Global Power Tools Market Size Will Grow to US$ 43,278.3 Million at 5.2% CAGR by 2027: Astute Analytica
NEW DELHI, March 14, 2022 /PRNewswire/ -- Global Power Tools market is projected to witness a rise in its revenue from US$ 31,994.7 Mn in 2021 to US$ 43,278.3 Mn by 2027. The market is registering a CAGR of 5.2% over the forecast period 2022-2027. A power tool is a tool that is actuated by an additional power source and mechanism other than the solely manual labor used with hand tools.
Power tools are primarily used to cut, wrench, saw drill and polish materials. The growing impetus of the global power tools market is attributed to factors such as growing application of power tools in construction industry and rising adoption of cordless power tools globally. With constant developments in the construction industry, the demand for construction machinery and advanced tools & equipment has increased throughout the world. The growing use of drills, sanders, wrenches, and other tools in the construction sector is augmenting the demand for these tools. Furthermore, the growing demand for construction activities coupled with increasing usage of innovative and energy-efficient tools and growing purchasing power has resulted in the introduction of more efficient power tools.
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Cordless power tools are gaining extensive acceptance and implementation in both home and workplace. Cordless power tools include a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as nailers and staplers. These sorts of cordless tools are ideal for sanding, welding, metalworking, cutting, and other applications. This is propelling the market growth. However, the high maintenance cost along with regular price fluctuations in raw materials of power tools are limiting the growth of the power tools market globally.
Segmentation Analysis
Drilling and fastening tool type has the highest share in the power tools market in 2021
In terms of tool type, the power tools market is segmented into drilling and fastening tools., demolition tools, sawing and cutting tools, material removal tools, routing tools, air-powered tools and others. The drilling and fastening tools segment are estimated to have the highest market share in 2021 and is projected to continue its dominance over the forecast period. The rising demand for drilling and fastening tools from various end use industries such as automotive and aerospace manufacturing plants are driving the market share of power tools in the global market.
Electric mode of operation segment holds the highest market share in 2021
Based on mode of operation, the power tools market is segmented into electric, pneumatic, and hydraulic. Among these, the electric segment holds the highest share in the power tools market in 2021. This is due to the rise in demand of power tools from wide range of industries including construction, automotive, aerospace, energy, and shipbuilding coupled with growing adoption of cordless tools among industrial and residential users. Furthermore, the advent of powerful battery packs has resulted in the increased power of electric tools. The pneumatic segment has the highest CAGR in the power tools market during the forecast period.
Industrial application has the highest share in the power tools market in 2021
Based on application, the power tools market is bifurcated into industrial and residential. Industrial application segment has the highest share of the power tools market in 2021. An increased technological innovation and adoption of advanced technologies in industries, such as construction, aerospace, automotive, and energy among others, is expected to drive the industrial applications in the power tools market. However, the residential segment has the highest CAGR in the market over the forecast period.
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North America dominates the Global Power Tools Market in 2021
North America is the highest shareholder in the Global Power Tools Market in 2021 owing to the rising demand for power tools in wide range of industries coupled with the continuous migration to urban areas. Moreover, rising construction industry in the region is further augmenting the growth of the market. However, Asia Pacific is estimated to dominate the market by the end of 2027. Increasing disposable income, growing construction & infrastructure development activities are major factors influencing the growth of the APAC market.
Competitive Insight
- The Andreas Stihl Pvt. Ltd. designs, manufactures and allocates power tools for specialized forestry and agriculture as well as for garden and landscape conservation, the construction sector, and the demanding private user. The company operates an extensive range of products, including industrial chainsaws, cultivators, string trimmers, leaf blowers, construction tools, cut-off saws, edgers, pole pruners, augers/drills & protective apparel.
- Apex Tool Group Ltd. is an American multinational corporation, founded in 2010 and headquartered at Sparks Glencoe, Maryland, United States. Apex Tool Group offers mechanics, trade, specialty tools, truck boxes, job site storage products, chains, and drill chucks, as well as soldering, cutting, motion control and air ventilation bits, torque measurement, metal cutting, and drilling solutions.
- Atlas Copco AB is a European multinational company established in 1873 and headquartered in Stockholm, Sweden. Atlas Copco AB manufactures and distributes compressed air equipment and treatment, mining equipment, vacuum solutions, generators, hybrid joining technologies and electric and pneumatic tools, and other assembly systems, as well as offers related equipment and services.
- Enerpac Tool Group is a Mechanical or Industrial Engineering company. The company specializes in industrial tools, portable machines, controlled bolting, heavy lifting solutions, Enerpac Service Centers, and others.
- Ferm International B.V. designs and manufactures high-quality power tools and accessories for the international power tool market. The company offers angle grinders, circular saws, corded drills, cordless drills, garage tools, milling tools, sanding tools, and others.
- KOKI Holding Co. Ltd. mainly deals with manufacturing as well as selling power tools. The company is one of the market leaders in the Japanese electric tool manufacturing Industry. Also, it is engaged in the end-to-end process starting from manufacturing to selling its product. It provides a plethora of electric equipment such as power tools, accessories, and fasteners for industrial applications.
Segmentation Overview
Global Power Tools Market is segmented based on tool type, mode of operation, application, and region. These segments are further sub-divided to get a holist picture of the market.
The following are the different segments of the Global Power Tools Market:
- By Tool Type segment of the Global Power Tools Market is sub-segmented into:
- Drilling and Fastening Tools
- Drills
- Screwdrivers and Nut-Runners
- Wrenches
- Drivers
- Demolition Tools
- Demolition Hammer
- Hammer Drill
- Breaker
- Rotary Hammer
- Others
- Sawing and Cutting Tools
- Circular Saws
- Jigsaws
- Multi-Cutter Saws
- Chop Saws
- Band Saws
- Reciprocating Saws
- Shears and Nibblers
- Material Removal Tools
- Grinders
- Die and Straight Grinder
- Angle Grinder
- Rotary Files
- Bench Grinder
- Pencil Grinders
- Sanders
- Polishers/ Buffers
- Routing Tools
- Routers/Planer
- Joiners
- Air-Powered Tools
- Air Hoses
- Air Hammers
- Air Scalers
- Others
- Others
- By Mode of Operation segment of the Global Power Tools Market is sub-segmented into:
- Electric
- Corded
- Cordless
- Pneumatic
- Hydraulic
- By Application segment of the Global Power Tools Market is sub-segmented into:
- Industrial
- Cnstruction
- Automotive
- Aerospace
- Energy
- Shipbuilding
- Metal & Fabrication
- Other Industries
- Residential
- By Region segment of the Global Power Tools Market is sub-segmented into:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- ü China
- ü India
- ü Japan
- ü Australia & New Zealand
- ü ASEAN
- ü Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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