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Redding, California - April 23, 2024

Power Tools Market to be Worth $57.1 Billion by 2031

Power Tools Market Size, Share, Forecast, & Trends Analysis by Type (Power Tool Machines (Drills, Saws, Hammers), Power Tool Accessories), Mode of Operation (Electric, Pneumatic), End User (Industrial & Professional, Residential Consumer), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Power Tools Market by Type (Power Tool Machines (Drills, Saws, Hammers), Power Tool Accessories), Mode of Operation (Electric, Pneumatic), End User (Industrial & Professional, Residential Consumer), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global power tools market is projected to reach $57.1 billion by 2031, at a CAGR of 5.6% from 2024–2031. The power tools market's growth is driven by advancements in battery technology, increasing activities in the construction industry, and increasing use of power tools in the automotive sector. However, fluctuations in raw material prices restrain the growth of this market.

Furthermore, the increasing integration of IoT and sensor technology to offer smart and connected power tools and the growing demand for power tools for residential use are expected to generate growth opportunities for the stakeholders in this market. However, stringent trade policies and safety standards are a major challenge impacting the growth of the power tools market.

The global power tools market is segmented by type (power tool machines (joiners, drills, saws, electric screwdrivers, hammers, grinders & vibrators, sanders & polishers, nibblers, cutters, impact wrenches, lawn mowers, blowers, heat guns, power mixers, other power tool machines), power tool accessories(power tool attachments, circular saw blades, diamond abrasive blades, jigsaw blades, power tool stands, wheel brushes, chain saw blades, flexible shaft, screwdriver bits, sanding and polishing accessories, other power tool accessories)), mode of operation (electric (corded tools, cordless tools), pneumatic, hydraulic), end user (industrial & professional (automotive, construction, aerospace & defense, energy & utilities, manufacturing, agriculture, others industrial & professional end users), residential consumer). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the global power tools market is segmented into power tool machines and power tool accessories. In 2024, the power tool machines segment is expected to account for the larger share of ~74% of the global power tools market. The large market share of this segment is attributed to the increased demand for tools for building new infrastructure, residential areas, and commercial properties and increasing innovation in power tools to improve safety features. In January 2023, the Bosch India group (India), a subsidiary of Robert Bosch GmbH (Germany), launched GWS 800 Professional, a grinder with high material removal rate powered by an 800W motor and lightweight, ergonomic body for grinding and cutting applications for Indian users. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on mode of operation, the global power tools market is segmented into electric, pneumatic, and hydraulic. In 2024, the electric segment is expected to account for the largest share of ~72% of the global power tools market. The large market share of this segment is attributed to the increasing use of electric power tools by residential consumers and the increasing offering of electric tools by market players to offer various features such as cheaper cost, lighter weight, more compact, and easier to handle. In January 2023, Hilti Inc (U.S.) launched new cordless tools on the 22V Nuron battery platform for cutting in wood, fiberboard, drywall, and solid surfaces. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on end user, the global power tools market is segmented into industrial & professional and residential consumer. In 2024, the industrial & professional segment is expected to account for the larger share of ~71% of the global power tools market. The large market share of this segment is attributed to the increasing use of power tools in the industrial sector to improve worker efficiency & safety and increase productivity. In April 2024, Zoho Corporation Pvt. Ltd. (India) launched a new venture, Karuvi, a power tools manufacturing company, to design and manufacture industrial and consumer power tools and other mechanical systems. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the power tools market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global power tools market. The market growth in North America is driven by the booming construction sector in the region, increasing demand for cordless power tools due to their convenience, portability, and advancements in battery technology, and increasing integration of IoT and sensor technologies in power tools by US manufacturers. In January 2024, Stanley Black & Decker, Inc. (U.S.) partnered with Eastman Chemical Company (U.S.) to create and offer a new product line of power tools, reviva, by using Eastman's Tritan Renew copolyester.

However, the Asia-Pacific region is projected to record the highest CAGR of ~7% during the forecast period. The growth of this market is attributed to the increasing demand for power tools in the region's industrial sector, including automotive, manufacturing, and aerospace, and increasing government initiatives and policies to encourage infrastructure development and industrial growth in the region. In November 2021, Robert Bosch GmbH (Germany) launched X-LOCK, a new innovative system for quick and keyless changing of accessories in India. The system helps to switch angle grinder accessories with just one click to provide greater convenience while ensuring matchless safety and user experience.

Key Players

The key players operating in the global power tools market are Stanley Black & Decker, Inc. (U.S.), Techtronic Industries Co. Ltd. (China), Robert Bosch GmbH (Germany), Hilti Corporation (Liechtenstein), Makita Corporation (Japan), Ingersoll Rand (U.S.), Snap-on Incorporated (U.S.), Atlas Copco AB (Sweden), Apex Tool Group (U.S.), Koki Holding Co., Ltd. (Japan), Emerson Electric Co. (U.S.), 3M (U.S.), Honeywell International Inc. (U.S.), Festool GmbH (Germany), and Husqvarna AB (Sweden).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5810

Key Questions Answered in the Report:

What are the high-growth market segments in terms of the type, mode of operation, and end user?
What is the historical market size for the global power tools market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global power tools market?
Who are the major players in the global power tools market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global power tools market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global power tools market, and how do they compete with other players?

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Redding, California - April 23, 2024

Power Tools Market to be Worth $57.1 Billion by 2031

Power Tools Market Size, Share, Forecast, & Trends Analysis by Type (Power Tool Machines (Drills, Saws, Hammers), Power Tool Accessories), Mode of Operation (Electric, Pneumatic), End User (Industrial & Professional, Residential Consumer), and Geography - Global Forecast to 2031

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