The global power tools market is estimated to grow from from USD 31.8 billion in 2019 to USD 41.7 billion by 2024, at a CAGR of 5.5%.
Key factors driving the power tools market growth include growing adoption of cordless power tools, increasing sales of commercial vehicles, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies. However, the high maintenance cost of power tools and fluctuations in raw material prices may hamper the growth of the market.
The study includes an in-depth competitive analysis of these key players in the power tools market, with their company profiles, recent developments, and key market strategies. Stanley Black & Decker (US), Techtronic Industries (Hong Kong), Robert Bosch (Germany), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), KOKI Holdings (Japan), and Snap-on Incorporated (US) are among the major players in the power tools market.
Market for drilling and fastening tools to grow at highest CAGR from 2019 to 2024
Drilling and fastening tools are expected to grow at the highest CAGR from 2019 to 2024, followed by material removal tools with second-highest CAGR. Fastening tools are widely used in industries, namely construction, automotive, aerospace, and energy. Fastening tools are used for quality-critical operations such as tightening joints, mounting the engine to the chassis, and fastening bolts. Material removal tools are used for polishing and smoothing vehicle parts and metal parts. Increasing sales of commercial vehicles is expected to drive the demand for material removal tools and drilling and fastening tools during the forecast period.
Market for electric tools especially cordless tools to grow at highest CAGR during forecast period
Currently, electric tools hold the largest market share among all other mode of operation in the power tools market, and a similar trend is likely to continue during the forecast period. Due to their ergonomic advantages, end users prefer electric tools over conventional pneumatic power tools. Corded electric-powered equipment are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy. Cordless power tools are easier to store than corded ones. Power tool manufacturers are focusing on producing cordless tools by launching the cordless versions of electric power tools types.
Market for automotive industry to grow at highest CAGR during forecast period
The market for the automotive industry to grow at the fastest CAGR in the power tools market owing to rising sales of commercial vehicles. Power tools such as screwdrivers, nutrunners, and torque tools are also used in automotive workshops for repairing crucial parts of cars, trucks, and motorcycles. The integrity of fastening tools is essential for critical automotive assembly applications. The automotive industry is undergoing major changes in production lines, such as the implementation of smart manufacturing, leading to an integration of production assembly lines with connected power tools. Smart and connected assembly lines will create opportunities for smart and connected power tools in the near future.
Market in APAC to grow at fastest CAGR during forecast period
APAC is expected to be the fastest-growing market for power tools. The demand for power tools for residential applications is limited due to lack of do-it-yourself (DIY) activities in APAC wherein inexpensive labor is abundant. China and India to remain lucrative growth markets for manufacturers of power tools. The low-priced power tools have created intense competition among manufacturers. With growing manufacturing sectors, India has become one of the fastest-growing countries in the adoption of power tools. Growing investments in residential and infrastructure markets in this region are expected to boost the construction industry, thereby driving the use of power tools.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Lucrative Opportunities in Power Tools Market 4.2 Power Tools Market, By Tool Type 4.3 Market, By Application 4.4 Market in North America, By Mode of Operation and Country 4.5 Market in APAC, By Industrial Application 4.6 Market, By Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Growing Adoption of Cordless Power Tools 5.2.1.2 Increasing Sales of Commercial Vehicles 5.2.1.3 Rising Demand for Electric Fastening Tools in Industrial Environments 5.2.1.4 Growing Construction Industry in Emerging Countries 5.2.2 Restraints 5.2.2.1 High Maintenance Cost 5.2.2.2 Raw Material Price Fluctuation 5.2.3 Opportunities 5.2.3.1 Fastening Tools in Wind Energy Industry 5.2.3.2 Smart Connectivity in Power Tools 5.2.3.3 Connected Power Tools for Industry 4.0 5.2.4 Challenges 5.2.4.1 Designing Ergonomic and Lightweight Power Tools 5.2.4.2 Regulatory Compliance and Power Tool Safety
