Power Tools Market Global Industry Scenario, Size, Share, Trends, Analysis and Forecast, 2019 - 2028

The power tools market was valued at USD 30.2 Billion in 2019 and is projected to grow at a CAGR of 4.9% from 2021 to 2028. Global Power Tools Market, By Type (Sawing and Cutting Tools, Drilling and Fastening Tools, Demolition Tools, Routing Tools, Portable Nibblers, Air-Powered Tools, Material Removal Tools, Electric Cords and Plugs, Accessories, Others), Mode of Operation (Electric, Liquid Fuel Tool, Hydraulic, Pneumatic, Powder-Actuated Tools), Application (Concrete and Construction, Woodworking, Metalworking, Welding, Others), Material (Concrete, Wood/Metal, Brick/Block, Glass, Others), End User (Industrial/Professional, Residential), Sales Channel (Indirect Sales, Direct Sales), Country (U.S., Canada and Mexico, Germany, U.K., France, Switzerland, Italy, Spain, Netherlands, Russia, Belgium, Turkey, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, UAE, Saudi Arabia, Israel, Egypt and Rest of Middle East & Africa) Industry Trends and Forecast to 2027.

The global power tools market is expected to grow at a substantial rate owing to a surge in popularity of DIY techniques, investments in infrastructural developments, and a rise in disposable income of people. During the past few years, India spent nearly one-ninth share of its GDP on infrastructural development activities, which is anticipated to escalate in the upcoming years. This growth in infrastructural improvement activities is anticipated to fuel the adoption of power tools in India. In addition, the continual progressions in the power tools by key players aid in enhancing their demand. For instance, in November 2019, Dremel, a brand of Bosch, developed its cordless Dremel Lite multi-tool. The new tool is cordless and has a compact design. It has a weight of 270 grams and can operate at speeds of 8,000 to 25,000 revolutions per minute.

Moreover, the ease of use delivered by power tools has made them prevalent even for non-professional users principally in household operations. The easy of availability and portability of electric power tools stimulate their implementation even in ordinary everyday applications including drilling, sawing, and cutting, which in turn boosts the global power tools market growth. Further, the market has witnessed increased adoption owing to factors such as rise in application of power tools in a multitude of industries such as automobile, construction, energy, aerospace, and others. The demand for power tools is largely driven by the rise in adoption of electric power tools, and development of energy efficient power tools. However, high purchase costs of electric power tools is anticipated to impede the growth of the market. On the other hand, rise in labor costs in the developing countries such as Brazil, China, and India is expected to boost the growth of the material handling equipment market, which in turn is compelling manufacturers to use power tools to ensure high productivity.

It is expected to grow at a CAGR of 4.6% from 2020 to 2025. The key factors fueling the growth of the market growing adoption of cordless power tools, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies are the key factors driving the growth of the power tools market. The power tools market offers several opportunities for manufacturers to focus smart connectivity for power tools.

Cordless power tools include a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as nailers and staplers. The demand for more mobile, flexible, and compact tools is driving the market for cordless tools. Lithium-ion batteries are replacing conventional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) power tools. Advances in battery technology are contributing to the increasing adoption of cordless power tools with high-density batteries that can last longer once charged.

Lithium-ion batteries provide higher energy density and longer operational life to power tools. These batteries are lightweight and do not exhibit self-discharge. Therefore, lithium-ion batteries have become the most popular option for powering cordless power tools. Furthermore, with consumers’ attraction toward cordless tools, tool manufacturers are focusing on cordless power tools and launching innovative products in the market.

Electric fastening tools play a vital role in the installation of wind turbines. These fastening tools are used during the foundation of bolts, gearboxes, rotor bearing tools, and wind turbines. Additionally, these tools are used in maintenance, repairing, and inspecting tower processes. To maintain accuracy, a tightening factor is decided and accordingly, torque is applied to joints. As wind turbine installation requires precise torque, electric fastening tools are likely to be the most suitable power tools for this industry. Growing installation capacity may create lucrative opportunities for players in the power tools market.

The electric power tools market is projected to grow at the highest CAGR during the forecast period owing to the increasing demand for do-it-yourself (DIY) techniques among household consumers. Electric power tools are also used in a wide range of industries including construction, automotive, aerospace, energy, and shipbuilding. The growth of electric power tools is fueled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users. Rapid urbanization and industrialization are anticipated to further fuel the growth of the market in the near future. The COVID-19 outbreak is expected to impact all end-user industries. This, in turn, is expected to affect electric power tools production, as well as demand for a power tools in the market.

APAC is likely to be the fastest-growing region in the power tools market. Countries such as China and India are witnessing rising demand for power tools. COVID-19 forced lockdowns across APAC. The supply chains in and around APAC have been disrupted, which has resulted in limited permissible transportation. Asian countries under lockdown have suffered tremendous loss of business and revenue due to the shutdown of many manufacturing units. This has impacted the demand for power toolss in 2020.

The power tools players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, contracts, partnerships and, business expansions, to strengthen their offerings in the market. The major players are Atlas Copco AB (Sweden), Apex Tool Group, LLC (US), Robert Bosch GmbH (Germany), Hilti Corporation (Liechtenstein), Makita Corporation (Japan), Ingersoll-Rand plc (Ireland), Stanley Black & Decker, Inc. (US), Techtronic Industries Co., Ltd. (Hong Kong), KOKI Holdings (Japan), and Snap-on Incorporated (US) were the major players in the power tools market.

Global Power Tools Market Segments

  • By Mode Of Operation
    • Electric
    • Corded Power Tools
    • Cordless Power Tools
    • Pneumatic
    • Others
  • By Tool Type
    • Drills
    • Saws
    • Wrenches
    • Material Removal Tool
    • Others
  • By Application
    • Industrial
    • Construction
    • Automotive
    • Aerospace
    • Others
    • Do-It-Yourself (DIY)
  • By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Rest of Asia-Pacific
    • Latin America
    • Middle East 
    • Africa
  • Key Players
  • Atlas Copco AB
  • Emerson Electric Co.
  • Hilti Corporation
  • Ingersoll-Rand plc.
  • Koki Holdings Co., Ltd.
  • Makita Corporation
  • Robert Bosch GmbH
  • Snap-on Incorporated
  • Stanley Black & Decker Inc.
  • Techtronic Industries Co. Ltd.
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