The global power tools market forecast size was valued at US$ 33.36 Bn in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% CAGR between 2021 and 2031. Tools that are activated using a power source apart from manual labor are termed as power tools.
In addition to production and assembly lines, maintenance and repair, packing, and do-it-yourself projects are just a few of the uses for which they are used. The convenience and efficiency of use, the need for less time and labour, and the ease of mobility are some of the elements that are driving the demand for power tools.
Demand is anticipated to increase dramatically as manufacturing activity increases across the board. Production programmes will provide the majority of market revenue during the forecast period, according to fmi. In addition, the market will have more revenue potential because to the rising popularity of DIY sports.
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Key Takeaways from Global Power tool Market Study
- The power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
- The overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
- The U.S. is expected to spearhead growth in North America, accounting for over 62% of the overall share in the region in 2021
- The U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
- The outlook for Italy and France is expected to remain positive over the forecast period
“The power tools market is witnessing a strong growth trend, attributing to increasing demand from various end use industries. Key industry participants are focusing on developing partnerships with regional distributors in order to gain a competitive advantage in the evolving global market. To comply with the advent of online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.
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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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