Power Tools Market Size, Trends – Global Report, 2035

Global Power Tools Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Power Tools Market size is estimated to reach ~USD 101.39 billion by the end of 2035 by growing at a CAGR of ~8.7% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of power tools was ~USD 37.26 billion. The growth of the market can be attributed to the increasing infrastructural development projects dealing with the development of dams, bridges, roadways, railways, airports, energy utilities, and commercial and residential. In 2020, more than 2,500 global infrastructure projects were announced — an increase of 5.5 percent from 2019 buildings.

In addition to these, there is a huge demand for power tools in modern households. 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. According to a recent survey, 55% of Americans own at least five power tools, and 23% own 10 or more. Apart from that, the survey also revealed that nearly 46% of people have increased their power tool collections in the last decade.

Global Power Tools Market: Growth Drivers and Challenges

Growth Drivers

Rising Population– According to the latest United Nations report, the World population is projected to reach 9.8 billion in 2050, and 11.2 billion in 2100. The current world population of 7.6 billion in 2021 is expected to reach 8.6 billion in 2030, 9.8 billion in 2050, and 11.2 billion in 2100. Presently the world population is around 8045311488 as of 2023. The rising number of human inhabitants leads to the growing demand for housing, vehicles, and other modern facilities. Therefore, it is expected to boost the growth of the market in the upcoming years.
Rising Urbanization Globally– According to statistics, the degree of urbanization across the world as of 2022 is 57%. As per a report by the World Bank, 4.4 billion inhabitants – live in cities. It is estimated that the urban population will be more than double its current size by 2050, at which point nearly 7 of 10 people will live in cities. More urbanization leads to the development of more residential and other infrastructure, and it is predicted to surge the growth of the market.
Growing Construction Industry Worldwide– 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. As the number of skyscrapers continuously grows, it's estimated that there are approximately 100 billion buildings of all types and sizes in the world. As of 2021, there are approximately 2.3 billion houses in the world.
Use of Power Tools in the Automotive Industry– Power tools are significantly used by vehicle producers as well as the repair and maintenance service providers in the automotive industry especially for electric vehicles . Power tools can make maintenance efficient and convenient by speeding up redundant tasks such as fastening nuts and bolts. Worldwide car sales grew to around 67.2 million automobiles in 2022, up from around 66.7 million units in 2021.
The Surging Demand for Power Tools is Driving the Sales- With the rising demand for power tools by various end-use industries and for domestic purposes, their sales are growing exponentially. Bosch Power Tools has set an all-time high with sales of ~USD 6.40 billion (5.8 billion euros) in 2021.

Challenges

Disruptions in Supply-Chain Management Owing to Political Unrest across the World- The disruptions started with the commencement of the Pandemic and have continued since. Owing to the Russia-Ukraine war and China-US trade and tariff conflicts, the situation is challenging the market.
Volatility in Prices of Raw Materials.
High Complexity as Compared to Hand Tools

Global Power Tools Market Segmentation

The global power tools market is also segmented and analyzed for demand and supply by mode of operation into electric, liquid fuel, hydraulic, pneumatic, and powder-actuated. Amongst them, the electric segment is expected to garner a significant share of around ~36% in the year 2035. The most common electric power tools are power saws, electric planes, electric milling cutters, electric mortising machines, electric wrenches, power grinders, electric drills, and portable parquet finishers. They can be corded or cordless. Corded electric tools require plug-and-play whereas cordless tools are more handy and convenient to operate. Consumers increasingly prefer cordless tools that are lightweight, portable, flexible, and compact. The future is in cordless technology: Major power tool manufacturers gained a 5% increase in power tool sales owing to the introduction of cordless power tools. 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.

