The Power Tools Market is estimated to be valued at US$ 29995.02 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power tools are used for diverse applications ranging from drilling, cutting, sanding, grinding, polishing, and routing. Key power tools include drills, saws, sanders, angle grinders, and impact wrenches. These tools are used in various industries such as automotive, shipbuilding, construction, and aerospace among others. Drills are amongst the most commonly used power tools which are available in various types such as cordless drills, hammer drills, and impact drills.
Market Dynamics:
Rising residential and commercial construction activities across both developed and developing economies are expected to drive growth of the power tools market during the forecast period. According to data from U.S. Census Bureau, the total construction spending in the U.S. increased from US$ 1,293 billion in 2017 to US$ 1,326 billion in 2018. Such robust growth in construction activities is expected to augment demand for power tools for applications including drilling, sawing, grinding, and polishing. In addition, increasing do-it-yourself (DIY) home improvement projects is also expected to propel growth of the market. Power tools are finding high utility for simple tasks at homes such as assembling furniture, basic carpentry jobs, and gardening activities among others.
Segment Analysis
The global power tools market is segmented based on mode, product type, application andregion. On the basis of mode, corded power tools dominate the market accounting for around 60% share owing to advantages such as continuous power supply and higher power output. However, cordless power tools are expected to witness highest growth during the forecast period, rising at a CAGR of 10%, as they offer mobility and flexibility over corded tools.
PEST Analysis
Political: Favorable government regulations regarding workplace safety and growing infrastructure development projects are expected to drive the power tools market.
Economic: Stable economic growth along with rising disposable income levels globally are expected to positively influence market growth during the forecast period.
Social: Increasing Do-It-Yourself (DIY) home improvement activities among consumers is boosting demand for power tools.
Technological: Advancements in battery technology have enabled manufacturing of lightweight and powerful cordless power tools with longer runtimes.
Key Takeaways
Global Power Tools Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing adoption in industrial, DIY and construction activities. The market size for 2023 is estimated to be US$ 29995.02 Mn.
Regional analysis: Asia Pacific dominates the global market with a share of over 35% in 2023 led by China, India and other Southeast Asian countries. The region is expected to continue its dominance during the forecast period attributed to rapid industrialization and infrastructural development activities in the region.
Key players: Key players operating in the power tools market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker. These players are focused on new product launches and expansion strategies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
