Global Power Tools Market - 2023-2030
Market Overview
The global power tools market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 7.2% during the forecast period (2023-2030).
Power tools are powered by an electric motor, a compressed air motor or a petrol engine. Power tools are extensively utilized in various functions and applications, including assembly and production lines, DIY projects, repair and maintenance and many other packaging tasks. Its power tools enable more effective handling and operation across various tasks while reducing time and fulfilling various labor demands. Additionally, it greatly aids in increasing production and profitability. A few major forces are driving the industry forward across various industries in the forecast period.
Growing the construction industry, including railways, airports, roads and commercial and residential buildings across the globe, has increased the demand for power tools. Thus, growing demand for the construction sector has encouraged key players to invest in the business. For instance, in January 2023, Bosch Power Tools India, a growing supplier of power tools for the woodworking, construction and metalworking industry, introduced its new power tool, the GWS 800 Professional, adding to its robust line of angle grinders. The product launch is expected to increase the localization share of Bosch Power Tools in India will reach 55% in 2023.
Market Dynamics
The growing adoption of advanced technologies in the construction industry
In the past few years, the construction industry has shown incremental growth prospects for power tools. The factor contributing to the demand for power tools in the construction industry is the development of new technologies that make these tools more powerful, efficient and versatile. For example, cordless power tools are becoming increasingly popular because they are easy to use and don't require a power outlet. Additionally, many power tools now come with smart features such as Bluetooth connectivity, which allows users to monitor and control their tools from a smartphone. The growth in the construction industry in emerging economies also drives the demand for power tools. As these economies continue to develop, more and more construction projects are being undertaken, which results in a greater need for power tools.
High product and maintenance cost
Power tool maintenance costs are high due to the need for regular maintenance and replacement of parts. For instance, the batteries of cordless tools need to be replaced after a few charges, adding to the maintenance costs. Similarly, other parts such as motors, gears and bearings may also need to be replaced due to wear and tear, further increasing maintenance costs.
Moreover, the need for skilled technicians to maintain and repair these tools adds to the maintenance costs because specialized training and knowledge are required to repair and maintain these tools, which skilled technicians can only provide; this makes it difficult for individuals to repair their tools, further increasing maintenance costs.
COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
Segment Analysis
The global power tools market is segmented by tool, mode of operation, application and region.
Rising demand for portable power drills for light-duty work and do-it-yourself projects
Drilling and fastening tools in the power tools market are expected to hold a significant global market share. For many construction and maintenance operations, drilling and fastening equipment are vital because they make holes and hold materials in place. Its tools include drilling holes in walls & floors, attaching frames to concrete and fastening wood & metal materials together and available in various sizes and varieties.
Hammer drills, rotary hammers and hand-held power drills are examples of drilling tools. The devices make holes in various materials, including concrete, metal and wood. Portable power drills are useful instruments for light-duty work and do-it-yourself projects. On the other hand, hammer drills and rotary hammers are more potent and are frequently employed for labor-intensive activities like drilling holes in concrete. Major tools include impact drivers, drills, impact wrenches and screwdriver & nut runners.
Geographical Analysis
Asia-Pacific’s swift-paced growth in the construction market
Developing the construction industry in emerging Asian-Pacific economies drives the demand for drilling and fastening tools. Countries such as India, China and Indonesia are undertaking large-scale infrastructure development projects, which require using these tools.
The government initiatives to promote the Asian-Pacific construction industry are also boosting the demand for drilling and fastening tools. For example, the Indian government's 'Housing for All' initiative, which aims to provide affordable housing to the country's population, is expected to drive the demand for these tools.
Major power tool manufacturers are investing in Asia-Pacific due to the abovementioned factors. They also adopt major market tactics to achieve a substantial market presence in the region. For instance, Bosch Power Tools India added the GWS 800 Professional to their extensive line of angle grinders on January 19, 2023. Additionally, Bosch Power Tools' localization share in India will increase to 55% with this launch in 2023. The new grinder offers consumers a superior experience for grinding and cutting thanks to its high material removal rate, 800W motor, lightweight, ergonomic body with back switch and dual air intake cooling system.
Competitive Landscape
The major global players in the market include Robert Bosch GmbH, Techtronic Industries, Stanley Black & Decker, Inc, Emerson Electric Co, Hilti Group, Koki Holdings Co., Ltd, Panasonic, Husqvarna Group, Apex Tool Group, LLC and Makita.
Why Purchase the Report?
• To visualize the global power tools market segmentation based on tool, mode of operation, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Power Tools market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global Power Tools market report would provide approximately 61 tables, 58 figures and 200 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook