Global Power Tools Market Report and Forecast 2024-2032

Global Power Tools Market Outlook

The global power tools market attained a value of over USD 37.55 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.5%.

Key Trends in the Market

Power tools are those tools that are activated by an external power source and mechanism, in contrast to hand tools that exclusively utilise manual force. The most general types of power tools employ electric motors but internal combustion engines as well as compressed air can also be used. With an external power source, power tools are strong and fast, increasing productivity. 

• The growing trend of remodelling and renovation in construction projects is expected to boost the utilisation of power tools in the residential sector. This is further expected to increase the power tools market across the globe over the coming years.

• Due to the accessibility of easy-to-operate and user-friendly power tools, the demand for power tools is expected to gain consumer traction in the market. This is a significant aspect to boost the growth rate of household users of power tools.

• An upsurge in the adoption of power tools in the construction and industrial sectors is expected to push forward market growth across the globe during the forecast period.

Market Analysis

Based on the mode of operation, the power tools market can be segmented into electric, and pneumatic, among others. Electric mode of operations is further subdivided based on electric type into corded and cordless. On the basis of tool type, the market is categorised into drilling and fastening tools, material removal tools, sawing and cutting tools, and demolition tools, among others. Based on application, the market is segmented into industrial and residential. The regional markets for power tools can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global Power Tools market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• Robert Bosch Tool Corporation

• Stanley Black & Decker, Inc.

• Hilti Corporation

• Atlas Copco AB

• Techtronic Industries Co. Ltd.

• Emerson Electric Co.

• Others

Market Share by Application

The industrial segment is holding robust growth in the power tools market share across the globe in terms of application on account of the increasing demands from industries including construction, mining, and aerospace. Going further, the surge innovation and adoption and of advanced technologies among various industries is expected to boost the industrial segment growth in the global market. 

The construction and automotive industries hold the highest adoption rate of power tools and are expected to drive the growth of the industrial segment. Meanwhile, the residential segment is expected to propel the market growth on account of the surging interest among consumers for DIY activities and increasing demand for power tools for basic home repairs.

Market Share by Region

Geographically, the Asia Pacific region is expected to augment the power tools market share on account of the surging demand for these tools due to rising industrialisation, urbanisation, and infrastructure development. India is expected to hold significant growth in the market share of power tools due to the rising government support to escalate the capabilities of the automotive and construction industries in the country. 

Going further, the surging investments in research and development activities by tool manufacturers to build novel products are enhancing market growth in the Asia Pacific region. In several regions, governments are providing attractive subsidies to enhance manufacturing research and development facilities in their respective jurisdictions to boost tool manufacturing and subsequent sales.

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Competitive Landscape

Robert Bosch Tool Corporation is a United States-based company formed in 2003. Robert Bosch GmbH merged its North American power tool and power tool accessory categories into a single organisation under the name Robert Bosch Tool Corporation. It is a global leader in the manufacture, sale, and design of power tools, power tool accessories, rotary and oscillating tools, range finding tools, and laser and optical levelling devices.

Stanley Black & Decker, Inc. is a leading provider of power tools, hand tools, and outdoor products, among other related accessories, engineered fastening systems and products, automatic doors, and equipment and services for oil and gas and infrastructure applications. Its segments include Tools and Outdoor, and Industrial. The Tools and Outdoor segment includes hand tools, accessories and storage, outdoor power equipment businesses, and power tools.

Hilti Corporation is a global leader in producing and designing cutting-edge technologies, software, and services for the professional construction industry. The company is known for innovation, direct customer relationships, and quality. It covers the whole value-added chain from product development to manufacturing, sales, services, and logistics.

Other market players include Atlas Copco AB, Techtronic Industries Co. Ltd., BLACK+DECKER, and Emerson Electric Co., among others.

Key Highlights of the Report