In 2022, it is anticipated that the global power tools market will be worth US$33.36 billion. The demand for electric power tools and portable power tools will increase exponentially over the next few years, according to the most recent Future Market Insights (FMI) analysis.
The size of the market for power tools in the United States is currently unknown, but it is expected that the market will be larger than it is now. Demand for power tools will increase by 5.1% CAGR between 2022 and 2032 as more cordless power tool sales are made.
The demand for electric power tools and portable power tools will increase exponentially over the next few years, according to the most recent Future Market Insights (FMI) analysis. Demand for handheld and pneumatic power tools will also increase due to their growing use in the automotive, construction, aerospace, and other industries.
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The report also predicts power tools sales to make up nearly 7% to 8% of the global tooling industry.
The COVID-19 pandemic has severely affected the global economy. Resulting in manufacturing plants shutdowns, coupled with supply chain disruptions owing to nationwide lockdowns across the globe, subsequently resulting in the plunge in the power tools market growth. However, the market is expected to recover sharply as the economic activities resume post the containment of pandemic. Manufacturers are focusing on scaling up their production capabilities with improved production rate creating positive prospected for the power tools market growth.
Key Takeaways of Global Power tool Market Study:
- Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
- Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
- U.S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021
- U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
- 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 online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.
Global Power tool Market Competitive Landscape:
The global power tools market is highly competitive market owing to 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 competitive edge. Some of the leading manufacturers of power tool market are Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Company Limited, Koki Holding, Co., Ingersoll Rand Inc., Apex Tools, Hilti Corporation, Snap-on Incorporated, among others.
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Valuable Insights into Global Power Tools Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global power tools market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the power tools market based on backing product type (drilling tools, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench, circular saw), technology (electric and pneumatic), application (manufacturing, MRO services, DRO, construction), and sales channel (offline and online) across six regions (North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa).
Key Segments Covered in the Power Tools Industry Analysis
By Product Type:
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Jigsaw
- Impact Wrench
- Circular Saw
By Technology:
- Electric
- Corded
- Cordless
- Pneumatic
By Application:
- Manufacturing
- Metal Fabrication
- Automotive
- Railways
- Aerospace
- Furniture
- Others
- MRO Services
- Facility Management
- Automotive
- Aerospace
- Other Industrial
- DIY
- Construction
By Sales Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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