New York, US, June 14, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Power tools Market Research Report Information by Machine Type, Mode of Operation, Region, Mobility, and Application - Forecast Till 2030”, the Power tools market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 5.9%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 73.8 billion by the end of 2030. As per the study documents, the market was worth around USD 44.6 billion in 2021.
Power Tools Market Overview:
The primary aspect causing a surge in the performance of the market is the growing industrialization across the globe.
Competitive Analysis
The catalog of the top leaders across the global Market for Power tools includes players such as:
- Emerson Electric Co. (RIDGID TOOLS) (U.S.)
- Ingersoll Rand, Inc. (U.S.)
- Snap-on Incorporated (U.S.)
- Kyocera Corporation (Japan),
- Apex Tool Group (U.S.)
- Robert Bosch Power Tools GmbH (Germany)
- Makita Corporation (Japan)
- Stanley Black & Decker, Inc. (U.S.)
- Atlas Copco AB (Sweden)
- Hilti Corporation (Liechtenstein)
- Among others.
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Power Tools Market USP Covered
Market Drivers
The global Power tools industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the growing industrialization across the globe. Furthermore, the factors such as an increase in demand for raw materials, wide application of power tools, need for innovation & technological upgradation, and increased safety features are also projected to enhance the market performance over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Power Tools Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Power tools industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 73.8 billion |
| CAGR during 2023-2030 | 5.9% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Machine Type, Mode of Operation, Mobility, Application, End-Use and Region |
| Key Market Opportunities | Technological Innovations |
| Key Market Dynamics | Increasing Industrialization Across The Globe Rise In DIY Activities And Household Applications Of Power Tools |
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Power Tools Market Segment Analysis
Among all the machine types, the drilling tools segment secured the leading position across the global market for power tools in 2021. They are also called for their specification of end-cutting tools. These drilling tools are designed to generate holes in various types of workpieces.
Among all the Modes of Operations, the electric segment secured the leading position across the global market for power tools in 2021. Electric tools are machines powered by electric motors and operated with electricity. These machines work on a mechanism wherein the electrical energy is transformed into mechanical energy. The growth of the segment is ascribed to the force of electricity, wherein they are particularly designed for specialized tasks.
Among all the mobility types, the portable segment secured the leading position across the global market for power tools in 2021, with the largest contribution of nearly 73%.
Among all the application areas, the industrial segment secured the leading position across the global market for power tools in 2021, with the largest contribution of nearly 40.94% given mainly to the ever-growing industrial development around the globe.
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Power Tools Market Regional Analysis
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that North America held the top position across the global Power tools industry in 2021, with a contribution of nearly 36.32%. The Region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Power Tools Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is that the Region is one of the strong developing countries identified for its innovation and industrialization. The industries across the Region experienced strong emerging industries with high growth rates. These nations have prospered with automation industries, textiles, oil & gas, and construction & material. Ensuring the regular utilization of power tools in these industries has enlarged their capacities.
The European Region anticipates substantial growth across the global Power tools industry over the coming years. The Region has France, Germany, and the U.K. as the leading development contributors. Further, the German Power Tools Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is the increased industrialization in developed countries. Furthermore, the rising economy in European countries is also considered to be one of the vital parameters enhancing the growth of the regional market over the coming years. Moreover, the factors such as their rising demand, an increased number of manufacturing facilities, and a growing population are also projected to catalyze the development of the regional market over the coming years.
The Asia-pacific Region will likely showcase the maximum growth rate across the global Power tools industry over the coming years. India, China, and Indonesia are the leading development contributors in the Region. Further, the China Power Tools Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region.
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The main aspect supporting regional market expansion is the huge base of manufacturing companies. Furthermore, the Region, which consists of major developing countries, secures the larger power tools market for various industries. Moreover, factors such as the growing number of industries and enlarged population in the Region are also likely to positively impact the growth of the regional market over the coming years.
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