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 6% 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.
Global Power Tools Market is estimated to be valued at US$ 52,626.4 Mn by 2030.
Global Power Tools Market: Drivers
Growing applications of power tools in a multitude of industries to boost the global power tools market growth over the forecast period
Power tools are highly sophisticated and efficient to use and thus, they are being adopted in a multitude of industries such as energy, automobile, construction, aerospace, and others. These tools are majorly actuated by electricity, and thus are highly energy efficient. Furthermore, significant demand for electric fastening tools in industrial environments is expected to boost the sales of power tools. Electric fastening tools play a vital role in the installation of wind turbines. These tools include gearboxes, rotor bearing tools, and bolts. Moreover, these tools are used in maintenance & repairing applications. Thus, these factors are expected to drive growth of the global power tools market during the forecast period.
Global Power Tools Market: Opportunities
Advent of connected power tools for Industry 4.0 can present significant growth opportunities in the global power tools market
Industry 4.0 is the digital transformation of manufacturing and production-related industries. With Industry 4.0, business owners can gather and analyze data across machines, allowing faster, more efficient, and more flexible processes to produce greater quality goods at reduced costs. Connected power tools offer valuable insights to factory owners, where they can monitor the performance of a tool, via a smartphone app and can also prevent theft. It can also alert the company for timely repair & maintenance operations, which can avert unwarranted breakdowns. Connected power tools can be monitored via a smartphone app or web.
Global Power Tools Market: Restraints
Stringent regulatory compliances to hamper the global power tools market growth over the forecast period
Since power tools are used in a variety of sectors including automotive, construction, and household applications, manufacturers are required to comply with stringent regulations that may differ according to every industry. For instance, domestic and international channels along with end users demand safety and reliability. Therefore, manufacturers are required to comply with safety regulations. Furthermore, manufacturers are also required to address quality and environmental sustainability issues. Such parameters are challenging to fulfill, which in turn, is expected to hamper the global power tools market growth over the forecast period.
Global Power Tools Market Trends:
Asia Pacific Trends
Among regions, Asia Pacific is expected to witness significant growth in the global power tools market during the forecast period. This is owing to the robust growth construction industry and rising infrastructure development activities across the region. Furthermore, rising disposable income is expected to propel the regional market growth over the forecast period.
North America Trends
North America is expected to register a robust growth rate in the global power tools market over the forecast period. This is owing to rising industrial and infrastructure development across the region. Moreover, the large presence of major market players such as Emerson Electric Co. and Apex Tool Group is expected to boost the regional market growth in the near future.
Global Power Tools Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic impacted small and medium-sized enterprises as well as large enterprises all over the world. However, Power Tools is a solution for challenges resulted from the COVID-19 pandemic, such as need for tools to grow the infrastructure industry increased as purchasing power of people increased. Thus, during this period, the adoption of power tools increased among businesses, which further positively impacted growth of the global power tools market.
Global Power Tools Market: Competitive Landscape
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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The global Power Tools market was valued at US$ 27,680.9 Mn in 2022 and is forecast to reach a value of US$ 52,626.4 Mn by 2030 at a CAGR of 8.36% between 2023 and 2030.
Asia Pacific segment held dominant position in the global Power Tools market in 2022, accounting for 34.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Power Tools Market: Recent Developments
In March 9, 2023 Metabo HPT, the creator of the versatile cordless MultiVolt System, announced the newest addition to its lineup with the launch of an 18V Brushless Hammer Drill Kit that includes two 2.0Ah batteries featuring fuel gauges (DV18DEX). This hammer drill delivers 10% higher working speeds** and comes with Reactive Force Control (RFC) for added safety.
In December, 2021 DePuy Synthes, The Orthopaedics Company of Johnson & Johnson, has launched the UNIUM System as the newest addition to its Power Tools portfolio. The system is designed with a commitment to ergonomics, reliability and efficiency in the Trauma setting and can be used across small bone, sports medicine, spine and thorax procedures.
In November, 2021 Sandvik Coromant, a provider of machining solutions, launched two new microdrill families specifically designed for precision machining. The CoroDrill 462 with -XM geometry and the CoroDrill 862 with -GM geometry support industries that demand small parts manufacturing, such as medical, automotive, electronics and aerospace.