< Key Hightlight >

“Power Tools market to grow at CAGR of 8.9% from 2022 to 2027 to reach USD 65.5 billion by 2027”

The power tools market size is expected to grow from USD 42.8 billion in 2022 to USD 65.5 billion by 2027; it is expected to grow at a CAGR of 8.9% from 2022 to 2027. The key factors driving the growth of the power tools market are the growing construction industry in major economies and the adoption of power tools for household work. The increase in the manufacturing of smart power tools with wireless connectivity and the development of connected power tools for Industry 4.0 applications is likely to create a significant growth opportunity for the market players in the next 5 years.

“Drilling and fastening tools held largest market share in 2021” 

Drilling and fastening tools held the largest market share in 2021. Drilling and fastening tools are widely adopted owing to their broad application spectrum in industrial areas. These tools are highly adopted in the automotive and wind industries as these tools are essential elements in automotive assembly and wind turbine installation operations. Many industrial professionals use these tools for repair and maintenance. 

“Electric power tools dominated power tools market in 2021” 

The increasing demand for do-it-yourself (DIY) techniques among household consumers is responsible for the growth of the electric power tools segment. Electric power tools are also used in various industries, including construction, automotive, aerospace, energy, and shipbuilding. Innovations in battery technology and the growing adoption of cordless tools among industrial and residential users fuel the growth of electric power tools. Rapid urbanization and industrialization are anticipated to further fuel the market's growth in the near future.

“Construction sector held largest market share in 2021” 

The construction industry is the largest end-user power tools market. The construction industry uses power tools for various applications, including residential & commercial construction, telecom maintenance, carpentry, and other general maintenance. Power tools such as impact drills, drivers, and rotary hammers are widely used in construction projects. Growing construction activities in countries such as the US, China, and India demand technologically advanced and innovative power tools, thereby driving the market growth. Increasing commercial construction projects, industrial infrastructure development, and rising residential remodeling or renovation activities in the region are driving the demand for power tools in the construction industry.

“North America is to hold the largest market share during the forecast period” 

The power tools market in North America is to hold the largest market share in 2021. The growth of the regional market can be attributed to the growing demand for power tools from professional and Do-It-Yourself (DIY) users. The majority of the DIY users of power tools are located in this region. The construction industry is the key market for power tools in North America. The growing installation of wind turbines is responsible for the increasing demand for fastening power tools in the region. Additionally, automotive and aerospace are prominent industries contributing significantly to the growth of the power tools market in North America.

The break-up of the profiles of primary participants for the report has been given below:

• By Company Type: Tier 1 = 65%, Tier 2 = 20%, and Tier 3 = 15% 

• By Designation: C-Level Executives = 57%, Directors = 27%, and Others= 16%

• By Region:  North America = 24%, Europe = 24%, Asia Pacific = 46%, and RoW = 6% 

Major players operating in the power tools market include Andreas Stihl AG & Co. KG (Germany),  Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Hilti Corporation (Liechtenstein), Techtronic Industries Co., Ltd. (Hongkong), Makita Corporation (Japan), Atlas Copco AB (Sweden), Ingersoll Rand (US), Snap-on Incorporated (US), Apex Tool Group, LLC (US) Koki Holdings Co., Ltd (Japan), and Yamabiko Corporation (Japan), among others.

Research Coverage:

The research report on the global power tools market covers the market based on tool type, mode of operation, application, and region. Based on tool type, the power tools market is segregated into drilling & fastening tools, demolition tools, sawing & cutting tools, material removal tools, routing tools, and others. Based on the mode of operation, the power tools market is segregated into electric, pneumatic, and others. Based on application, the power tools market is segregated into industrial/professional and residential/DIY. Industrial/professional is further segregated into Construction, Automotive, Aerospace, Energy, Shipbuilding, and Others. The report covers four major regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Key Benefits of Buying the Report:

  This report segments the power tools market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different tool types, modes of operation, applications, and region. 

  The report helps stakeholders understand the pulse of the market and expected market scenario and provides information on key market drivers, restraints, challenges, and opportunities.