The surge in the power tool market can be attributed to a confluence of key factors. Technological advancements, industrial expansion, and the increasing popularity of do-it-yourself (DIY) activities have been pivotal drivers of this robust growth. Cordless tools, in particular, have gained significant prominence, thanks to improved battery technology that enhances user mobility and convenience. A noteworthy trend is the transition towards eco-friendly tools, aligning with the growing environmental consciousness. Furthermore, the integration of smart technologies has witnessed a significant uptick, not only enhancing tool performance but also elevating the overall user experience.
The global power tool market is on an impressive trajectory, with a projected size of US$ 36.04 billion in 2023, set to soar to a remarkable US$ 64.5 billion by 2033. This growth is expected to be sustained by a compelling Compound Annual Growth Rate (CAGR) of 6% during the forecast period spanning from 2023 to 2033.
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Versatile Utility across Industries: Power Tools in Production, Maintenance, and Beyond
Power tools have carved their niche across a spectrum of applications, serving as indispensable assets in diverse sectors like production and assembly lines, maintenance and repair tasks, packaging operations, and even do-it-yourself (DIY) endeavors. The allure of these tools lies in their seamless operation, efficient performance, and portability, all of which contribute to reduced time and labor requirements.
Key Projections and Insights:
- By 2022, the global power tools market is forecasted to reach US$ 34 billion, signaling substantial growth in the industry.
- FMI anticipates an exponential rise in demand for both electric and portable power tools, a trend expected to continue in the foreseeable future.
- Industries such as automotive, construction, and aerospace are fueling the demand for power tools as they seek enhanced precision, efficiency, and productivity in their operations.
- The automotive sector’s growing reliance on advanced manufacturing processes and the construction industry’s pursuit of enhanced productivity are driving the adoption of power tools.
- Aerospace manufacturing, characterized by intricate components and stringent precision requirements, is also a notable contributor to the surge in power tool demand.
- FMI’s analysis projects power tools’ market share to encompass approximately 7% to 8% of the global tooling industry, showcasing their significance in industrial operations.
Global Power tool Market Competitive Landscape:
The global power tools market is a highly competitive market owing to the presence large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion in untapped markets coupled with developing their business via e-commerce platforms to gain a competitive edge.
Some of the leading companies operating in the market are:
- Robert Bosch Power Tools GmbH
- Stanley Black & Decker, Inc.
- Makita Corporation
- Hilti Corporation
- Atlas Copco AB
- Techtronic Industries Company Limited
- Snap-on Incorporated
- Actuant Corporation
- Husqvarna AB
- Illinois Tool Works
- Panasonic Corporation
- Hitachi Corporation
- Ingersoll Rand, Inc.
- Enerpac Tool Group
- Kyocera Corporation
- Apex Tool Group
- Ridgid Tools
- Koki Holdings Co., Ltd.
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Key Segments:
Product Type:
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Jigsaw
- Impact Wrench
- Circular Saw
Technology:
- Electric
- Corded
- Cordless
- Pneumatic
Application:
- Manufacturing
- Metal Fabrication
- Automotive
- Railways
- Aerospace
- Furniture
- Others
- MRO Services
- Facility Management
- Automotive
- Aerospace
- Other Industrial
- DIY
- Construction
Sales Channel:
- Online
- Offline
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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