Power Tools Global Market Report 2024

Power tools are employed to accelerate the completion of tasks that would otherwise take much longer using traditional tools. These tools encompass a variety of energy-efficient devices powered by electricity, internal combustion, and compressed air. Any equipment propelled by a source other than the human body is categorized as a power tool, with the most common power sources being electric motors and, in some cases, gasoline.

The primary types of power tools include drilling and fastening tools, demolition tools, routing tools, sawing tools, cutting tools, material removal tools, and other tool types. Drilling and fastening tools are utilized to create holes of varying sizes in a given task. Drilling, often performed with a drilling machine, is a metal removal technique. Operations such as drilling, reaming, and boring can be accomplished using these tools. Power tools operate through various modes, including electric, pneumatic, and others, and are distributed through online and offline channels. These tools find applications in diverse industries such as construction, automotive, aerospace, energy, electronics, and others.

The power tools market research report is one of a series of new reports that provides power tools market statistics, including power tools industry global market size, regional shares, competitors with a power tools market share, detailed power tools market segments, market trends and opportunities and any further data you may need to thrive in the power tools industry. This power tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The power tools market size has grown strongly in recent years. It will grow from $39.21 billion in 2023 to $42.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%.
The growth observed in the historical period can be attributed to factors such as the expansion of the construction and do-it-yourself (DIY) industries, the growth in manufacturing and fabrication sectors, the demand for efficient and cordless tools, the increase in home improvement projects, and the establishment of regulatory standards emphasizing tool safety.

The power tools market size is expected to see strong growth in the next few years. It will grow to $56.9 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to various factors, including the development of customized power tool solutions tailored for specific trades, a focus on sustainable and eco-friendly power tool designs, the growth in electric and cordless tool options, innovation in smart and connected power tools, and an increased utilization of precision and microtools. Major trends expected in the forecast period encompass the rise of smart and IoT-enabled power tools, a focus on regulatory compliance to enhance safety in power tools, the development of ergonomic and user-friendly tool designs, the provision of personalized power tool kits for professionals, and an emphasis on transparency in tool performance and maintenance.

The power tools market has experienced significant growth, propelled by the expansion of the industrial sector. The industrial sector, encompassing diverse economic activities in large-scale production, manufacturing, and services, has witnessed notable growth in various segments such as automotive, aerospace, and manufacturing. This surge in industrial activities has increased the demand for power tools, vital for production and maintenance processes. For instance, India's industrial output registered a year-on-year increase of 11.9% in August 2021, as reported by Trading Economics. In the USA, private goods-producing industries grew by 4.7%, and private services-producing industries increased by 7.8% in 2021, according to the Bureau of Economic Analysis (BEA). The global expansion of the industrial sector is expected to be a driving force behind the continued growth of the power tools market.

The rapid growth of the construction industry is anticipated to be a key driver for the power tools market in the future. The construction sector, dedicated to building, maintaining, and repairing structures, relies on power tools for enhanced efficiency, precision, and worker safety. For instance, the Indian construction equipment sector witnessed a revenue of $6.5 billion in 2020, according to Invest India, with an estimated average growth of 7.1% by 2025. This robust expansion of the construction industry is a significant factor fueling the demand for power tools.

A prominent trend in the power tools market is the emergence of new product innovations. Major companies in the sector are actively introducing innovative products to maintain their market position. In December 2021, Dewalt, a US-based power tool manufacturer, launched the Dewalt PowerStack 20V Max Compact Battery, offering 50% more power with broad application capabilities and fast performance in cordless tools. The battery is 25% more compact and 15% lighter, showcasing the continuous drive for innovation in the power tools market.

Companies in the power tools market are strategically focusing on compact and battery-powered innovations to reduce energy consumption and enhance tool handling. Battery-powered tools, utilizing batteries as their energy source, provide flexibility and mobility without the constraints of a power cord. For example, in January 2023, Hilti Corporation, a Liechtenstein-based construction and building maintenance manufacturing company, unveiled over 30 new cordless tools in its Nuron battery-powered tools portfolio, designed for commercial construction applications. These tools include the NCV 10-22 ultimate concrete vibrator, NCV 4-22 pencil concrete vibrator, SB 6-22 wide-mouth cordless band saw, and DSH 700-22 rear-handle cordless cut-off saw.

In January 2021, GWS Tool Group, a US-based manufacturer of cutting tools, acquired Taurus Tool & Engineering, a precision custom cutting and power tools manufacturer. This strategic acquisition expanded GWS's product line and capabilities in custom HSS tooling and custom thread-on modular tooling while enhancing capacity for advanced carbide hole-making and milling tools.

Major companies operating in the power tools market include Stanley Black & Decker Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Corp., Ingersoll Rand Inc., Snap-on Incorporated, Apex Tool Group Corp., Hitachi Koki Ltd., Emerson Electric Co., Enerpac Tool Group Corp., Carborundum Universal Limited, Electrex India Limited, Husqvarna AB, Panasonic Corporation, Kyocera Corporation, Ridgid Tools Company, Andreas Stihl AG & CO. KG, YAMABIKO Corporation, KEN Holding Co. Ltd., Dynabrade Power Tools Pvt. Ltd., Delta Machinery Corp., Chervon Corp., Diamond Products Ltd., Einhell Germany AG, Elliott Tool Technologies Ltd., Festool Group GmbH & Co. KG, Ideal Industries Inc., Illinois Tool Works Inc., Metabo Power Tools SA Ltd., OLFA Corp., Positec Technology Co. Ltd., Sandvik AB

Asia-Pacific was the largest region in the power tools market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power tools market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the power tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The power tools market consists of sales of demolition hammers, chopsaws, angle grinders, miter Saw. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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