Market Overview
Global Power Tools Market is growing at a CAGR of 8.2% during the forecast period 2024-2031. Demand from residential, commercial Construction and infrastructure sector in Asia Pacific is booming. Competitive rivalry intensifies with Robert Bosch GmbH, Emerson Electric Co, Husqvarna Group and others operating in the market.
A power tool is a tool that is powered by an electric motor, a compressed air motor or a petrol engine. The tools are designed to make tasks easier and more efficient by providing a mechanical advantage. Examples of power tools include drills, saws, sanders and routers. They are often used in construction, woodworking, metalworking and other industries where manual labor is required.
Power tools come in many forms and designs and can vary in size, power, weight and intended use. It is also available in cordless and corded versions; cordless tools are powered by rechargeable batteries, while corded tools are plugged into an electrical outlet. Some power tools are also equipped with safety features to protect the user, such as guards from protecting hands and fingers or brakes that stop the tool quickly when it is released.
Market Summary
| Metrics | Details |
| CAGR | 8.2% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Tool, Mode of Operation, Application, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
The growing adoption of advanced technologies in the construction industry
The demand for power tools in the construction industry is increasing as these tools are designed to make construction processes more efficient and effective. Power tools are used in various construction tasks such as cutting, drilling, sanding and grinding. It tools are designed to save time and labor costs, which are important factors in the construction industry.
One of the main drivers of the demand for power tools in the construction industry is the growing need for residential and commercial construction projects. As the population continues to grow, so does the need for new homes and buildings; this increase in construction activity leads to a greater demand for power tools as they are essential for completing these projects efficiently.
High product and maintenance cost
The power tools market is growing rapidly due to increasing demand for advanced and efficient tools in various industries such as construction, automotive and manufacturing. However, these tools' high product and maintenance costs hinder market growth.
Due to advanced technologies and high-quality raw materials, power tool product costs are high. Companies are investing heavily in adopting advanced technologies to make the product more user-friendly, thus adding to the overall cost of the product. For instance, cordless power tools are more expensive than corded ones due to higher battery and motor costs. Similarly, pneumatic and hydraulic tools are more expensive due to the cost of compressed air or hydraulic fluid. Its high production costs make it difficult for small contractors and DIY enthusiasts to purchase these tools, limiting the market growth.
Market Segmentation Analysis
The global power tools market is segmented by tool, mode of operation, application and region.
Increased demand for precision and accuracy to improve mobility and safety at construction sites
Sawing and cutting tools in power tools hold the second largest market share at the global level. Sawing and cutting tools are used to cut or shape wood, metal and concrete. It includes woodworking tools such as hand saws, circular saws, reciprocating saws, jigsaws, bandsaws and miter saws, as well as metalworking tools such as angle grinders, metal cutting saws, plasma cutters and abrasive cut-off saws.
Construction, woodworking, metalworking and many other industries use the tools for tasks such as cutting and shaping materials, making precise cuts and creating smooth edges. The material to be cut, the size & complexity of the project and the accuracy and speed required all influence the choice of sawing or cutting tool.
Many sawing and cutting tools now have improved safety features, such as blades that stop moving seconds after being released, dust & debris containment and ergonomic design to reduce strain on the user's hands and arms. Sawing and cutting tools provide users with various benefits, ranging from increased precision and accuracy to increased mobility and safety, fueling market growth in the industry.
Market Geographical Share
Asia-Pacific’s swift-paced growth in the construction market
By 2030, Asia-Pacific is estimated to produce US$ 7.4 trillion worth of the world's building work. The pipeline value for projects in the Asia-Pacific is US$ 92.3 billion. The pipeline value of US$ 443 billion comprises projects still in development.
Construction specialists in the Asia-Pacific concluded that private residential, commercial and infrastructure have increased by 12%, 15% and 50% in 2022. From 2022 to 2025, the Australian construction industry is anticipated to rise by 3.4% annually.
Due to the swift-paced growth in the construction market, the power tools market in Asia-Pacific has a major share in the global market for power tools. The Asia-Pacific power tools market was US$ 19,508.50 Million in 2022 and is expected to reach US$ 39,309.19 Million by 2030, growing with a CAGR of 9.3% between 2022 and 2030.
One of the main drivers of the demand for drilling and fastening tools in Asia-Pacific is the growth in construction activity. Since the population in the region continues to increase and urbanize, there is a greater need for housing and infrastructure, thus leading to an increase in construction projects, such as the building of new homes, commercial buildings and transportation infrastructure, which requires the use of drilling and fastening tools.
Market Companies
The major global players include Robert Bosch GmbH, Techtronic Industries, Stanley Black & Decker, Inc, Emerson Electric Co, Hilti Group, Koki Holdings Co., Ltd, Panasonic, Husqvarna Group, Apex Tool Group, LLC, and Makita.
Key Developments
- On September 15, 2022, Makita unveiled the new 18V LXT Brushless Jig Saw (XVJ04Z). The XVJ04Z is designed to provide the power and performance of a corded jig saw without the inconvenience of a cord. It's ideal for professional woodworkers, cabinetmakers, specialized residential construction workers and any pro-contractor looking for the best cordless jig saw on the market.
- On July 14, 2022, Makita introduced the new 18V LXT Brushless 6,000 RPM Autofeed Screwdriver (model XRF03Z). The Autofeed Screwdriver has a high fastening speed and can handle many materials and applications.
- On January 27, 2023, Bosch agreed to purchase stock in Husqvarna AB, a renowned Swedish corporation. With the transaction, its overall share of the company's share capital will move up to about 12 percent. Bosch aims to strengthen the two companies' battery cooperation stronger. Additionally, Husqvarna owns the Gardena division and its Flymo brand, both of which are associate members of the "Power for All Alliance" of the Bosch Power Tools division.
The global power tools market report would provide approximately 61 tables, 58 figures and 200 Pages.
