CHICAGO, Dec. 15, 2022 /PRNewswire/ -- The global power tools market size is estimated to be USD 42.8 billion in 2022 and is projected to reach USD 65.5 billion by 2027 at a CAGR of 8.9% according to a new report by MarketsandMarkets. The growth of the market can be attributed to the growing construction industry in emerging economies, the high demand for power tools in the automotive industry, the rising adoption of battery-powered power tools globally, and the surging demand for electric fastening tools in industrial environments.
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Drilling and Fastening Tools to grow at the highest CAGR during review period
Drilling and fastening tools are to grow at the highest CAGR among all tool types of power tools during the forecast period. This segment includes a detailed description of all major drilling and fastening tools, such as drills, impact drivers, impact wrenches, screwdrivers, and nutrunners. Drilling and fastening tools are expected to continue dominating the power tools market due to their extensive use in industrial and residential applications. A few driving factors for the power tools market growth include the rising demand for electric power tools in industrial environments, significant growth in the adoption of battery-powered power tools, and increasing construction activities in emerging economies.
Electric power tools to grow at highest CAGR during forecast period
Electric power tools will likely grow at the highest CAGR in the forecast period. Professional and DIY users primarily use electric power tools. Depending on the application, they are operated either through a battery or a corded power supply. Corded power tools are completely reliant on electricity for their energy source. An electric power tool is a portable power tool driven by an electric motor, which is widely used for machining materials, for instance, metalworking and woodworking. The most widely used electric power tools are power saws, electric planes, electric milling cutters, electric mortising machines, electric wrenches, power grinders, electric drills, and portable parquet finishers.
Residential/DIY Application to grow at the higher CAGR in forecast period
The Residential application is growing at the higher growth rate during the forecast period. Rising adoption of cordless power tools from homeoweners is driving market growth. Mostly, electric power tools are used by DIY consumers for residential refurbishment and improvement projects. DIY users prefers small and lighter power tools while doing ordinary trades. Thus, there is a growing tendency for preferring small, ergonomic tools that are more powerful than tradition tools. This has led to a significant increase in demand for smaller and lighter power tools.
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Asia Pacific to be the fastest-growing market during forecast period
The regional market is likely to grow at the highest rate during the forecast period, attributed to the increasing demand for power tools in major countries such as China and Japan. Also, with the growing automotive industry and manufacturing sector, Asia Pacific has become one of the major regions to adopt power tools. Besides, the countries, such as China, Japan, and India, in the region, have one of the world's largest construction markets. Countries are investing heavily in infrastructure development and urban area planning, which is consequently driving the demand for power tools. The rapid increase in population has increased the demand for residential houses and commercial facilities. The increasing urbanization and the development of smart cities are expected to support the growth of the power tools market for the construction industry.
Major companies operating in the power tools market include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co., Ltd. (Hongkong), Makita Corporation (Japan), Atlas Copco AB (Sweden), Ingersoll Rand (US), Snap-on Incorporated (US), and Apex Tool Group, LLC (US), among others.
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