Newark, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 38.42 billion in 2023 global power tools market will reach USD 51.02 billion in 2033. Power tools are essential in industries such as construction, shipbuilding, and automotive manufacturing. Unlike manual hand tools, power tools operate using mechanisms and power sources like internal combustion engines or electric motors. They are utilized for various tasks including cutting, grinding, sanding, drilling, shaping, and polishing. Power tools come in various forms, with electric screwdrivers and hammer drills being common examples. Power tools are broadly categorized into portable and stationary types.
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Portable power tools are preferred for their mobility, while stationary tools are valued for their speed and precision. Stationary tools used for metalworking are typically referred to as machine tools and are not usually employed in woodworking. The market for power tools is experiencing significant growth, driven by the increasing demand for cordless power tools. This trend is supported by advancements in battery technology, such as lithium batteries, which offer longer operational life. According to the European Power Tool Association (EPTA) in 2018, cordless power tools represented approximately 50% of the market share. The surge in construction and automotive industries, particularly in developing countries, is further fueling this growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 38.42 Billion |
| Market Size in 2033 | $ 51.02 Billion |
| CAGR | 2.88% |
| No. of Pages in Report | 150 |
| Segments Covered | Mode of Operation, Tool Type, Application |
| Drivers | The growth in construction and automotive industries |
| Opportunity | The surge in the demand of cordless power tools |
| Restraints | The fluctuations in the price of raw materials |
Key Insight of the Global Power tools Market
Asia Pacific will dominate the market during the forecast period.
This region held a 35.15% market share in 2023, driven by booming construction activities, industrialization, and urbanization in emerging economies like India and China. Rising disposable incomes and increased labor costs are also contributing to the demand for power tools.
In 2023, the electric segment dominated the market with the largest market share of 55.89% and revenue of 21.47 billion.
The mode of operation segment is divided into electric, pneumatic and others. In 2023, the electric segment dominated the market with the largest market share of 55.89% and revenue of 21.47 billion.
In 2023, the material removal tools segment dominated the market with the largest market share of 37.22% and revenue of 14.29 billion.
The tool type segment includes drills, saws, wrenches, material removal tool and others. In 2023, the material removal tools segment dominated the market with the largest market share of 37.22% and revenue of 14.29 billion.
In 2023, the industrial segment dominated the market with the largest market share of 60.56% and revenue of 23.26 billion.
The application segment includes industrial and residential/DIY. In 2023, the industrial segment dominated the market with the largest market share of 60.56% and revenue of 23.26 billion.
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Advancement in market
Zoho, a software as a service (SaaS) company, is getting closer to launching its manufacturing venture. Entrepreneur and founder of Zoho, Sridhar Vembu, announced on Wednesday that a new range of power tools has been developed by a small team of engineers and is prepared for mass production.
Market Dynamics
Driver: Growth in Construction and Automotive Industries.
Rising per capita income and changing lifestyles in both developed and developing countries have led to increased demand for high-quality products. This includes a higher demand for luxury cars and improved infrastructure, which in turn boosts the construction and automotive industries. Power tools are essential in these sectors for tasks such as high-performance operations and heavy metal cutting.
Restraints: Fluctuating Raw Material Prices.
Variability in raw material costs can lead to supply inconsistencies and price increases for power tools. This fluctuation can deter purchases and reduce market demand as industries seek alternative solutions.
Opportunities: Rising Demand for Cordless Power Tools.
The versatility and convenience of cordless power tools are driving their popularity across various sectors, including construction, automotive, and household tasks. Investment in R&D for cordless technology is expected to grow, as these tools account for a significant portion of the market share. The advancement of battery technologies, such as lithium batteries, is also boosting the cordless power tools segment.
Some of the major players operating in the global power tools market are:
• Atlas Copco AB
• Emerson Electric Co.
• Hilti Corporation
• Ingersoll-Rand plc.
• Koki Holdings Co., Ltd.
• Makita Corporation
• Robert Bosch GmbH
• Snap-on Incorporated
• Stanley Black & Decker Inc.
• Techtronic Industries Co. Ltd.
Key Segments covered in the market:
By Mode of Operation
• Electric
o Corded Power Tools
o Cordless Power Tools
• Pneumatic
• Others
By Tool Type:
• Drills
• Saws
• Wrenches
• Material Removal Tool
• Others
By Application
• Industrial
o Construction
o Automotive
o Aerospace
o Others
• Do-It-Yourself (DIY)
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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