Asia Pacific Power Tools & Hand Tools Market Size, Share & Trends Analysis Report By Product (Power Tools, Hand Tools), By Application (Industrial, Residential), By Mode Of Operation, By Country And Segment Forecasts, 2024 - 2030

Asia Pacific Power Tools & Hand Tools Market Size, Share & Trends Analysis Report By Product (Power Tools, Hand Tools), By Application (Industrial, Residential), By Mode Of Operation, By Country And Segment Forecasts, 2024 - 2030

Asia Pacific Power Tools & Hand Tools Market Growth & Trends

The Asia Pacific power tools & hand tools market size is expected to reach USD 31.47 billion by 2030, registering a CAGR of 6.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to the flourishing construction industry across the region owing to surging construction activities in China, India, Indonesia, and Vietnam. This, in turn, drives the development of residential and commercial establishments in Asia Pacific, thereby surging the demand for power & hand tools in the region.

The changing behavior of consumers toward the purchase of high-technology machines and their growing preference for DIY projects are fueling the growth of the power & hand tools market in Asia Pacific. Furthermore, increasing preference of consumers for DIY kits in the region is particularly prompting vendors to introduce easy-to-use and affordable power tools equipped with long-lasting batteries for household applications. Home improvement activities typically require hand & power tools, such as drills, circular saws, wrenches, hammer drills, screwdrivers, and grinders. These products are available in a diverse range and can be used in roofing, bathroom and kitchen remodeling, and landscaping applications.

Power tools based on lithium-ion batteries are gaining significant traction. They are expected to replace tools operating on conventional nickel-cadmium batteries, nickel-metal hydride batteries, etc. Vendors are mainly focusing on innovations in lithium-ion batteries to reduce their weight and enhance their lifespan. They are also making efforts to ensure that their batteries are sustained in harsh environments without having any impact on their performance.

The popularity of cordless power tools is growing noticeably among consumers across Asia Pacific. This is evident from the surging adoption of battery-operated, cordless power tools, such as crimpers, hammer drills, impact drivers, impact wrenches, and circular saws for use in construction, repair, and maintenance applications. These products are also used for sanding, metalworking, and welding purposes. Since battery-operated power tools are easily available in several countries across the region, manufacturers are making efforts to innovate their products to sustain their position in the market.

Various raw materials, including ferrous and non-ferrous metals, such as aluminum, brass, copper, nickel, steel, and zinc, are used for manufacturing power & hand tools. These raw materials are sourced from different countries and supply of these materials is largely affected by the fluctuations in commodity markets. Such fluctuations tend to have adverse effects on the supply chain of power & hand tools, thereby posing a challenge to the key players operating in power & hand tools market in Asia Pacific.

Manufacturers sell their products either through direct channels or distribution networks. They also rely on retailers, supermarkets or hypermarkets, independent dealers, reconditioned distributors, and e-commerce websites for selling their products. Distributors of these products play a decisive role in expanding the reach of products and broadening the customer base of manufacturers of these tools. Hence, manufacturers prefer either an integrated channel or opt for online retail.

Asia Pacific Power Tools & Hand Tools Market Report Highlights

• Based on product, power tools segment dominated the market with a revenue share of 61.3% in 2023. Drills, saws, and wrenches are most commonly used in the construction industry, as well as in metalworking, woodworking, and automotive repairing applications. They have become an essential companion for professionals and DIY enthusiasts alike
• Based on mode of operation, electric segment is projected to grow at the fastest CAGR of 6.7% from 2024 to 2030. This is because power tools equipped with electric motors are convenient and easy to use in various applications. Moreover, electric power tools are available as drills, saws, grinders, sanders, and routers
• Based on application, the industrial segment dominated the market with a revenue share of 59.5% in 2023. This segment comprises tools used in the automotive, construction, aerospace, and logistics industries. Increased technological innovations and surged adoption of advanced technologies in different sectors have led to higher growth of industrial applications in the market compared to residential applications
• China dominated the market with a revenue share of 45.7% in 2023. Growth of the market in China can be attributed to the ongoing construction projects. Moreover, low production costs and the easy availability of inexpensive labor are driving multinational companies to set up their production facilities in the country. This is expected to drive the growth of power & hand tools market in the coming years
• The market is highly competitive with the presence of international players, such as Stanley Black & Decker, Inc., Robert Bosch Tool Corporation, Hilti Corporation, Techtronic Industries Co. Ltd., and Makita Corporation. Product enhancement/innovation remains a key factor for vendors to stay competitive in the market

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