6 Industry Trends 6.1 Introduction 6.2 Value Chain Analysis 6.2.1 Research & Development Companies 6.2.2 Component Suppliers 6.2.3 Tool Manufacturers 6.2.4 Distributors and Retailers 6.2.5 End-User Industries 6.2.6 Post-Sales Service Providers 6.3 Key Trends in Power Tools Market 6.3.1 Shift From Corded to Cordless 6.3.2 Connected Assembly Power Tools 6.3.3 Brushless DC Motors 6.3.4 Lithium-Ion Batteries Replacing NI-CD & NI-MH 6.3.5 Wireless Charging 6.3.6 Growth in DIY Activities 6.3.7 Design of Ergonomic and Powerful Power Tools 6.3.8 Energy-Efficient Power Tools 6.4 Power Tools Application, By Trade 6.4.1 Concrete & Construction 6.4.2 Woodworking 6.4.3 Metalworking
7 Power Tools Market, By Tool Type 7.1 Introduction 7.2 Drilling and Fastening Tools 7.2.1 Drills 7.2.1.1 Electric Drills to Hold Major Market During Forecast Period 7.2.2 Impact Drivers 7.2.2.1 Impact Drivers are Preferred By Professionals for Driving Applications 7.2.3 Impact Wrenches 7.2.3.1 Automotive Industry is the Key End-User of Impact Wrenches 7.2.4 Screwdrivers and Nutrunners 7.2.4.1 Nutrunners are Widely Used in Automotive and Aerospace Assembly Operations 7.3 Demolition Tools 7.3.1 Rotary Hammers/Hammer Drills/Demolition Hammers 7.3.1.1 Construction Industry to Drive Demand for Demolition Tools 7.4 Sawing and Cutting Tools 7.4.1 Jigsaws 7.4.1.1 Jigsaws are Widely Used in Wood and Metal Cutting Applications 7.4.2 Reciprocating Saws 7.4.2.1 Cordless Reciprocating Saws are Gaining Popularity Among Professionals 7.4.3 Circular Saws 7.4.3.1 Circular Saws are Heavy Duty Power Tools for Professional Users 7.4.4 Band Saws 7.4.4.1 Band Saws are Preferred for Stationary Cutting Applications 7.4.5 Shears and Nibblers 7.4.5.1 Shears and Nibblers are Replacing Hand Tools for Metal Cutting Applications 7.5 Material Removal Tools 7.5.1 Sanders/Polishers/Buffers 7.5.1.1 Demand for Sanders and Polisher is Likely to Grow in Industrial Applications 7.5.2 Grinders 7.5.2.1 Angle Grinders 7.5.2.1.1 Construction Industry is Leading the Demand for Angle Grinders 7.5.2.2 Die and Straight Grinders 7.5.2.2.1 Die and Straight Grinder are Used Mostly in Construction Sites, Automobile Repair Shops, and Metalworking Shops 7.6 Routing Tools 7.6.1 Routers/Planers/Joiners 7.6.1.1 Palm Routers and Laminate Trimmers 7.6.1.1.1 Woodworking Professionals to Drive Demand for Palm Routers and Laminate Trimmers 7.7 Others
8 Power Tools Market, By Mode of Operation 8.1 Introduction 8.2 Electric 8.2.1 Corded Tools 8.2.1.1 Corded Electric Tools to Held Largest Size of Market in 2018 8.2.2 Cordless Tools 8.2.2.1 Demand for Cordless Tools to Grow at Highest CAGR During Forecast Period 8.3 Pneumatic 8.3.1 Construction and Automotive Industries to Drive Demand for Pneumatic Power Tools During Forecast Period 8.4 Other Tools 8.4.1 Construction Industry to Dominate Power Tools Market for Hydraulic and Power-Actuated Tools
9 Power Tools Market, By Application 9.1 Introduction 9.2 Industrial/Professional 9.2.1 Construction 9.2.1.1 Construction Industry Held Largest Size of Power Tools Market in 2019 9.2.2 Automotive 9.2.2.1 Automotive to Exhibit Highest Growth in Market Between 2019 and 2024 9.2.3 Aerospace 9.2.3.1 Aerospace to Offer Lucrative Opportunity for Material Removal Tool Manufacturers 9.2.4 Energy 9.2.4.1 Wind Energy to Offer Significant Growth Opportunities During Forecast Period 9.2.5 Shipbuilding 9.2.5.1 APAC Held Largest Size of Power Tools Market for Shipbuilding Industry in 2018 9.2.6 Other Industries 9.3 Residential/DIY 9.3.1 Cordless Power Tools to Drive Market for Residential/DIY Applications
10 Geographic Analysis 10.1 Introduction 10.2 North America 10.2.1 US 10.2.1.1 US to Hold Largest Size of Power Tools Market From 2019 to 2024 10.2.2 Canada 10.2.2.1 Growing Demand for Cordless Tools to Drive Market in Canada 10.2.3 Mexico 10.2.3.1 Widespread Adoption of Power Tools in Construction Industry is Driving Market Growth in Mexico 10.3 Europe 10.3.1 Germany 10.3.1.1 Germany to Remain a Key Market for Power Tools in Europe During Forecast Period 10.3.2 France 10.3.2.1 Presence of Leading Aerospace and Automotive Companies to Drive Demand for Power Tools in France 10.3.3 UK 10.3.3.1 Growing Demand for Cordless Tools From Residential and Nonresidential Users is Driving Market in UK 10.3.4 Italy 10.3.4.1 Automotive to Drive Demand for Power Tools in Italy During Forecast Period 10.3.5 Rest of Europe 10.4 APAC 10.4.1 China 10.4.1.1 China Held Largest Size of Power Tools Market in APAC 10.4.2 Japan 10.4.2.1 Rising Adoption of Cordless Tools is Driving Demand for Power Tools in Japan 10.4.3 South Korea 10.4.3.1 Shipbuilding Industry is a Key End User of Power Tools in South Korea 10.4.4 India 10.4.4.1 Indian Power Tools Market to Grow at Highest CAGR During Forecast Period 10.4.5 Rest of APAC 10.5 RoW 10.5.1 South America 10.5.1.1 Brazil and Argentina are Major Markets in South America 10.5.2 Middle East and Africa 10.5.2.1 UAE, Saudi Arabia, and South Africa are Key Markets in South America
