Global Power Tools Market to Reach USD 46.73 Billion by 2031. This is a 4.3% CAGR.
Global power tools market growth is driven primarily by smart technologies. The development of low-cost and energy-efficient tools, combined with an increasing demand for automation, has led to a revolution in the adoption of power tool technology. The global power tools market is also expected to grow due to factors like the rising demand for fastening tool in industrial environments and the expanding construction industry in emerging countries.
In 2017 Brazil announced an investment of around USD 36 billion in 7,000 construction projects. Market growth will also be boosted by increasing urbanization in the future.
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Power Tools Market: Drivers
Investment in research and development is growing to make way for innovation
Increased market collaborations have led to an increase in the number of funds available for developing and growing automated technology/ machinery. Innovations in manufacturing technology would be possible if there is an increase in investment in research and development.
More electronics are being produced globally, resulting in more excellent supply and demand in emerging countries
The market’s growth is mainly due to the increasing penetration and proliferation of electronic tools and equipment. The increased availability and demand for electric nut wrenches and power fretsaws, motor screwdrivers, power hammers, and electric hammers directly affect the market’s growth rate. The market will continue to grow due to increased acceptance and use by the aerospace industry.
Small scale businesses have many opportunities to grow and expand their end-user verticals
The global economic boom has created huge opportunities for growth in the electronics and semiconductor industries. The major manufacturers are focusing more on the application of advanced technologies, which will increase the growth potential.
Power Tools Market: Restraints
More regulations to limit growth in the long-term
The market will be hindered by the increasing enforcement of strict environmental regulations. Stringent regulations regarding product approvals will limit the market’s growth potential. The coronavirus pandemic could also cause business activity to be suspended.
Supply chain disruptions could pose a threat for the market’s unprecedentedly high demand
Due to the pandemic in Asia, there has been a drop in demand for display materials. Markets will also be affected by fluctuations in raw material prices. This will limit the market’s growth rate.
The market will also be affected by low awareness and high manufacturing costs. The market’s growth rate will be limited by the lack of strong infrastructure facilities in backward countries, falling sales of commercial vehicles as a result of COVID-19, and accidents and health concerns associated with power tools.
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Power Tools Market Key Trends:
Atlas Copco AB and Robert Bosch Tool Corporation are just a few companies developing innovative power tools with energy-efficient technologies. Multi-purpose machines are becoming a key focus of industry leaders. They can be used for precise tasks and multiple operations.
Consumers are looking for cordless power tools that can be used on high-torque motors, are lightweight, efficient, and compact. Companies can achieve their greatest breakthrough innovations thanks to consumers’ growing demand for less error-prone products. Hilti Corporation, for example, introduced almost 40 new tools, accessories and systems in January 2020. These new tools include a cordless, battery-powered fastening tool (described as “BX3 – BT”) and other tools and accessories.
VTOMAN launched All-in-One Cordless Power Tool Kits via Indiegogo on 18 January 2022. Each tool in the kit has a common power supply. This eliminates the need to have a separate power source for each tool. VTOMAN uses a polymer ternary battery that supports fast charging. It takes just over an hour to fully charge. The Toolkit includes a power supply, a tire inflator and an impact wrench. It features a brushless motor that can deliver up to 517 ft./lbs. The auto mode control board provides breakaway torque and allows for controlled removal in reverse.
July 2021 Makita UK has expanded its outdoor power tool range with the ‘XGT-40VMax machines’. The range includes the UR002G 40VMax Brushless Brushless Cutter, UH006G and UH005G as well as UH007G and UH006G brushless hedge trimmers. These machines are durable and can be used on-site for regular heavy-duty work.
Scope of the Report
|Market Size in 2031||USD 46.73 Billion|
|Growth Rate||CAGR of 4.3%|
|Quantitative Units||USD In Bn|
|No. of Pages in Report||200+ Pages|
|No. of Tables & Figures||150+|
|Direct Order This Report||Available- To Purchase This Premium Report Click Here|
Key Market Players:
- Robert Bosch GmbH
- Hitachi Ltd.
- Stanley Black & Decker Inc.
- Atlas Copco AB
- Techtronic Industries Co. Ltd.
- Hilti Corporation
- Makita Corp
- Ingersoll Rand Inc.
- Snap-on Incorporated
- Apex Tool Group LLC
Based on Mode Type:
- Electric Type
- Pneumatic Type
- Engine Driver Type
- Hydraulic Type
- Powder-Actuated Type
Based on Tool Type:
- Drilling and Fastening/Driving Tools
- Sawing and Cutting Tools
- Material Removal Tools
- Routing Tools
- Demolition Tools
- Other Tool Types
Based on Application:
- Residential Applications
- Construction Field
- Industry Field
- Gardening Field
- Other Applications
Industry, By Region
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- Middle East & Africa [GCC, North Africa, South Africa]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- What is the anticipated revenue (CAGR), for the global power tools market during the forecast period (2022-2030)?
- What was the market size for power tools worldwide in 2021?
- What factors will drive global market growth for power tools?
- Which segment was the most popular in power tools’ application market in 2021?
- What are the main obstacles to growth in the global power tool market?
- What are some of the key factors driving the power tool market’s growth?
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