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Power Tools and Power Tool Growth Forecast
Power Tools Segmented by Operation (Electric, Pneumatic, and Others), Tool Type (Drill Bits, Material Removal Tools, Saws, Wrenches, and Others), and Application (Industrial and DIY): Global Tool Growth Analysis and Industry Forecast 2020-2027
The global power tools market was valued at $32,664 million in 2019 and is expected to reach $48,677 million by 2027, registering a compound annual growth rate (CAGR) of 4.8% from 2020 to 2027.
Power tools are essential across industrial sectors such as automotive, construction, and others, saving both labor and time for tasks ranging from simple to intricate and complex.
The global power tools market is expected to grow at a high rate due to strong demand and high popularity among DIY enthusiasts, alongside infrastructure development investments and rising per capita income. In recent years, India spent an amount accounting for nearly 1/9th of its GDP on infrastructure development, which is expected to rise further in the coming years and stimulate increased adoption of power tools in India. Additionally, ongoing advancements in power tools have introduced sought-after brands into the market, expanding choices within India's power tool industry. For example, in November 2019, Dremel—a Bosch brand—launched the Dremel Lite (a cordless rotary tool), a compact, lightweight new cordless tool capable of running at speeds from 8,000 to 25,000 RPM.
The ease of use of power tools designed and developed for user convenience has made them widespread even among beginners and popular in households, as they are ready to use, portable, lightweight, and applicable even for everyday tasks such as drilling, sawing, and cutting, thereby boosting global power tool market growth. Furthermore, the power tool market is widely accepted worldwide due to various factors, such as rising demand for power tools in diverse industries like automotive, construction, energy, aerospace, and more, as well as brand innovations. However, while power tools maintain high market prices and are projected to continue growing—driving market expansion—rising labor costs in developing countries like Brazil, China, and India, on the other hand, also stimulate growth in the material handling equipment market.
The global power tools market is categorized by operation mode, tool type, application, and region. Segmented into electric (corded and cordless power tools), pneumatic, and others, the electric power tool segment dominates the market. Categorized into electric drills, electric wrenches, saws, and others, it is expected to dominate the market throughout the forecast period from 2020 – 2027.
By Operation Mode
- Electric
- Corded Power Tools
- Cordless Power Tools
- Pneumatic (Air-Powered)
- Others
By Tool Type
Drilling Tools
Sawing Tools
Fastening Tools
Sanding and Grinding Tools
Others
Segmented by application into 2 main categories: Industrial (Construction, Automotive, Aerospace, and others) and Do-It-Yourself (DIY). The DIY segment is expected to see the highest growth rate between 2020 and 2027.
By Application
Industrial
Construction
Automotive
Aerospace
Others
Do-It-Yourself (DIY)
Based on market analysis across various continents: North America (US, Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific is projected to hold the largest market share, while LAMEA is anticipated to be the fastest-growing market region for power tools due to economic expansion and rising disposable incomes in countries like Argentina, Nigeria, and Colombia. Urbanization and the expansion of the e-commerce marketplace also significantly contribute to the growing opportunities in the power tool market.
By Region
- North America
United States
Canada
Mexico
- Europe
Germany
United Kingdom
France
Italy
Russia
Rest of Europe
- In the Asia-Pacific region
China
India
Japan
Rest of Asia-Pacific
- LAMEA
Latin America
Middle East
Africa
Competition in the Power Tool Market
Major key players in the power tool market include Atlas Copco AB, Emerson Electric Co., Hilti Corporation, Ingersoll-Rand plc, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker Inc., and Techtronic Industries Co. Ltd
Major players operating in the global power tool market have adopted key strategies such as product launches and business expansions to strengthen their market reach and maintain their market standing. For example, in January 2019, DEWALT, a brand under Stanley Black & Decker, launched a cordless rotary hammer drill (Model DCH773) featuring SHOCKS Active Vibration Control technology (tool vibration reduction) and the E-Clutch system (shut-off system in bind-up situations), which enhances product protection features.
Key Benefits for Stakeholders
This report provides a detailed analysis of current power tool market trends and drivers.
In-depth market analysis with key market estimations across market segments from 2019 to 2027.
Detailed analysis of the power tool market by tracking product positioning and monitoring top competitors within the market segments.
Analyze and understand broad-perspective insights to enhance decision-making efficiency.
Forecasts for the global power tool market from 2020 to 2027 as mentioned above.
Profiles of major companies in the power tool market and strategy analysis, helping to understand the competitive outlook of the power tool industry.
Major Companies in the Power Tool Market Segment
Atlas Copco AB
Emerson Electric Co.
Hilti Corporation
Ingersoll-Rand plc.
Koki Holdings Co., Ltd.
Makita Corporation
Robert Bosch GmbH
Snap-on Incorporated
Stanley Black & Decker Inc.
Techtronic Industries Co. Ltd.
