Power Tools Market by Type (Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, and Others), Mode (Electric, Pneumatic, Others), End-user (Residential, Commercial, Industrial), and Geography: Global Market Size Estimates and Forecast (2022–2030)

Code: BMIRE00025994 | Pages: 100 | Industry: Manufacturing and Construction | Date: Sep 2022 | Type: Global

The market crossed US$ 35.6 billion mark in 2022 and is expected to hit US$ 58.7 billion by 2030, recording a CAGR of 6.5% during the forecast period.

Power tool market with Surging demand for power tools from the automotive industry

The demand for power tools is rapidly increasing in the automotive industry, owing to the increasing sales of commercial and passenger vehicles across regions such as Asia and Europe. According to the International Organization of Motor Vehicle Manufacturers, the sale of commercial vehicles was 2 million, and passenger vehicles were 14 million units in 2020 in Europe; whereas in the Asia Pacific, the sales of commercial vehicles is 0.8 million and passenger vehicles were 1 million units in 2020. Such high sales figures depict the demand for vehicles, which has prompted automakers to increase their production.

Within the report, the market is segmented into product type, mode, end use, and geography. The market is by Product Type, is further segmented into Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, and Others. Based on mode type, the market is segmented into Electric, Pneumatic, and Others. The end user segment categorizes the market as Residential, Commercial, and industrial. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

The power tool market is experiencing a rise in demand for the electric technology

The leading technologies in the market currently are Electric and pneumatic, of which the demand for the former has increased faster. The introduction of cordless technology is anticipated to open up new market growth potential. Some leading players such as Bosch, Milwaukee, Hitachi, and others include cordless power tools in their portfolios. These companies are also investing more in introducing cutting-edge technologies with the rising demand, ultimately increasing the demand for electric vehicles. For example, In June 2019, Bosch introduced cordless power tools with lithium-ion batteries.

Rising adoption in industrial applications is one of the major factors accelerating market growth.

The industries for power tool technology are commercial, Residential, and Industrial. Within these industries, the Automotive and construction industries are such industries wherein the use of power tools is increasing. Automotive production and assembly lines involve a lot of fastening jobs. Power tools boost efficiency and help reduce time spent on these repetitive jobs. As a result, both vehicle manufacturers and companies that offer repair and maintenance services in the industry are using power tools. The demand for drills, sanders, wrenches and other tools in the construction sector is augmenting the demand for these tools.

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Recent strategic developments in the power tools market

The market has undergone several significant developments, and a few of these have been mentioned below:

  • In December 2020, Hilti Corporation announced the expansion of its rotary hammer tools and combination portfolio introducing ‘TE 70- AT/AVR’, the influential SDS-Max-combination hammer.
  • In July 2020, Makita USA, Inc., one of the well-known manufacturers of high-quality professional tools and accessories, launched the 18V X2 LXT Cordless/Corded Upright LED. Area Light
  • In 2020, Milwaukee launched its Cordless 1” D-Handle Torque Impact
  • In Feb 2020, Makita corporation launched a cordless power tool, an innovative nailer named 18  Gauge 2” Brand Nailer (AF506). It can be used on hard and soft wooden surfaces.

Several players drive the Power tool market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. AIMCO, Atlas Copco, Hilti Corporation, KYOCERA Industrial Tools Corporation, Makita USA, Inc, Panasonic Life Solutions India Pvt. Ltd, Robert Bosch Tool Corporation, Snap-on Incorporated, Stanley Black and Decker, Inc., and Techtronic Industries Co. Ltd are among the prominent players operating in the market.

The target audience for the report:

  • Raw material providers
  • Electrical contractors
  • Construction service providers
  • Electrical technicians
  • Power tool-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Power tool component suppliers
  • Power tool and components distributors and sales firms
  • End users of power tools
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented based on:

  • By Product Type:
  • Drilling and Fastening Tools:
    • Drills
    • Impact drivers
    • Impact wrenches
    • Screwdriver and Nut runners
  • Demolition tools
    • Rotary Hammers
  • Sawing and Cutting Tools
    • Jigsaws
    • Reciprocating saws
    • Circular saws
    • Band saws
    • Shears and Nibblers
  • By Mode of operation:
  • Electric
    • Corded Tools
    • Cordless Tools
  • Pneumatic
  • others
  • End User:
    • Residential
    • Commercial
    • Industrial
  • Region
    • North America
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • AIMCO
    • Atlas Copco
    • Hilti Corporation
    • KYOCERA Industrial Tools Corporation
    • Makita USA, Inc
    • Panasonic Life Solutions India Pvt. Ltd
    • Robert Bosch Tool Corporation
    • Snap-on Incorporated
    • Stanley Black and Decker, Inc.
    • Techtronic Industries Co. Ltd
  • AIMCO
  • Atlas Copco
  • Hilti Corporation
  • KYOCERA Industrial Tools Corporation
  • Makita USA, Inc
  • Panasonic Life Solutions India Pvt. Ltd
  • Robert Bosch Tool Corporation
  • Snap-on Incorporated
  • Stanley Black and Decker, Inc.
  • Techtronic Industries Co. Ltd
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