Global Power Tools Market Size to Reach USD 41.56 Billion in 2032 | Emergen Research

Surging demand for electric fastening tools in industrial sectors is a key factor driving power tools market revenue growth

Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) — The global power tools market size was USD 25.79 Billion in 2021 and is expected to register a revenue CAGR of 4.5% during the forecast period, according to latest analysis by Emergen Research. Rising construction and manufacturing industries especially in emerging countries, and rising usage of cordless power tools are some of the key factors driving revenue growth of the market.

Growing utilization of various types of cordless power tools, such as hammer drills, sawing blades, impacting wrenches, staplers, and nailers, is contributing to rapid growth of the market. Rising need for more adaptable, flexible, and compact tools is increasingly driving demand for cordless power tools. Traditional Nickel Cadmium (Ni-Cd) and Nickel-metal Hydride (Ni-MH) battery packs are replaced with lithium batteries in power tools. In addition, rapid advancements in battery technology has led to a surge in utilization of high density battery packs in cordless power tools, thereby enabling better operational time after every recharge. On 13 April 2022, Makita U.S.A., Inc., which is one of the leading manufacturer of high quality professional tools and accessories, expanded its cordless woodworking solutions with 18V LXT 1/3 Sheet Finishing Sanders (model XOB03). Sander is designed to provide power and performance of a corded version but without cord and powered by an efficient brushless motor, enabling a convenient wood finishing solution for user.

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By reducing amount of time spent on such ineffective operations, power tools can assist in saving time and increasing productivity. As a result, automotive manufacturers, such as maintenance and repair organizations, are nowadays rapidly using power tools. However, high cost of power tool maintenance, concerns regarding power tool safety, and compliance with stringent regulations are expected to limit adoption and restrain market growth to a certain extent over the forecast period.

Scope of Research

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Major Companies and Competitive Landscape

The global power tools market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective power tool solutions. Some major players included in the global power tools market report are:

• Apex Tool Group, LLC.
• Emerson Electric Co.
• Ingersoll Rand
• Atlas Copco
• Robert Bosch GmbH
• Stanley Black & Decker, Inc.
• Techtronic Industries Co., Ltd.
• Hilti Group
• Makita Corporation
• Koki Holdings Co., Ltd.

Strategic Development

• On 18 January 2022, VTOMAN launched All-in-One Cordless Power Tool Kits on crowdfunding platform, Indiegogo. Every tools in kit offers a common power supply, which eliminates need for a different power source for each power tool. VTOMAN utilizes polymer ternary lithium battery, which supports fast charging and takes almost hour and a half to fully charge. Toolkit consists of power supply, tire inflator, and impact wrench, which features a brushless motor delivering up to 517 ft./lbs. of breakaway torque with auto mode control board designed to provide high, medium and low speeds and prevent over-tightening while offering controlled removal in reverse.

• On 24 May 2022, CRAFTSMAN launched five new products to its growing V20 portable power tools platform designed for hobbyists and makers for woodworking, electrical and on-the-go projects. These new tools comprise V20 rotary tool, compact personal fan, soldering iron, led light with magnifying lens, and power inverter. Rotary tool is designed for providing variable speed range, which can be easily adjusted as per projects. It is ideal for cutting, sanding, grinding, carving, and polishing various materials as it comes with 33 tips and accessory box.

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Some Key Highlights From the Report

• The electric segment accounted for a significant revenue share in 2021 owing to ease of flexibility and effectiveness of operation of electric tools. Introduction of powerful batteries has led to an increasing demand for electric tools. Electric power tools are utilized in sectors such as automotive, construction, aerospace, and energy owing to various benefits such as better performance, speed, efficiency accuracy, and convenience. Rapid urbanization and industrialization are some of the factors increasing demand for electric power tools.

• The drills segment accounted for a significant revenue share in 2021. Electric drilling and fastening equipment is used by professionals and Do-It-Yourselfers (DIY). Drills are used in both residential and industrial applications since these are easy to operate and cost-effective than other power equipment. Surging demand for drills as primary maintenance and repair equipment is also another factor contributing to growth of the market.
• The industrial segment accounted for largest revenue share in 2021. Increasing technical innovation and implementation of advanced technology by these industries are expected to drive revenue growth of the segment. Rapid shift towards usage of power tools as well as various innovation, such as brushless motor technology, which provides less friction, longer motor-life, less voltage drops, and better performance are some of the major factors increasing demand for power tools in manufacturing and construction plants.
• The North America market is expected to register a significant growth rate over the forecast period. Growing industrial and infrastructural development in addition to lack of cost-effective labor leading to rapid adoption of DIY activities are some of the key factors significantly driving revenue growth of market in this region. Presence of primary companies with increasing development and innovation activities for improvement of existing tools is another major factor contributing to growth of the market.

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Emergen Research has segmented the global power tools market based on mode of operation, product, application, and region:

• Mode Of Operation Outlook (Revenue, USD Billion; 2019-2030)
  • Electric
    1. Cordless
    2. Corded
  • Pneumatic
  • Others
• Product Outlook (Revenue, USD Billion; 2019-2030)
  • Wrenches
  • Grinders
  • Drills
  • Saws
  • Others
• Application Outlook (Revenue, USD Billion; 2019-2030)
  • Industrial
  • Residential
• Regional Outlook (Revenue, USD Billion; 2019-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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