The global power tools market
size is expected to grow from USD 34.3 billion in 2021 to USD 45.2 billion by
2026, at a CAGR of 5.7%. The growth of the market is attributed to growing
construction industry in the emerging economies, high demand for power tools in
automotive industry, rising adoption of battery-powered power tools globally,
and surging demand for electric fastening tools in industrial environment.
However, factors such as high repair and replacement parts cost of power tools
and fluctuations in raw material prices are restraining the market growth. On
the flip side, rising adoption of fastening tools in wind energy industry,
development of smart and connected power tools, and growing demand for power
tools from household applications are expected to create huge opportunities for
the adoption of power tools in the coming years. Moreover, the power tools
manufacturers are facing challenges in designing ergonomic and lightweight
power tools as well as in complying strict regulatory compliance and safety
standards for manufacturing of power tools. Additionally, the declining sales
of commercial vehicles due to COVID-19 is also acting as a challenge for the
power tools market.
Based on tool type, the market for the drilling and
fastening power tools held the largest share in 2020 and is estimated to remain
the same during the forecast period. The growth of the segment is attributed to
the rising adoption of these tools in the automotive assembly and wind turbine
installation operations. Electric drilling and fastening tools are used by
professionals and DIY consumers, while most pneumatic drilling and fastening
tools are used in industrial environments such as automotive and aerospace
manufacturing plants.
Based on mode of operation, the electric segment
holds the largest share of the power tools market in 2020 and is expected to
hold significant CAGR during the forecast period. The electric power tools are
widely used in the broad range of industries such as construction, automotive,
aerospace, energy, and shipbuilding. The growth of this segment is fueled by
innovations in battery technology and the growing adoption of cordless tools
among industrial and residential users. Currently, manufacturers are focusing
towards the production of cordless electric power tools powered by lithium-ion
batteries. As a result, the demand for cordless power tools with lithium-ion
batteries is expected to increase during the forecast period.
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Based on application, the market for industrial/professional
applications dominant in 2020. The growing construction activities in both
developed and developing countries are responsible for the adoption of power
tools at construction sites. Power tools play an important role in every stage
of construction activity, including design, survey, construction, and
maintenance phases. On the other hand, the residential/DIY application is
estimated to grow at the highest growth rate during the forecast period. The
growing remodeling and renovation residential projects across the globe is
estimated to fuel the growth of the segment in the coming years. The use of
power tools by DIY enthusiasts is rising in developed countries, such as the
US, the UK, and Germany.
The power tools market has been segmented into North
America, Europe, APAC, and RoW. The market in APAC is expected to grow at the
highest CAGR from 2021to 2026. Rising urbanization, growing manufacturing
industry, and increasing automotive sales in this region are the key factors
fueling the growth of the power tools market in APAC. India and China remain
lucrative growth markets for manufacturers of power tools. Besides, North
America hold the largest share of power tools market in 2020. Increasing wind
energy installations have boosted the demand for fastening power tools in this
region. Moreover, automotive and aerospace are among the prominent industries
contributing significantly to the growth of the power tools market in North
America.
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