Power Tools Market - Global Outlook & Forecast 2024-2029

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165 tables

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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

  • Operation Type: Cutting, Drilling, Fastening, Routing & Planning, and Others
  • 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
  • Power Source: Electric-Powered, Battery-Powered, and Others
  • End-User: Industrial, Commercial, and Residential
  • Industrial: Energy, Construction, Aerospace, Automotive, Electronics, Shipbuilding, and Others
  • Commercial
  • Residential
  • Distribution Channel: Offline and Online
  • 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 power tools market is estimated to grow steadily during the forecast period, driven by increased construction, renovation, and technology innovation.

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 power tools market.

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 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.

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 power tools market. 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. The market provides DIY users with an extensive range of cordless electric hammers with varying feature sets and power outputs. This enables DIY users to select a model that fits their project requirements and budget.

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. Makita has been a leading manufacturer of power tools, known for their innovation and quality. They have recently launched a new line of cordless drills with advanced lithium-ion battery technology and smart connectivity features. Makita’s commitment to R&D and customer satisfaction positions them well in the growing drilling and fastening tools market. Furthermore, the drilling and fastening tools segment is experiencing such high demand and market growth, driven by:

Rapid urbanization, particularly in developing countries, has increased construction activities. Large-scale infrastructure projects such as roads, bridges, and buildings require efficient and reliable drilling and fastening tools.

Advances in battery technology, particularly lithium-ion batteries, have revolutionized cordless drills and fastening tools. These advancements provide longer run times, quicker charging, and greater power, making them more efficient and user-friendly.

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 power tools 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-powered segment includes tools such as drills, saws, grinders, sanders, and screwdrivers, essential for tasks ranging from construction and manufacturing to DIY projects and home improvement. Key drivers fueling this segment's growth include technological advancements in motor efficiency, battery technology, and smart tool integration. These advancements enhance tool performance, durability, and user convenience, driving adoption globally across various industries and sectors.

INSIGHTS BY END-USER
The global power tools market by end-user is segmented into industrial, commercial, and residential. The industrial end-user segment constituted the power tools market's largest segment in 2023 and is more likely to remain dominant throughout the forecast period. Power tools are widely used in automotive, aerospace, electronics, energy, construction, shipbuilding, and other industries. Furthermore, renovations, retrofits, and DIY activities are expected to drive the demand for power tools in the residential and commercial segments. The residential end-user segment of the global power tool market is expected to witness significant growth due to the rise in new construction projects for homes and buildings. These power tools are used in renovation and retrofitting activities, as well as drills, demolition tools, and cutting equipment. Also, these power tools are essential for minor repair work and are used by carpenters, plumbers, technicians, and electricians.

INSIGHTS BY INDUSTRIAL
The energy industrial segment is estimated to be the highest revenue generator due to the rise in sustainable energy being promoted and widely accepted globally, followed by the construction industry. Renewable energy sources rely on fastening solutions for productivity every day. Most wind energy technicians prefer power tools, especially cordless tools, to maximize mobility while working at heights. The requirement of a mandatory power source for corded tools also adds to the growth and demand for cordless segments. Further, companies poised to capitalize on technological advancements and market expansion strategies are well-positioned to thrive in this dynamic landscape. Factors such as the extensive use of drillers and fastening tools with bits and batteries for assembly activities will contribute to the growth of the automotive segment. Also, automotive industry players rely extensively on heat guns, glue guns, and cutting tools during their manufacturing operations, accelerating the demand for power tools even further in the coming years.

INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel segment is expected to be the largest revenue segment of the global power tools market. The offline distribution segment holds a significant market share due to the high customer preference for comprehending the functionalities and usage of products before making the final purchase. Moreover, since power tools like electric hammers involve high costs, the preference for offline channels remains high to minimize the risk of receiving damaged products. Although the number of these devices sold online is increasing, a significant share of power tool distribution occurs through specialty stores. The power tool producers harness specialty stores and supermarkets due to their personalized customer services. Supermarkets and hypermarkets are large stores with multiple product offerings under a single roof. Due to its convenience and ease of accessibility, this offline segment is also gaining momentum and becoming a priority for customers to shop from.

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, owing to several key factors like robust economic growth in APAC economies like China, India, Japan, South Korea, and Southeast Asian nations, driving investments in infrastructure development, commercial real estate, and urbanization endeavors. This surge fuels the demand for power tool solutions across various sectors, such as offices, retail spaces, hospitality, and healthcare. Furthermore, the North American power tools market is expected to maintain its position during the forecast period, with the U.S. contributing to the highest revenue share as it is the largest economy in the region. North America has several large industries, including automobile, construction, aerospace, electronics, and packaging. With advances in Li-ion battery technology, the North American cordless power tools industry is expected to witness high growth with a substantial surge in demand for battery-related tools.

