The report "Power Tools Market by Product (Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools), Mode of Operation (Electric, Pneumatic), Application and Region - Global Forecast to 2027" The global power tools market size is estimated to be USD 42.8 billion in 2022 and is projected to reach USD 65.5 billion by 2027 at a CAGR of 8.9%. The growth of the market can be attributed to the growing construction industry in emerging economies, the high demand for power tools in the automotive industry, the rising adoption of battery-powered power tools globally, and the surging demand for electric fastening tools in industrial environments.
Drilling and Fastening
Tools to grow at the highest CAGR during review period
Drilling and fastening
tools are to grow at the highest CAGR among all tool types of power tools
during the forecast period. This segment includes a detailed description of all
major drilling and fastening tools, such as drills, impact drivers, impact
wrenches, screwdrivers, and nutrunners. Drilling and fastening tools are
expected to continue dominating the power tools market due to their extensive
use in industrial and residential applications. A few driving factors for the
power tools market growth include the rising demand for electric power tools in
industrial environments, significant growth in the adoption of battery-powered
power tools and increasing construction activities in emerging economies.
Electric power tools to
grow at highest CAGR during forecast period
Electric power tools
will likely grow at the highest CAGR in the forecast period. Professional and
DIY users primarily use electric power tools. Depending on the application,
they are operated either through a battery or a corded power supply. Corded
power tools are completely reliant on electricity for their energy source. An
electric power tool is a portable power tool driven by an electric motor, which
is widely used for machining materials, for instance, metalworking and
woodworking. The most widely used electric power tools are power saws, electric
planes, electric milling cutters, electric mortising machines, electric
wrenches, power grinders, electric drills, and portable parquet finishers.
Residential/DIY
Application to grow at the higher CAGR in forecast period
The Residential
application is growing at the higher growth rate during the forecast period.
Rising adoption of cordless power tools from homeowners is driving market
growth. Mostly, electric power tools are used by DIY consumers for residential
refurbishment and improvement projects. DIY users prefer small and lighter
power tools while doing ordinary trades. Thus, there is a growing tendency for
preferring small, ergonomic tools that are more powerful than traditional
tools. This has led to a significant increase in demand for smaller and lighter
power tools.
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Asia Pacific to be the
fastest-growing market during forecast period
The regional market is
likely to grow at the highest rate during the forecast period, attributed to
the increasing demand for power tools in major countries such as China and
Japan. Also, with the growing automotive industry and manufacturing sector,
Asia Pacific has become one of the major regions to adopt power tools. Besides,
the countries, such as China, Japan, and India, in the region, have one of the
world’s largest construction markets. Countries are investing heavily in
infrastructure development and urban area planning, which is consequently
driving the demand for power tools. The rapid increase in population has
increased the demand for residential houses and commercial facilities. The
increasing urbanization and the development of smart cities are expected to
support the growth of the power tools market for the construction industry.
Major companies
operating in the power tools market include Stanley Black & Decker, Inc.
(US), Robert Bosch GmbH (Germany), Techtronic Industries Co., Ltd. (Hongkong),
Makita Corporation (Japan), Atlas Copco AB (Sweden), Ingersoll Rand (US),
Snap-on Incorporated (US), and Apex Tool Group, LLC (US), among others.
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