top-tier solutions, ensuring that the tools meet the rigorous demands of skilled workers, further solidifying the brand's position at the forefront of cordless power tool innovation
- In September 2021, Robert Bosch Power Tools GmbH expanded its woodworking solutions with the introduction of 12V and 18V cordless sanders, specifically the GEX12V-5 Brushless 5 In. The new cordless sanders are designed for optimal balance and convenience, catering to woodworking professionals seeking precision and efficiency in their craft
- In August 2021, Robert Bosch Power Tools GmbH announced additions to its line of random orbit sanders. These include the GEX33-5N (5 In.), GEX33-6N (6 In.), and GEX34-6N (6 In.). Engineered for professional use, these sanders signify Bosch's commitment to providing high-performance tools that meet the demands of woodworking and related industries
Regional Analysis
Geographically, the countries covered in the global power tools market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the global power tools market during the forecast period 2023-2030
Asia-Pacific dominates the global power tools market in revenue and market share, driven by persistent demand for highly efficient, cost-effective tools across diverse industry verticals. The region's supremacy is further bolstered by government initiatives aimed at enhancing infrastructural development and industrial manufacturing facilities. As a result, Asia-Pacific stands as a powerhouse in the global power tools arena, reflecting its pivotal role in meeting the demands of various sectors and contributing substantially to market growth.
North America is estimated to be the fastest-growing region in the global power tools market during the forecast period 2023-2030
North America is expected to dominate the global power tools market, projecting the highest growth rate from 2023 to 2030. The region's prominence is attributed to major market players, including Emerson Electric Co., Stanley Black and Decker, and Apex Tool Group. Their significant presence fosters innovation and market competitiveness, contributing to North America's sustained leadership in driving advancements and shaping the trajectory of the power tools industry.
For more detailed information about the global power tools market report, click here – https://www.databridgemarketresearch.com/ar/reports/global-power-tools-market