COMPETITIVE LANDSCAPE

The global power tools market is moderately fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch, and TTI. These major vendors have a global presence in the three major regions of North America, APAC, and Europe. The market competition is expected to intensify further with increased product extensions, technological innovation growth, and mergers and acquisitions. Furthermore, the key players in the global power tools market include Stanley Black & Decker, Bosch, Techtronic Industries (TTI), Makita, Hilti, Apex Tool Group, Snap-on, Koki Holdings, Fortive, and Positec. Vendors manufacture power tools with innovative product specifications to capture consumer interest and improve user convenience. Users expect power tools to be more lightweight and compact yet powerful, with a wide range of customizations. Global brands are introducing features, such as longer operation duration. Thus, global and domestic leaders' constant incorporation of technological innovations in products is expected to intensify the competition among manufacturers.

Several vendors in the power tools market offer products with similar technical specifications, such as length, width, and cutting techniques, at low prices. This will likely intensify the price war among vendors during the forecast period. The market is prone to the threat of infiltration with low-quality products. Major vendors in the market continually compete for the leading position with occasional spurts of competition from other local vendors. The presence of diversified global and regional vendors characterizes the market. As international players expand their market footprint, regional vendors will likely find it increasingly difficult to compete with these global players. The competition will be solely based on features such as durability, lifespan, tool performance, price, and customization. Also, with the growth in DIY culture and the demand for more user-friendly tools, vendors in the power tools market are customizing their tools for home improvement activities. Consequently, electric hammers from TTI and Stanley are being designed for DIY enthusiasts. They are more compact, lightweight, and affordable and support multiple activities. Hence, vendors are making more power tools with rechargeable batteries under the DIY product ranges, which are expected to be in the limelight throughout the forecast period.

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:

  • Growing Adoption of the Power tools
  • Increasing Demand from the Woodworking Industry
  • Rise in Residential Improvement & DIY Projects
  • Rise in Initiatives in the Manufacturer-led Programs
  • Rise in the Number of Infrastructure Development Projects
  • Favorable Government Policies and Incentives
  • 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

  • Stanley Black & Decker
    • Business Overview
    • Product Offerings
    • Key Strategies
    • Key Strengths
    • Key Opportunities
  • Bosch
  • Techtronic Industries (TTI)
  • Makita
  • Hilti
  • Apex Tool Group
  • Snap-on 
  • Koki Holdings
  • Fortive
  • Positec

Other Prominent Vendors

  • CHERVON
    • Business Overview
    • Product Offerings
  • Fein
  • Ferm
  • Milwaukee Tools
  • Hitachi Power Tools
  • Ryobi
  • Erbauer
  • Metabo
  • Kärcher
  • Würth Group
  • Wacker Neuson Group
  • Mafell AG
  • Yamabiko Corporation
  • Pferd
  • AIMCO
  • Festool
  • CS Unitec
  • Dynabrade
  • Husqvarna
  • STIHL
  • Blount
  • KYOCERA Corporation
  • INTERSKOL
  • Panasonic
  • URYU SEISAKU
  • Atlas Copco
  • Ingersoll Rand
  • Emerson
  • Ridgid
  • Skil
  • Metabo
  • Craftsman
  • Porter-Cable
  • Irwin Tools
  • Diablo Tools
  • Kobalt
  • Dremel
  • Proxxon
  • Parkside
  • Chicago Pneumatic
  • Matco Tools
  • Cornwell Quality Tools
  • Senco
  • Paslode
  • Worx

Segmentation by Operation Type

  • Cutting
  • Drilling
  • Fastening
  • Routing and Planning
  • Others

Segmentation by 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
  • Others

Segmentation by Power Source

  • Electric-Powered
  • Battery-Powered
  • Others

Segmentation by End-User

  • Industrial
  • Commercial
  • Residential

Segmentation by Industrial

  • Energy
  • Construction
  • Aerospace
  • Automotive
  • Electronics
  • Shipbuilding
  • Others

Segmentation by Commercial

Segmentation by Residential

Segmentation By Distribution Channel

  • Offline
  • Online

Segmentation by Geography

  • North America
    • US
    • Canada
  • APAC
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Indonesia
    • Malaysia
    • Rest of APAC
  • Europe
    • Germany
    • France
    • Russia
    • UK
    • Norway
    • Denmark
    • Italy
    • Poland
    • Spain
    • Rest of Europe
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • 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.