Power Tools Market - Global Outlook & Forecast 2024-2029

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28 countries

55 company

9 segments

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THE GLOBAL POWER TOOLS MARKET SIZE IS EXPECTED TO REACH USD 57.90 BILLION BY 2029 FROM USD 40 BILLION IN 2023, GROWING AT A CAGR OF 6.36% DURING THE FORECAST PERIOD.

The Power Tools Market Size, Share, & Trends Analysis Report By

  1. Operation Type: Cutting, Drilling, Fastening, Routing & Planning, and Others
  2. Tool Type: Drilling and Fastening Tools, Cutting Tools, Grinding and Sanding Tools, Polishing Tools, Shaping and Routing Tools, Pneumatic Tools, Power Screwdrivers, Impact and Demolition Tools, Measuring and Layout Tools, and Others
  3. Power Source: Electric-Powered, Battery-Powered, and Others
  4. End-User: Industrial, Commercial, and Residential
  5. Industrial: Energy, Construction, Aerospace, Automotive, Electronics, Shipbuilding, and Others
  6. Commercial
  7. Residential
  8. Distribution Channel: Offline and Online
  9. Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024–2029.

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POWER TOOLS MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
Market Size (2029)USD 57.90 Billion
Market Size (2023)USD 40 Billion
CAGR (2023-2029)6.36%
HISTORIC YEAR2020-2022
BASE YEAR2023
FORECAST YEAR2024-2029
SEGMENTS BYOperation Type, Tool Type, Power Source, End-User, Industrial, Commercial, Residential, Distribution Channel, and Geography
GEOGRAPHIC ANALYSIS North America, Europe, APAC, Latin America, and Middle East & Africa
KEY PLAYERSStanley Black & Decker, Bosch, Techtronic Industries (TTI), Makita, Hilti, Apex Tool Group, Snap-on, Koki Holdings, Fortive, and Positec
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INDUSTRY INSIGHTS

The global power tools market was valued at USD 40.00 billion in 2023 and is expected to reach USD 57.90 billion by 2029, growing at a CAGR of 6.36% during the forecast period. Factors such as the rapid pace of industrialization and the rise in applications of power tools in the residential and commercial sectors are driving the growth of the global market. Several power tools are primarily used in automobile, aerospace, construction, electronics, and shipbuilding industries. These power tools also have various household applications, such as removing paint, wire soldering, pipe thawing, and other DIY projects. The surge in the use and demand for Li-ion batteries and the rise in infrastructural developments have fueled the demand for cordless tools and batteries. Furthermore, the electric power tools market is estimated to grow steadily during the forecast period, driven by increased construction, renovation, and technology innovation. The power tools market forecast looks promising, with significant growth potential across several sectors.

Improved economic conditions in emerging markets such as Brazil, Russia, India, China, South Africa, and the nations of the Gulf Cooperation Council are boosting consumer disposable incomes and driving higher levels of government investment in public infrastructure. This economic growth fuels urbanization and population expansion, necessitating substantial investments in transportation networks, housing, utilities, and other critical infrastructure projects. This upward trend is anticipated to persist, driven by continuous technological advances, increasing infrastructure projects, and the overall expansion of the global construction industry. Moreover, the growing emphasis on sustainability and energy efficiency in drilling operations is expected to contribute significantly to the continued adoption of electric hammers in the foreseeable future. The growth in the use and demand for Li-ion batteries, along with the rise in infrastructural developments, has surged the growth of the U.S. power tools market and power tools market size globally.

MARKET TRENDS & DRIVERS

Growing Prominence of Asian Manufacturing

China and India, with their rapidly growing economies and large populations, are pivotal in driving the expansion of the global construction industry. These nations are experiencing significant urbanization and industrialization, leading their governments to escalate investments in infrastructure to accommodate their burgeoning urban populations and boost economic activities. The synergy of environmental goals, economic growth in emerging markets, and rapid urbanization drive the global construction industry forward. China and India, in particular, are at the forefront, leading substantial investments in infrastructure development and technological advancements. These factors enhance infrastructure capabilities, contribute significantly to sustainable economic development, and improve worldwide quality of life. In these economies, low-tech industries dominate low-income levels and offer large-scale employment. High-tech industries offer productivity gains advocated mainly by government and institutional reforms to escape the middle-income trap, which can substantially drive the demand for machines and power tools market share by brand during the forecast period.

Growing Adoption of Power Tools

The adoption of power tools has rapidly increased across various industries due to their ability to enhance productivity, precision, and efficiency. Power tools offer several advantages over traditional hand tools, including increased speed, precision, and efficiency. They can also help reduce operator fatigue, increase productivity, and improve work quality. The popularity of power tools has grown significantly in recent years as manufacturers have introduced new models with improved features and functionality. Consumers are also increasingly interested in DIY projects, home renovation, and woodworking, further boosting the power tools market 2021. Bosch Power Tools is a key player in this market, known for its innovative and high-quality tools.

