Power Tools Market Size, Share, Trends, Growth 2032

Power Tools Industry Prospective:

The global power tools market size was evaluated at $28.15 billion in 2023 and is slated to hit $40.07 billion by the end of 2032 with a CAGR of nearly 4.02% between 2024 and 2032..

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Power Tools Market: Overview

Power tools are the key equipment of industrialization as they assist in the large-scale manufacture of high-quality goods in a minimal time. Humungous demand for raw components and labor along with extensive use of power tools in construction, electronics, power generation, oil & gas, manufacturing, and aerospace sectors has enhanced the popularity of power tools.

Key Insights

• As per the analysis shared by our research analyst, the global Power Tools market is projected to expand annually at the annual growth rate of around 4.02% over the forecast timespan (2024-2032)
• In terms of revenue, the global power tools market size was evaluated at nearly $28.15 billion in 2023 and is expected to reach $40.07 billion by 2032.
• The global power tools market is anticipated to grow rapidly over the forecast timeline owing to a demand for infrastructural growth across the globe along with the requirement for high-accuracy & high-precision power tools.
• In terms of product, the material removal tools segment is slated to register the highest CAGR over the forecast period.
• Based on mode of operation, the electric segment is predicted to lead the segmental space in the upcoming years.
• Based on application, the DIY segment is predicted to contribute notably towards the global market share in the upcoming years.
• Region-wise, the Asia-Pacific Power Tools industry is projected to register the fastest CAGR during the projected timespan.

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Power Tools Market: Growth Factors

Rapid infrastructural development & need for precision power tools will pave a way for humongous growth of the market across the globe

Demand for infrastructural growth across the globe along with the requirement of high-accuracy & high-precision power tools will proliferate the expansion of the power tools market across the globe. A massive need for power tools in power drills, line laser level, oscillating multi-tools, air wrenches, angle grinders, and oscillating multi-tools is anticipated to expand the scope of the global market demand. Rapid industrialization globally will promulgate the elevation of the market globally. An immense acceptance of cordless power tools along with innovations in battery systems will help the global market transcend to greater heights in the near future.

Power Tools Market: Restraints

High preliminary prices pertaining to purchase of power tools to restrict the global industry expansion by 2032

Huge initial costs related to the acquisition of power tools can restrain the growth of the power tools industry globally. Apart from this, these products require mammoth investments for high-end prototypes, thereby posing an immense threat to the expansion of the industry across the globe.

Power Tools Market: Opportunities

A rise in the power tool application in the residential sector opens new growth opportunities for the global market

A surge in the use of power tools in various residential applications such as fittings, furniture repairing, and cutting & plumbing will open a spectrum of opportunities for the global power tools market. Apart from this, a rise in construction & electrification activities as well as a surge in household construction is predicted to chart a profitable growth map for the global market.

Power Tools Market: Challenges

Oscillation in the raw material prices can pose a huge challenge to the global industry surge by 2032

Intense competition between key players to acquire a huge share of the global industry and competition in pricing strategy implementation can impact the expansion of the global power tools industry. Fluctuations in the raw material costs can be detrimental to the expansion of the global industry.

Power Tools Market: Segmentation

The global power tools market is divided into product, mode of operation, application, and region.                                         

In product terms, the power tools market across the globe is segregated into drilling & fastening tools, sawing & cutting tools, routing tools, demolition tools, and material removal tools segments. Furthermore, the material removal tools segment, which acquired nearly two-thirds of the global market share in 2023, is predicted to record the highest gains in the years ahead. The expansion of the segment in the projected timespan can be attributed to the escalating use of material removal tools in metal processing workspaces and factories. Reportedly, various kinds of material removal tools including sanders and grinders are extensively used in residential as well as industrial ventures.

On the basis of mode of operation, the global power tools industry is segmented into electric and pneumatic segments. Additionally, the electric segment, which accumulated a key share of the global industry in 2023, is slated to lead the segmental landscape in the forecasting years. The segmental progression over the timeframe from 2024 to 2032 can be subject to the exceptional performance offered by power tools in an electric mode of operation. 

On the basis of application, the global power tools market is bifurcated into industrial and DIY segments. Additionally, the DIY segment, which acquired a key share of the global market in 2023, is projected to contribute majorly towards the global market share in the ensuing years. The segmental surge over the timeframe from 2024 to 2032 can be due to a prominent rise in the purchasing power of consumers and an increase in household expenditure both in emerging economies and developed countries.

Power Tools Market: Report Scope

Power Tools Market: Regional Insights

North America is projected to maintain the number one status in the global power tools market over the forecast timeline

North America, which accounted for about two-fifths of the global power tools market proceeds in 2023, is expected to establish a key position in the foreseeable future. Additionally, the regional market surge over the forecast timeline can be credited to the growing demand for industrialization and innovative products in countries such as Canada and the U.S. Thriving construction & material, textiles, automation, and oil & gas sectors will spur the regional market trends.               

The European power tools industry is predicted to record the fastest CAGR in the forecast timespan. The progression of the industry in the continent over the assessment period can be due to a rise in the population in the continent along with escalating demand for the product in various end-use sectors in countries such as the UK, Norway, Germany, Italy, and France.

Key Developments

• In the first half of 2023, Bosch Power Tools India introduced the GWS 800 Professional to a key product line of angle grinders. The move will boost the expansion of the power tools market in India and the APAC region.
• In the first quarter of 2023, Hilti declared the launching of more than 30 battery-driven cordless tools. This, in turn, will contribute majorly to the Nuron battery-driven power tools product portfolio in North America.

Power Tools Market: Competitive Space

The global power tools market profiles key players such as:

• Ingersoll Rand Inc.
• Stanley Black & Decker Inc.
• Makita Corporation
• Atlas Copco AB
• Apex Tool Group
• Hilti Corporation
• Kyocera Corporation
• Emerson Electric Co. (RIDGID TOOLS)
• Snap-on Incorporated
• Robert Bosch Power Tools GmbH

The global power tools market is segmented as follows:

By Product

• Drilling & Fastening Tools
•  Sawing & Cutting Tools
•  Routing Tools
•  Demolition Tools
•  Material Removal Tools

By Mode of Operation

• Electric
• Pneumatic

By Application

• Industrial
•  DIY

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa