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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

A power tool is a tool that is driven by an additional power source and mechanism other than manual labor. The most commonly used power tools to use electric motors. There are different types of power tools including an electric screwdriver, hammer drills, etc. Typically, power tools are used in manufacturing, construction, and DIY activities. These tools are available in different sizes and shapes and are fairly easy to operate. Generally, there are two categories of power tools namely portable and stationary.

The global power tools market is estimated to account for US$ 30,000.8 Mn in terms of value in year 2019, and is expected to grow at CAGR of 5.1% for the period 2020-2027.

Market Dynamics- Drivers

  1. Growing adoption of cordless power tools is expected to drive growth of the global power tools market during the forecast period

Globally, the adoption of power tools has increased significantly in the recent past. This is owing to major advantages offered by cordless tools over corded tools such as portability, lightweight, and less equipment to carry. Corded power tools essentially bulky in handling and since they are connected to a power source, users find it difficult in maneuvering the tool. Furthermore, corded power tools are connected to an electric source and if there is no electricity offered, these tools cannot be used. This can pose a major challenge when construction begins. Besides, corded power tools require frequent replacement of cords since faulty cords can pose a potential safety hazard to uses. Cordless power tools can be maneuvered easily and are lightweight hence they are more convenient to operate. Therefore, these factors are expected to drive growth of the global power tools market during the forecast period.

  1. Rapid growth of the infrastructure sector, especially in emerging economies is expected to propel the global power tools market growth over the forecast period

The infrastructure sector is growing rapidly, especially in emerging economies such as China, India, South Africa, and Brazil. According to the India Brand Equity Foundation (IBEF), India is expected to become the third-largest construction market globally by 2022. According to the same source, India is expected to invest around US$ 1.4 trillion on infrastructure during 2019-2023 for the sustainable development of the country. Rapid infrastructure development has led to increased demand for various power tools such as electric drill machine, hammer drill, impact driver, electric screwdriver, rotary hammer, and many more. Thus, these factors are expected to propel the global power tools market growth over the forecast period.

Asia Pacific region dominated the global power tools market in 2019, accounting for 38.14% share in terms of value, followed by North America and Europe respectively.

Figure 1: Global Power Tools Market Share (%), in terms of Value, By Region, 2019

Power Tools  | Coherent Market Insights

Market Dynamics- Restraints

  1. High purchase and maintenance cost is expected to restrain growth of the global power tools market during the forecast period

Although power tools offer efficiency and speed in construction activities, it requires timely maintenance operations. The batteries in cordless power tools need to be inspected and changed routinely. Besides, power tools are significantly more expensive than a hand-operated tool and hence only construction companies and workers often purchase these tools instead of casual users.  Therefore, these factors are expected to restrain growth of the global power tools market during the forecast period.

  1. Constant fluctuations in raw material prices are expected to hamper the global power tools market growth over the forecast period

Another major impeding growth of the market is the constant fluctuations in the raw material prices. Raw materials used in power tools include steel, plastic, rubber, and copper. The prices of these raw materials have witnessed constant fluctuations in the recent past, owing to changing economical dynamics. Thus, these factors are expected to hinder the global power tools market growth over the forecast period.

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Power Tools Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 30,000.8 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 5.1% 2027 Value Projection: USD 44,697.1 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East and Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Tool Type: (Drilling Solutions, Material Removal, Sawing, Wrenches, Other Solutions)
  • By Mode of Operation: (Electric (Corded, and Cordless), Pneumatic))
  • By Application: (Industrial, and DIY)
Companies covered:

Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation.

Growth Drivers:
  • Growing adoption of cordless power tools
  • Rapid growth of the infrastructure sector
Restraints & Challenges:
  • High purchase and maintenance cost

Market Opportunities

  1. Increasing adoption of fastening tools in the wind energy industry can present lucrative growth opportunities in the global power tools market

Wind energy sector is growing rapidly, with many countries massively endorsing renewable energy sources. Fastening tools such as riveters, rivets, staple guns, electric nailers, and hammer tackers are some of the most common fastening tools used in construction and manufacturing activities. There are different fastening tools in the energy industry including bolt tensioning cylinder type ES, foundation bolts (anchor bolts) ITH fasteners, and more. Moreover, novel tools such as torque multipliers are improving fastening performance and safety in wind turbine manufacturing.

  1. Advent of smart connectivity in power tools can provide major business opportunities in the global power tools market

Many key players are focused on integrating advanced technologies such as the Internet of Things (IoT) with power tools. Such connectivity can provide various advantages including inventory management, enhanced performance, theft deterrence, etc. For instance, DeWalt offers tool connect smartphone app that can help tool owner to monitor their performance and prevent the theft of expensive batteries from job sites. Furthermore, the Milwaukee Electric tool is offered One-Key digital platform, which offers a variety of features that can be accessed via web and mobile apps.

Figure 2: Global Power Tools Market Value (US$ Mn), 2017 - 2027

Power Tools  | Coherent Market Insights

The global Power Tools market was valued at US$ 30,000.8 Mn in 2019 and is forecast to reach a value of US$ 44,697.1 Mn by 2027 at a CAGR of 5.1% between 2020 and 2027.

Market Trends

  1. Lithium-ion batteries replacing NI-CD and NI-MH batteries

Previously, the majority of power tools were corded, which made it challenging to work in compact places. However, with cordless tools, it has become more convenient to work in any environment. Lithium-ion batteries are typically used in new cordless power tools, which are rapidly replacing NI-CD and NI-MH batteries. Li-ion batteries offer various advantages over NI-CD batteries including enhanced energy density, low maintenance, and easy replacement.

  1. Rising DIY activities is another key trend in the market

Do-it-yourself or DIY activities refer to the method of repairing, building, and modifying objects without direct help from professionals. The trend of DIY activities increasing, especially in terms of home gardening, carpentry, and other activities where people are using power tools such as electric drills and electric screwdrivers. Furthermore, as people were constrained at home due to COVID-19 pandemic and stringent laws related to public gatherings, DIY activities have gained a significant pace among people.

Competitive Section

  • Key players operating in the global power tools market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation.

Key Developments

  1. Major market players are involved in mergers and acquisitions, in order to enhance the market presence. For instance, in April 2019, Ingersoll-Rand plc merged its industrial pumps and power tools business with Gardner Denver Holdings Inc., creating a company valued at around US$ 15 billion.
  2. Key companies are focused on product launches, in order to expand the product portfolio. For instance, in June 2019, Robert Bosch introduced cordless power tools such as wireless screwdriver powered by Li-ion batteries, high power impact wrenches, drill drivers, hammer drills, and high-speed impact drills.

Power tools are equipment powered by additional power sources such as battery and electric motors. Power tools are used for various applications in various industries such as construction industry, manufacturing, and others. Moreover, power tools are used for various household applications such as cutting, shaping, grinding, and drilling. Power tools are available in different size and are easy to operate, which include hammer drills, electric screwdriver, and fast screw guns.

Market Dynamics

The growth for the power tools market is majorly attributed to the growing construction industry in the emerging economies such as China, India, across the globe. In the construction industry, power tools are used for number of applications such as woodcutting, drilling, welding, reshaping, which boosts demand. For instance, according to Invest India, by the year 2025, the construction industry is expected to be the third-largest market, globally, and construction output is expected to grow on average by 7.1% each year. In addition, cordless power tool is majorly getting adopted in various industries, as they are flexible, compact, and are easy to use. 

Power tools are precision tools that require frequent maintenance, and need to be recalibrated after a regular interval of time. Motors, batteries, rotor that requires a frequent maintenance is expected to be a challenging factor for the power tools market growth.

Key features of the study:

  • This report provides in-depth analysis of the global power tools market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020–2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading  market players
  • It profiles leading players in the global power tools market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
  • Companies covered as part of this study include Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation.
  • Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
  • The global power tools market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global power tools market

Detailed Segmentation

  • Global Power Tools Market, By Tool Type:
    • Drilling Solutions
    • Material Removal
    • Sawing
    • Wrenches
    • Other Solutions
  • Global Power Tools Market, By Mode of Operation:
    • Electric
      • Corded
      • Cordless
    • Pneumatic
  • Global Power Tools Market, By Application:
    • Industrial
    • DIY
  • Global Power Tools Market, By Region:
    • North America
      • By Tool Type
        • Drilling Solutions
        • Material Removal
        • Sawing
        • Wrenches
        • Other Solutions
      • By Mode of Operation
        • Electric
          • Corded
          • Cordless
        • Pneumatic
      • By Application
        • Industrial
        • DIY
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Tool Type
        • Drilling Solutions
        • Material Removal
        • Sawing
        • Wrenches
        • Other Solutions
      • By Mode of Operation
        • Electric
          • Corded
          • Cordless
        • Pneumatic
      • By Application
        • Industrial
        • DIY
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Tool Type
        • Drilling Solutions
        • Material Removal
        • Sawing
        • Wrenches
        • Other Solutions
      • By Mode of Operation
        • Electric
          • Corded
          • Cordless
        • Pneumatic
      • By Application
        • Industrial
        • DIY
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Latin America
      • By Tool Type
        • Drilling Solutions
        • Material Removal
        • Sawing
        • Wrenches
        • Other Solutions
      • By Mode of Operation
        • Electric
          • Corded
          • Cordless
        • Pneumatic
      • By Application
        • Industrial
        • DIY
      • By Country:
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • By Tool Type
        • Drilling Solutions
        • Material Removal
        • Sawing
        • Wrenches
        • Other Solutions
      • By Mode of Operation
        • Electric
          • Corded
          • Cordless
        • Pneumatic
      • By Application
        • Industrial
        • DIY
      • By Country/Region:
        • GCC Countries
        • South Africa
        • Rest of Middle East and Africa
  • Company Profiles
    • Atlas Copco AB*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • Apex Tool Group, LLC
    • Emerson Electric, Co
    • Techtronic Industries
    • Hilti Corporation
    • Stanley Black & Decker
    • Ingersoll-Rand plc
    • Robert Bosch
    • Koki Holdings Co., Ltd
    • Makita Corporation

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Tool Type
      • Market Snippet, By Mode of Operation
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Component Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Power Tools Market - Impact of Coronavirus (Covid-19) Pandemic
    • Short Term
    • Long term
  5. Global Power Tools Market, By Tool Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment trends
    • Drilling Solutions
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Material Removal
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Sawing
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Wrenches
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Other Solutions
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Power Tools Market, By Mode of Operation, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment trends
    • Electric
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
      • Corded
      • Cordless
    • Pneumatic
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. Global Power Tools Market, By Application, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment trends
    • Industrial
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • DIY
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  8. Global Power Tools Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Tool Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Mode of Operation, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Tool Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Mode of Operation, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Tool Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Mode of Operation, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Tool Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Mode of Operation, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Tool Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Mode of Operation, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of Middle East and Africa
  9. Competitive Landscape
    • Company Profiles
      • Apex Tool Group LLC *
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/ Updates
      • Atlas Copco AB,
      • Emerson Electric, Co
      • Techtronic Industries
      • Hilti Corporation
      • Stanley Black & Decker
      • Ingersoll-Rand plc
      • Robert Bosch
      • Koki Holdings Co., Ltd.
      • Makita Corporation.
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on “Global Power Tools Market -forecast to 2027”.

FAQgrowicon

Frequently Asked Questions

The global market for Power Tools was USD 30,000.8 Million in 2019.
Rising adoption cordless power tools such as cordless wrenches, cordless rotary hammers, is attributing the demand of power tools market.
Asia Pacific region hold the largest share in the global Power Tools market in 2019, accounting for 38.1% share in terms of value.
Key players operating in the global Power Tools market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation.
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