Rise in Residential Improvement & DIY Projects

Most adults indulge in creative and purposeful leisure activities in some developed North American and European economies. Some consumers also invest in home improvement and maintenance activities based on their interests. This concept is also gaining momentum in developing economies such as India, Brazil, and South Africa. Consumers in the residential sector often undertake repair and enhancement activities that improve their skills and prove cost-efficient. Furthermore, hypermarkets, supermarkets, and other specialty stores such as Home Depot offer more DIY products and drive the DIY tools market, eventually boosting the most bought power tools. Furthermore, manufacturers are creating electric hammers with user-friendly features that attract DIY users, including lightweight designs, variable speed control, and easy-to-change drill bits. The growth of DIY activities is estimated to propel the growth of the cordless power tools market in particular. Cordless models provide greater convenience and portability, which makes them suitable for DIY users who may not have readily available power outlets in their work areas.

SEGMENTATION INSIGHTS

INSIGHTS BY OPERATION TYPE

The global power tools market by operation type is segmented into cutting, drilling, fastening, routing & planning, and others. Based on operation type, the cutting segment is expected to be the largest revenue segment of the global power tools market. Various industries have unique cutting needs, from construction and manufacturing to automotive and aerospace. Each industry requires specific cutting tools and tools modified to its applications. For example, construction may require masonry drill bits and abrasive wheels, while manufacturing may need carbide-tipped saw blades and precision cutting discs. The diverse demands from these industries propel the development and availability of various cutting operation types in the market.

INSIGHTS BY TOOL TYPE

The global drilling and fastening tools market has been experiencing robust growth, driven by increasing demand across various sectors such as construction, manufacturing, and home improvement. In 2023, the drilling and fastening tools segment held the largest share of the global power tools market. Drilling and fastening tools have seen significant growth and are booming in the market due to several key factors. These tools, essential in various applications, from construction to home improvement, offer unparalleled convenience and efficiency. Bosch Power Tools and Makita are leading players in this segment.

INSIGHTS BY POWER SOURCE

The global power tools market by power source is segmented into electric-powered, battery-powered, and others. The electric-powered segment dominates the global market. This segment encompasses a wide range of tools powered primarily by electricity, catering to diverse applications in both professional and consumer markets. The electric power tools market is projected to grow significantly with innovations in battery technology and smart tool integration.

GEOGRAPHICAL ANALYSIS

APAC held the largest share of the global power tools market, accounting for a global share of over 36% in 2023. APAC emerges as a vibrant and rapidly evolving hub for power tools, propelled by its diverse economies, burgeoning urbanization, and expanding commercial sectors. APAC witnesses notable growth in adopting power tool solutions. Furthermore, the North American power tools market is expected to maintain its position during the forecast period, with the U.S. power tools market contributing significantly. With advances in Li-ion battery technology, the North American cordless power tools market is expected to witness substantial growth.

COMPETITIVE LANDSCAPE

The global power tools market is moderately fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch Power Tools, and TTI. These major vendors have a global presence in the three major regions of North America, APAC, and Europe. The power tools market share by brand is competitive, with innovations and mergers further intensifying competition. Bosch Power Tools continues to lead through technological advancements, while local vendors strive to compete in this dynamic landscape.

Frequently Asked Questions

Which region dominates the global power tools market share?

APAC held the largest global power tools market share, accounting for a share of over 36% in 2023.

How big is the power tools market?

The global power tools market was valued at USD 40.00 billion in 2023 and is expected to reach USD 57.90 billion by 2029.

What is the growth rate of the global power tools market?

The global power tools market share is expected to grow at a CAGR of 6.36% from 2023 to 2029.

What are the significant trends in the power tools market?

The growing prominence of Asian manufacturing, Industry 4.0, and smart precision manufacturing, the rise in commercial construction and projects, the surge in demand for prefabricated buildings, the growing emphasis on safety and compliance, the rising adoption of sustainable products, and profit volatility in APAC are significant trends in the power tools market.

Who are the key players in the global power tools market?

Stanley Black & Decker, Bosch, Techtronic Industries (TTI), Makita, Hilti, Apex Tool Group, Snap-on, Koki Holdings, Fortive, and Positec are the key players in the global power tools market.

The global power tools market size is expected to grow at a CAGR of approximately 6.36% from 2023 to 2029.

