Power Tools Market by Tool Type (Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools), Mode of Operation (Electric, Pneumatic, Hydraulic), Application and Region - Global Forecast to 2029

Power Tools Market by Tool Type (Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools), Mode of Operation (Electric, Pneumatic, Hydraulic), Application and Region - Global Forecast to 2029

The power tools market size 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. The power tools market is driven by factors such as rising demand for electric fastening tools in various industries and increased adoption of battery-powered power tools globally, Development of smart and connected power tools and growing demand for household application power tools to create a significant growth opportunity for the market players in the next 5 years

“Drilling and fastening tools segment is expected to grow at the highest CAGR during the forecast period”

Drilling and fastening tools segment is expected to grow at the highest CAGR during the forecast period. Drilling and fastening tools are widely used in various industries because they are versatile and practical. Professionals rely on these tools for many different repair and maintenance tasks. Additionally, impact tools, screwdrivers, impact wrenches, and nut runners are commonly used for fitting and fastening in both industrial and residential settings. The automotive industry especially drives market growth by heavily using 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 is expected to grow at the highest CAGR during the forecast period”

The electric mode of operation is expected to grow at the highest CAGR during the forecast period. Electric power tools offer flexibility, running on either a battery or corded power, based on the task requirements. The increasing trend towards cordless electric tools is driven by their enhanced ease of use and portability. Furthermore, advancements in battery technology have significantly boosted the performance and durability of these cordless options, 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. Corded electric tools provide convenient plug-and-play functionality, while cordless counterparts are valued for their ease of use, efficiency, and portability. The ergonomic advantages of cordless equipment have led to a preference among users over traditional gas-powered options. Recent innovations in cordless technology have not only increased power but have also introduced features for precise operation, even in challenging environments. The growing demand for portable tools and their uptake among homeowners, due to reduced operating costs resulting from advancements in battery technology and overall performance, are driving the expansion of the electric segment.

“Asia Pacific is expected to grow at the highest CAGR during the forecast period”

Asia Pacific is expected to grow at a higher CAGR during the forecast period. The rapid urbanization and industrialization witnessed in countries such as China, India, and Southeast Asian nations are driving notable investments in infrastructure, construction, and manufacturing. This surge in construction and industrial activities is resulting in a heightened demand for power tools across various sectors. Furthermore, the increasing disposable income and expanding middle-class population in the region are fueling the desire for power tools for residential and DIY applications. Additionally, advancements in technology and the availability of customized power tool solutions for the Asian market are contributing significantly to market expansion.

Breakdown of primaries

In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the power tools market space. The break-up of primary participants for the report has been shown below:

By Company Type: Tier 1 = 55%, Tier 2 = 30%, and Tier 3 = 15%

By Designation: C-Level Executives = 48%, Directors = 32%, and Others= 20%

By Region: North America = 30%, Europe = 20%, Asia Pacific = 45%, and RoW = 5%

Major companies operating in the power tools market 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.

Reasons to buy the report:

The report will help the market leaders/new entrants with information on the closest approximate revenues for the power tools market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Analysis of key drivers (Increased adoption of battery-powered power tools globally, surging demand for power tools in the automotive industry, growing construction industry in emerging economies, and rising demand for electric fastening tools in various industries ), restraints (High maintenance costs and variations in raw material prices), opportunities (Development of smart and connected power tools, rising demand for fastening tools in the wind energy industry, and growing demand for household application power tools), and challenges (Stringent trade policies and safety standards, and difficulties in designing ergonomic and lightweight power tools).

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the power tools market.

Market Development: Comprehensive information about lucrative markets – the report analyses the power tools market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the power tools market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), Hilti Corporation, (Liechtenstein), and other players.