Power Tools Market size was over USD 30.6 Billion in 2023 and is anticipated to cross USD 63.99 Billion by the end of 2036, witnessing more than 6.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of power tools is assessed at USD 31.4 Billion.. The reason behind the growth is impelled by the growing construction industry worldwide. Power tools are of great value and widely used at construction sites, as they provide workers with the additional strength and capability they need to finish difficult construction projects. The construction sector is one of the largest in the world economy, with about USD10 trillion spent on construction-related goods and services every year.
The huge demand for power tools in modern households are believed to fuel the market growth. With the surge in consumers becoming aware and technically equipped they prefer repairing the furniture or any electrical equipment manually. Even refurbishing existing fittings, or plumbing they prefer to do themselves to save costs of a paid technician. As such the demand for modern power tools to make tasks easier is much in demand. The essential power tools for home use include a power drill + driver, jigsaw, circular saw, miter saw, oscillating multi-tool, random orbital sander, cordless brad nail gun, and table saw.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.5% |
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Base Year Market Size (2023) |
USD 30.6 Billion |
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Forecast Year Market Size (2036) |
USD 63.99 Billion |
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Regional Scope |
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Mode of Operation (Electric, Liquid Fuel, Hydraulic, Pneumatic, Powder-Actuated)
The electric segment is estimated to account for 36% share of the global power tools market in the coming years owing to the growing popularity of cordless technology. The most common electric power tools are power saws, electric planes, electric milling cutters, electric mortising machines, and portable parquet finishers. They can be corded or cordless.
Corded electric tools require plug-and-play whereas cordless tools are handier to operate. Consumers increasingly prefer cordless tools that are lightweight, portable, flexible, and compact. Bosch Power Tools had launched more than 60 new cordless tools for professional users, in the last two years, more than 25 of which in 2021. By 2023, the range is supposed to cover a total of around 100 new cordless tools.
Type (Sawing and Cutting, Fastening, Demolition, Routing, Portable Nibblers, Air-Powered, Material Removal)
Power tools market from the material removal segment is set to garner a notable share shortly. These tools are used as end-effectors to remove material from a part to produce the desired shape. Material removal tasks such as deburring using, deflating, edge-breaking, surface finishing, etc., require beveling tools, chipping hammers, circular cutters, drilling solutions, grinders, pneumatic saws, riveting hammers, and others. They can be powered by electric or pneumatic sources.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Mode of Operation |
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Application |
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Material |
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End-User |
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Sales Channel |
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APAC Market Forecast
Power tools market in Asia Pacific is predicted to account for the largest share of 34% by 2036 impelled by the growing population. China has a population of 1.4 billion and India with 1.3 billion inhabitants, remains the two most populous countries, comprising 19% and 18% of the total global population respectively. This would lead to development of more houses and commercial buildings in the region, which necessitate the use of power tools for various tasks such as drilling and fastening. Lately, India has more than 1.420.6270.660 people, a growth of over 0.79% from 2022.
North American Market Statistics
The North America power tools market is estimated to be the second largest, during the forecast timeframe led by increasing advancement in technology which has led to the development of more efficient power tools for several industrial and household purposes. This may significantly increase the demand for power tools in the region.
Author Credits: Dhruv Bhatia
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