CHICAGO, April 12, 2024 /PRNewswire/ -- The power tools market is expected to grow from USD 39.5 billion in 2024 to USD 45.5 billion by 2029, at a CAGR of 2.9% during the forecast period according to a new report by MarketsandMarkets. The growth of the construction industry in emerging economies, widespread adoption of battery-powered power tools worldwide, and rising demand for power tools in the automotive sector are significant factors. Furthermore, the development of smart and connected power tools, coupled with the increasing demand for household application power tools, generates opportunities for market growth.
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Browse in-depth TOC on "Power Tools Market"
175 - Tables
64 - Figures
239 - Pages
Power Tools Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 39.5 billion |
Estimated Value by 2029 | $ 45.5 billion |
Growth Rate | Poised to grow at a CAGR of 2.9% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Tool Type, Mode of Operation, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Difficulties in designing ergonomic and lightweight power tools |
Key Market Opportunities | The advancement of intelligent and connected power tools |
Key Market Drivers | Increased adoption of battery-powered tools globally |
Drilling and Fastening Tools segment is expected to grow at the highest CAGR during the forecast period.
The drilling and fastening tools segment are expected to grow at the highest CAGR during the forecast period. Drilling and fastening tools are extensively used across industrial sectors due to their versatility. Professionals rely on these tools for a wide range of repair and maintenance tasks. Additionally, impact tools, screwdrivers, impact wrenches, and nut runners are commonly employed for various fitting and fastening applications in both industrial and residential settings. Notably, the automotive industry is a major driver of market growth, as it heavily relies on these tools in its operations. These factors collectively contribute to the anticipated rapid growth of the drilling and fastening tools segment in the power tools market.
Electric mode of operation segment is expected to grow at the highest CAGR during the forecast period.
Electric mode of operation is expected to grow at the highest CAGR during the forecast period. Electric power tools can be operated either with a battery or a corded power supply, depending on the particular application. The growing preference for cordless electric tools is driven by their enhanced convenience and portability. Moreover, advancements in battery technology have notably improved the performance and durability of these cordless tools, making them increasingly appealing to both professionals and DIY enthusiasts.
Residential/DIY Application is expected to grow at the highest CAGR during the forecast period.
Residential/DIY Application is expected to grow at the highest CAGR during the forecast period. The growing popularity of cordless power tools among homeowners is driving market growth. Specifically, DIY enthusiasts prefer electric power tools for their home improvement projects, opting for compact and lightweight options for daily tasks. This trend highlights a significant shift towards ergonomically designed solutions in the power tools industry. Furthermore, advancements in battery technology, providing longer runtime and improved performance, add to the appeal of cordless tools. Additionally, the inclusion of user-friendly features and smart technologies further increases the attractiveness of cordless power tools among homeowners, leading to market expansion.
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Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The rapid urbanization and industrialization seen in countries like China, India, and Southeast Asian nations are prompting significant investments in infrastructure development, construction projects, and manufacturing activities. This increase in construction and industrial endeavors leads to a higher demand for power tools across various sectors. Additionally, the growing disposable income and expanding middle-class population in the region are driving the demand for power tools for residential and do-it-yourself (DIY) purposes. Furthermore, advancements in technology and the availability of innovative power tool solutions tailored to the specific needs of the Asian market are contributing to market growth.
Key players
Major companies operating in the power tools companies include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), Hilti Corporation, (Liechtenstein), Andreas Stihl AG & Co. KG (STIHL) (Germany), Atlas Copco AB (Sweden), Apex Tool Group, LLC (US), Ingersoll Rand (US), Snap-on Incorporated (US), among others.
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