The following factors are likely to contribute to the growth of the power tools market during the forecast period:

  1. Growing Adoption of the Power tools
  2. Increasing Demand from the Woodworking Industry
  3. Rise in Residential Improvement & DIY Projects
  4. Rise in Initiatives in the Manufacturer-led Programs
  5. Rise in the Number of Infrastructure Development Projects
  6. Favorable Government Policies and Incentives
  7. Increased Construction in the Hospitality Industry

Base Year: 2023

Forecast Year: 2024-2029

The report considers the present scenario of the global power tools market and its market dynamics for 2024−2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the industry.

Key Company Profiles

  1. Stanley Black & DeckerBusiness Overview
  2. Product Offerings
  3. Key Strategies
  4. Key Strengths
  5. Key Opportunities
  6. Bosch
  7. Techtronic Industries (TTI)
  8. Makita
  9. Hilti
  10. Apex Tool Group
  11. Snap-on 
  12. Koki Holdings
  13. Fortive
  14. Positec

Other Prominent Vendors

  1. CHERVONBusiness Overview
  2. Product Offerings
  3. Fein
  4. Ferm
  5. Milwaukee Tools
  6. Hitachi Power Tools
  7. Ryobi
  8. Erbauer
  9. Metabo
  10. Kärcher
  11. Würth Group
  12. Wacker Neuson Group
  13. Mafell AG
  14. Yamabiko Corporation
  15. Pferd
  16. AIMCO
  17. Festool
  18. CS Unitec
  19. Dynabrade
  20. Husqvarna
  21. STIHL
  22. Blount
  23. KYOCERA Corporation
  24. INTERSKOL
  25. Panasonic
  26. URYU SEISAKU
  27. Atlas Copco
  28. Ingersoll Rand
  29. Emerson
  30. Ridgid
  31. Skil
  32. Metabo
  33. Craftsman
  34. Porter-Cable
  35. Irwin Tools
  36. Diablo Tools
  37. Kobalt
  38. Dremel
  39. Proxxon
  40. Parkside
  41. Chicago Pneumatic
  42. Matco Tools
  43. Cornwell Quality Tools
  44. Senco
  45. Paslode
  46. Worx

Segmentation by Operation Type

  1. Cutting
  2. Drilling
  3. Fastening
  4. Routing and Planning
  5. Others

Segmentation by Tool Type

  1. Drilling and Fastening Tools
  2. Cutting Tools
  3. Grinding and Sanding Tools
  4. Polishing Tools
  5. Shaping and Routing Tools
  6. Pneumatic Tools
  7. Power Screwdrivers
  8. Impact and Demolition Tools
  9. Measuring and Layout Tools
  10. Others

Segmentation by Power Source

  1. Electric-Powered
  2. Battery-Powered
  3. Others

Segmentation by End-User

  1. Industrial
  2. Commercial
  3. Residential

Segmentation by Industrial

  1. Energy
  2. Construction
  3. Aerospace
  4. Automotive
  5. Electronics
  6. Shipbuilding
  7. Others

Segmentation by Commercial

Segmentation by Residential

Segmentation By Distribution Channel

  1. Offline
  2. Online

Segmentation by Geography

  1. North AmericaUS
  2. Canada
  3. APACChina
  4. Japan
  5. India
  6. Australia
  7. South Korea
  8. Indonesia
  9. Malaysia
  10. Rest of APAC
  11. EuropeGermany
  12. France
  13. Russia
  14. UK
  15. Norway
  16. Denmark
  17. Italy
  18. Poland
  19. Spain
  20. Rest of Europe
  21. Latin AmericaBrazil
  22. Mexico
  23. Argentina
  24. Rest of Latin America
  25. Middle East and AfricaSaudi Arabia
  26. UAE
  27. South Africa
  28. Rest of MEA

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Frequently Asked Questions

Which region dominates the global power tools market share?

APAC held the largest global power tools market share, accounting for a share of over 36% in 2023.

How big is the power tools market?

The global power tools market was valued at USD 40.00 billion in 2023 and is expected to reach USD 57.90 billion by 2029.

What is the growth rate of the global power tools market?

The global power tools market share is expected to grow at a CAGR of 6.36% from 2023 to 2029.

What are the significant trends in the power tools market?

The growing prominence of Asian manufacturing, Industry 4.0, and smart precision manufacturing, the rise in commercial construction and projects, the surge in demand for prefabricated buildings, the growing emphasis on safety and compliance, the rising adoption of sustainable products, and profit volatility in APAC are significant trends in the power tools market.

Who are the key players in the global power tools market?

Stanley Black & Decker, Bosch, Techtronic Industries (TTI), Makita, Hilti, Apex Tool Group, Snap-on, Koki Holdings, Fortive, and Positec are the key players in the global power tools market.