Power Tools Market size to record USD 16.84 bn growth from 2024-2028, Portable power tools with smart technologies is one of the key market trends, Technavio

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Apr 18, 2024, 18:55 ET

NEW YORK, April 18, 2024 /PRNewswire/ -- The global power tools market size is estimated to grow by USD 16.84 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 7.2% during the forecast period. The Power Tools Market in the US is evolving with the integration of web and digital connectivity. Brands like DEWALT and Stanley Black and Decker introduce smart technologies, enabling Bluetooth connectivity between tools and smartphones for tracking and safety. Key features include desired performance, ergonomic design, vibration reduction, and lightweight housings. Tools include hammers, sanders, cutters, electric screwdrivers, and more. Cordless tools, battery elements, and capacity are crucial factors. The DIY trend drives demand for power drills, saws, planes, grinders, and wrenches for residential applications.

Technavio has announced its latest market research report titled Global Power Tools Market 2024-2028

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Innovation Sparks Market Growth:

The Power Tools Market in the US is experiencing a significant shift with the integration of web and digital connectivity. Established brands like DEWALT, Stanley Black and Decker Inc., are introducing smart technologies in hammer drills, sanders, cutters, electric screwdrivers, and more. Desired performance and ergonomic design are key considerations for users, who aim to minimize fatigue and physical stress. Comfort and control are essential for optimal user performance and preventing health problems. Vibration reduction, non-slip grips, balancing tools, and lightweight housings are features that enhance user experience. Cordless tools with advanced battery elements offer increased capacity and longer battery run time. Electric power tools, including power saws, electric planes, electric milling cutters, electric mortising machines, and electric wrenches, are popular for DIY trend and residential applications. Power grinders, electric drills, portable parquet finishers, and corded electric tools cater to professional needs in drilling, fastening, material removing, cutting, grinding, road construction, and infrastructure activities.

Addressing Challenges:

The power tools market faces challenges from volatile raw material prices, particularly for steel, copper, rare earth magnets, and batteries. Infrastructural development, including roads, railways, airports, energy, utilities, and commercial and residential buildings, fuels demand for power tools such as cordless drills, demolition jackhammers, circular saws, jigsaws, and reciprocation saws. Industrial construction projects require robust, efficient tools, leading to increased usage of industrial-grade power tools. Resin, ferrous metals, non-ferrous metals, zinc, brass, aluminum, nickel, and electronic components are essential for manufacturing these tools. Disruptions in supply chains can impact production, leading to higher prices and reduced sales. Flexible, portable, and compact tools cater to residential users for furniture repair, home remodeling, and home refurbishment. Quick, easy, and efficient tools remain popular, with cutting, drilling, and fastening tools continuing to dominate the market.

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Analyst Review

The Power Tools Market encompasses a broad spectrum of industries, including construction, aerospace, automotive, shipbuilding, and petrochemical. Manufacturers specialize in producing highest quality materials for battery power tools, catering to the demands of various construction activities. Key power tools include wrenching sets, saw drills, polishing materials, and cordless sanders, such as Random Orbit Sanders and Cordless Sanders. Industries like automotive and aerospace rely on Power Tools Market for maintaining their moving parts, which often require frequent upkeep. Fluctuating prices of raw materials and components, like Internal Combustion Engines and Electric Motors, impact the market's growth. Compressed air and cordless power equipment, like Grinders, Routers, Hammer-drills, and Saws, are essential tools in the power tools industry. The Power Tools Market continues to evolve, with innovations in battery technology and cordless equipment driving growth in the sector. In the power tools industry, the use of highest quality materials and advanced technologies ensures the production of efficient and cost-effective tools for various applications. The power tools market is a significant contributor to industries like oil and gas, where maintenance costs for moving parts can be substantial. Overall, the power tools market is a dynamic and essential sector, providing solutions for industries that require robust and efficient tools for their operations.

Market Overview

The Power Tools market is a significant sector, encompassing a variety of devices designed to make construction and DIY projects more efficient. These tools include drills, saws, sanders, grinders, and more. Consumers seek out power tools for their ability to save time and energy compared to manual labor. The industry is driven by advancements in technology, leading to cordless and more powerful tools. Brands like Bosch, DeWalt, and Makita dominate the market, offering a range of products from basic to high-end models. The Power Tools industry is a global one, with major players based in the US, China, and Germany. The market is expected to grow steadily in the coming years, driven by increasing urbanization and infrastructure development.

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Key Companies:

Power Tools Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Power Tools Market report includes information on the product launches, sustainability, and prospects of leading vendors including Apex Tool Group LLC, Atlas Copco AB, C. and E. Fein GmbH, Chervon Holdings Ltd., Emerson Electric Co., Evolution Power Tools Ltd., Group Silverline Ltd., Hilti AG, Illinois Tool Works Inc., JPW Industries Inc., Koki Holdings Co. Ltd, Makita Power Tools India Pvt. Ltd., Nemo Power Tools Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., Vicky Power Tools, Zoshab International Power Tools LLP

Key Topics Covered:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape

End-user

Industrial
Residential

Technology

Electric
Pneumatic
Others

Geography

APAC
North America
Europe
Middle East And Africa
South America

8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio