New York (US) – The global power tools market held a market value of USD 30,894.8 Million in 2020 and is forecasted to reach USD 43,278.3 Million by the year 2027. The market is expected to register a CAGR of 5.2% during the forecast period.
The tools actuated by an additional power source and mechanism are power tools. Electric motors, internal combustion engines, and compressed air are the most common type of power tools. The market is majorly driven by the growing application of power tools in the construction industry and the rising adoption of cordless power tools globally.
Despite the driving factors the high maintenance cost coupled with the volatile raw material price is anticipated to negatively influence the market growth. This is because recalibration at regular intervals is required for power tools for efficient operations. Also, regulatory compliances and power tool safety are expected to pose a challenge to the market growth.
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Growing application of power tools in the construction industry
The rising adoption of power tools in the construction industry is also likely to drive the demand for power tools over the forecast period. This is because power tools help in reducing the time associated with redundant tasks. It also helps in providing increased efficiency. Furthermore, the increasing use of sanders, wrenches, drills and other such tools in the construction sectors is also anticipated to boost the market growth. Also, the rapid expansion of the construction industry globally is estimated to fuel the market growth.
Rising adoption of cordless power tools globally
Cordless power tools contain a wide range of battery-powered tools, such as circular saws, hammer drills, and impact wrenches. These also include staplers as well as nailers. Furthermore, the growing demand for more flexible, compact, and mobile tools is also expected to drive the market growth. Moreover, advancements related to battery technology are also expected to increase the adoption of cordless power tools with high-density and long-lasting batteries. In addition, the attraction of consumers towards cordless tools is also motivating market players to focus on cordless power tools, which is expected to boost the market growth.
Segments Overview: The global power tools market is segmented into tool type, mode of operation, and application.
By Tool Type • Drilling and Fastening Tools o Drills o Screwdrivers and Nut-Runners o Wrenches o Drivers • Demolition Tools o Demolition Hammer o Hammer Drill o Breaker o Rotary Hammer o Others • Sawing and Cutting Tools o Circular Saws o Jigsaws o Multi-Cutter Saws o Chop Saws o Band Saws o Reciprocating Saws o Shears and Nibblers • Material Removal Tools o Grinders – Die and Straight Grinder – Angle Grinder – Rotary Files – Bench Grinder – Pencil Grinders o Sanders o Polishers/ Buffers • Routing Tools o Routers/Planer o Joiners • Air-Powered Tools o Air Hoses o Air Hammers o Air Scalers o Others • Others
The drilling and fastening tools segment is anticipated to hold the largest market share of more than 28%. Within the drilling and fastening tools segment, the drills segment is expected to grow at a rate of 4.8%. Within, the demolition tools segment, the breaker segment is expected to grow at a CAGR of 5%. The air-powered tools segment is estimated to grow at the fastest rate of 6.1% during the forecast period.
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By Application, • Industrial o Construction o Automotive o Aerospace o Energy o Shipbuilding o Metal & Fabrication o Other Industries • Residential
The industrial segment is expected to hold the largest market share owing to the rising demand for power tools in various industries. These industries include construction, automotive, and energy among others. The energy segment is expected to grow at a CAGR of 5.9%. The residential segment is anticipated to grow at the fastest rate during the projected period.
By Mode of Operation, • Electric o Corded o Cordless • Pneumatic • Hydraulic The electric segment is expected to hold the largest market share owing to technological advancements related to the segment. The pneumatic segment is expected to grow at the fastest rate of 6.5% during the forecast period.
On a regional basis, the global power tools market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North American region accounted for the largest market share of approximately 31% in the global market owing to the increasing industrial development and infrastructure development activities in the U.S. and Canada.
The Asia Pacific region is anticipated to witness the fastest growth rate of 6.8% during the forecast period. This is due to the fast flourishing automotive industry in the region. Countries witnessing the highest growth include India and China.
Key players operating in the global power tools market include 3M, ANDREAS STIHL AG & Co. KG, APEX Tool Group, LLC, Atlas Copco AB, C. & E. FEIN GmbH, Delta Power Equipment Corporation, Emerson Electric Co., Enerpac Tool Group, Ferm International B.V., Festool GmbH, Hilti Corporation, Husqvarna AB, Ingersoll-Rand, Interskol, KOKI Holdings Co. Ltd., Kyocera Corporation, Makita Corporation, Panasonic Corporation, Robert Bosch GmbH, Snap-On, Stanley, Black & Decker, Inc., Techtronic Industries (TTI), Positec Tool Group, UryuSeisaku, Ltd., CS Unitec, and Fortive Corporation, among others. Major 5 players in the market hold about 75% of the market share. These players are involved in mergers & acquisitions, product launches, and collaboration, among others. For instance, in June 2021, Atlas Copco acquired the UK-based compressed air distributor and service provider named Airflow Compressors & Pneumatics Ltd (Airflow). This acquisition enhanced the company’s presence in England.
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