The global market is segmented and analyzed for demand and supply by type into sawing and cutting, drilling and fastening, demolition, routing, portable nibblers, air-powered, material removal, electric cords, plugs, accessories, and others. Amongst them, the material removal segment are estimated to grow at the highest rate garnering a share of around 22% during the forecast period. 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 , deflashing, 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 power tools market includes the following segments:

By Type	Sawing and Cutting Drilling and Fastening Demolition Routing Portable Nibblers Air-Powered Material Removal Electric Cords Plugs Accessories Others
By Mode of Operation	Electric Liquid Fuel Hydraulic Pneumatic Powder-Actuated
By Application	Concrete and Construction Woodworking Metalworking Welding Others
By Material	Concrete, Wood/Metal Brick/Block Glass Others
By End User	Industrial/Professional Residential
By Sales Channel	Indirect Sales Direct Sales

Global Power Tools Market Regional Synopsis

The market in the APAC region holds the highest market share of 33.2% by the end of 2035 owing to the rapid growth of population, increasing urbanization, and demand for power tools in infrastructural development and automotive. 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. In roughly seven years, or around 2024, the population of India is expected to surpass that of China. Moreover, China is the largest automobile market worldwide, both in terms of demand and supply. China's automobile registrations rose by 10% to approximately 23.24 million units in 2022. The automotive industry in India is the fourth-largest by production in the world as per 2021 statistics. In 2022, India became the fourth largest country in the world by valuation of the automotive industry. As of 2022, India is the 3rd largest automobile market in the world, surpassing Japan and Germany in terms of sales. All these factors contribute to the growth of the market in the region.

The power tool market in North America region is projected to grow at a high rate and garner a market share of about ~27% by the end of 2035. US demand for power tools is expected to reach ~USD 11.2 billion in 2026 owing to the increasing use of power tools in construction and automotive. 5.9 million U.S. commercial buildings contained a total of 97 billion square feet as of 2018. The number of housing units in the United States has been growing year on year and in 2021, there were approximately 142 million housing units in the United States.

The European power tools market is estimated to be close on the heels of its American counterpart, registering a share of about ~24% by the end of 2035. The number of dwellings in England grew from 21.2 million in 2001, to around 25 million by 2021. Germany and the U.K. are expected to lead the market in terms of revenue. The automotive industry in Germany has created a huge demand for power tools. Germany has sold a total of 2,651,357 units in 2022 and an increase of 1.1 percent over 2021.

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Top Featured Companies Dominating the Global Power Tools Market

Robert Bosch GmbH
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Emerson Electric, Co.
Hilti Corporation
Ingersoll-Rand PLC
Koki Holdings Co., Ltd.
Makita Corporation
Stanley Black & Decker
Techtronic Industries
Snap-on Incorporated
3M Company
Honeywell International Inc.

In The News

The Hilti Group, a global leader providing innovative tools, technology, software, and services to the commercial construction industry, has entered into a partnership with Trimble to integrate the Hilti ON!Track asset management system te with Trimble Viewpoint Vista, an ERP solution within the Trimble Construction One suite.
Stanley Black & Decker has entered into a partnership with specialty materials provider Eastman to advance sustainability in the power tools industry. BLACK+DECKER, a Stanley Black & Decker brand, will be releasing a new product line, reviva, offering the brand's first sustainability-led power tools that utilize Eastman's Tritan Renew copolyester.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the power tools market?

Ans: The rising urbanization, growing infrastructure, and increasing demand from the automotive sector are the major factors driving the market growth.

2) What would be the CAGR of power tools market over the forecast period?

Ans: The market size of power tools is anticipated to attain a CAGR of ~8.7% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the power tools market growth?

Ans: The supply chain disruptions owing to the political unrest in the world and fluctuations in prices are estimated to be the growth-hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of power tools market in future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the power tools market?

Ans: The major players in the market are Robert Bosch, Emerson Electric, Co.; Hilti Corporation; Ingersoll-Rand PLC; Koki Holdings Co., Ltd.; Makita Corporation; Stanley Black & Decker; Techtronic Industries, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the power tools market?

Ans: The market is segmented by type, mode of operation, application, material, end user, sales channel, and by region.

8) Which segment captures the largest market size in the mode of operation segment in the power tools market?

Ans: The electric sub-segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Base Year	2022
Forecast Year	2023-2035
CAGR	~8.7%
Base Year Market Size (2022)	~ USD 37.26 billion
Forecast Year Market Size (2035)	~ USD 101.39 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)