Power Tools Market (2024-2031)
The Power Tools Market is expected to reach $57.1 billion by 2031, at a CAGR of 5.6% from 2024 to 2031.
- Published
- Sep 2023
- Pages
- 250
- Format
- PDF + Excel
- Report ID
- MRSE - 1041127
- Base year
- 2023
- 2031 · FORECAST
- $57.10B
- 2031
- $57.10B
- CAGR 2024–2031
- 5.6%
2023 baseline · 2024–2031 forecast at 5.6% CAGR · hover a bar for the value
Key highlights
By Type: In 2024, the Power Tool Machines Segment to Dominate the Power Tools Market
By Mode of Operation: In 2024, the Electric Segment to Dominate the Power Tools Market
By End User: In 2024, the Industrial & Professional Segment to Dominate the Power Tools Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 250 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 5.6% |
| Market Size (Value) | USD 57.1 Billion by 2031 |
| Segments Covered | 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 · By Mode of Operation · Electric · Corded Tools · Cordless Tools · Pneumatic · Hydraulic · By End User · Industrial & Professional · Automotive · Construction · Aerospace & Defense · Energy & Utilities · Manufacturing · Agriculture · Others Industrial & Professional End Users · Residential Consumer |
| Countries Covered | North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Sweden, Belgium, Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia & New Zealand, Thailand, Rest of Asia-Pacific), Latin America (Mexico, Brazil, Rest of Latin America), and the Middle East & Africa (UAE, Saudi Arabia, Rest of Middle East & Africa) |
| Key Companies | 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). |
Report overview
Segments covered: type, mode of operation, end user. Regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
The growth of this market is attributed to the advancement of battery technology, increasing activities in the construction industry, and increasing use of power tools in the automotive sector. Moreover, 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 offer growth opportunities for the players operating in this market.
Report infographic
Market dynamics
16 factors across 3 forcesAdvancement in Battery Technology Supports the Growth of Power Tools Market
Increasing Use of Power Tools in the Automotive Sector Drives Market Growth
Table of contents
11 chapters · 136 sections · 250 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Type | Power Tool Machines | — |
| By Mode of Operation | Electric | — |
| By End User | Industrial & Professional | — |
By Type
- The power tool machines segment is expected to account for the larger share of ~74% of the power tools market.
- The large market share of this segment can be 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.
By Mode of Operation
- The Electric Segment to Dominate the Power Tools Market
- The electric segment is expected to account for the largest share of ~72% of the power tools market.
- The large market share can be 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 October 2023, Robert Bosch Tool Corporation (U.S.) launched 17 new power tools to offer oscillating multi-tool and grinder tool categories, designed to deliver skilled workers with enhanced efficiency on the job site.
- Moreover, this segment is also projected to register the highest CAGR during the forecast period.
By End User
- The industrial & professional segment is expected to account for the larger share of ~71% of the power tools market.
- The large market share of this segment can be 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.
Geographic analysis
North America
Largest shareIn 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.
Asia-Pacific
Fastest growthHowever, the Asia-Pacific region is projected to record the highest CAGR of ~7% during the forecast period. The high growth of this market is attributed to the increasing demand for power tools in the region's industrial sector, which includes 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.
Competitive landscape
- March 2024
Kanoo Automotive & Industrial Equipment (KAIE) (Bahrain), a part of Ebrahim K. Kanoo B.S.C(C) (Bahrain), partnered with Makita Corporation (Japan) to offer power tools to empower Bahrain's professionals in construction and other industrial fields.
- January 2024
Hilti Inc (North America) launched new cordless tools on the 22V Nuron battery platform to offer precise cutting in wood, fiberboard, drywall, and solid surfaces, including straight and bevel cuts and intricate cut-outs.
- January 2023
Robert Bosch Tool Corporation (U.S.) launched 32 new 18V Cordless tools to meet the needs of North American construction workers and make tough work in concrete, wood, and other tasks easier.
- 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
- Husqvarna AB · Sweden
Frequently asked questions
The Power Tools Market includes electric, pneumatic, and hydraulic tools used in construction, automotive, and DIY projects, featuring advanced technologies that enhance performance and user experience across various applications.
Cite this report
Meticulous Research. (2023). Power Tools Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRSE - 1041127). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/power-tools-market-5810