The Power Tools Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Power Tools Global Market Report 2024, The power tools market size has grown strongly in recent years. It will grow from $39.21 billion in 2023 to $42.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growth in construction and diy industries, expansion of manufacturing and fabrication, demand for efficient and cordless tools, increase in home improvement projects, regulatory standards for tool safety..
The power tools market size is expected to see strong growth in the next few years. It will grow to $56.9 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to customized power tool solutions for specific trades, sustainable and eco-friendly power tool designs, growth in electric and cordless tool options, innovation in smart and connected power tools, increased use in precision and microtools.. Major trends in the forecast period include smart and iot-enabled power tools, regulatory compliance in power tool safety, ergonomic and user-friendly tool designs, personalized power tool kits for professionals, transparency in tool performance and maintenance..
The growth in the industrial sector has been a significant driver for the power tools market. The industrial sector encompasses a wide range of economic activities involving the production, manufacturing, and processing of goods and services on a large scale. he growth of various industrial sectors, including automotive, aerospace, and manufacturing, drives the need for power tools in production and maintenance. For instance, according to trading economics, a USA-based provider of data on economic indicators, the industrial output in India increased by 11.9% year-on-year in August 2021, higher than the 11.5% in the previous month, and compared to market forecasts of 12%. Also, in 2021, according to the Bureau of Economic Analysis (BEA), a US-based governmental organization that publishes official macroeconomic and sectoral statistics, in the USA, private goods-producing industries increased by 4.7% and private services-producing industries increased by 7.8%. Overall, 19 of 22 industry groups contributed to the second-quarter increase in real GDP. This growth in the industrial sector globally is expected to drive the power tools market.
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The power tools market covered in this report is segmented –
1) By Tool Type: Drilling and Fastening Tools, Demolition Tools, Routing Tools, Sawing and Cutting Tools, Material Removal Tools, Other Tool Types
2) By Mode Of Operation: Electric, Pneumatic, Other Mode of Operations
3) By Distribution Channel: Online, Offline
4) By Application: Construction, Automotive, Aerospace, Energy, Electronics, Other Applications
New product innovations have emerged as the key trend gaining popularity in the power tools market. Major companies operating in the power tools market are inventing new product innovations to sustain their position in the market. For instance, in December 2021, Dewalt, a US-based company that manufactures power tools, launched its new Dewalt PowerStack 20V Max Compact Battery, which gives 50% more power. It contains broad application capabilities and fast performance with cordless tools. This battery is 25% more compact and 15% lighter.
The power tools market report table of contents includes:
1. Executive Summary
- Power Tools Market Characteristics
- Power Tools Market Trends And Strategies
- Power Tools Market – Macro Economic Scenario
- Global Power Tools Market Size and Growth
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31. Global Power Tools Market Competitive Benchmarking - Global Power Tools Market Competitive Dashboard
- Key Mergers And Acquisitions In The Power Tools Market
- Power Tools Market Future Outlook and Potential Analysis
- Appendix
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