Power and Hand Tools Market Report 2024

Where is the largest and fastest growing market for power and hand tools? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The power and hand tools market size has grown steadily in recent years. It will grow from $11.53 billion in 2023 to $11.99 billion in 2024 at a compound annual growth rate (CAGR) of 4%. The growth during the historic period can be attributed to several factors, the rising popularity of do-it-yourself (DIY) projects and home improvement activities, expansion in the construction sector driving demand for power and hand tools, increased accessibility through online sales channels, urbanization leading to higher residential and commercial construction activities, and the development of more environmentally friendly tools.

The power and hand tools market size is expected to see steady growth in the next few years. It will grow to $14.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The anticipated growth during the forecast period can be attributed to several factors, rising demand for eco-friendly and sustainable power and hand tools, the incorporation of automation and artificial intelligence to enhance tool functionality and user experience, increased urbanization and infrastructure development, the expansion of e-commerce and omnichannel retailing, and growing demand for customizable and personalized tools to meet specific user requirements. Key trends expected to shape the market include smart and connected tools, advanced battery technologies, integration of automation and robotics in power tools, AI and machine learning applications, modular and multi-functional tools, and increased customization and personalization.

The growth of the construction industry is anticipated to drive the expansion of the power and hand tools market. The construction industry involves the planning, designing, development, and construction of buildings, infrastructure, and other physical structures. The rise in construction activities is fueled by factors such as urbanization, population growth, infrastructure development, technological advancements, and economic growth. Power and hand tools are essential for enhancing efficiency, speed, and precision in construction tasks, which contributes to the overall success and quality of projects. For example, ConstructConnect, a US-based construction contractor trust, reported in February 2023 that U.S. construction spending increased by 16.7% in 2022, reaching $912 billion. This growth in the construction sector will drive demand for power and hand tools.

Leading companies in the power and hand tools market are focusing on developing battery-powered tools with extended runtimes, incorporating smart integrated sensors for real-time monitoring, and designing ergonomic features. Battery-powered tools with extended runtimes are rechargeable and can operate for longer periods without needing frequent recharges. For instance, Bosch Power Tools GmbH, a Germany-based electrical and electronic manufacturing company, introduced the 18V REVOLVE 4000 green-beam rotary laser in January 2022. This tool boasts an extended leveling range, visibility up to four times brighter than traditional red beams, and additional ADS settings, offering an improved user experience for heavy-duty tasks.

In July 2021, Hangzhou GreatStar Industrial Co. Ltd, a China-based manufacturer of tools and machines, acquired SK Hand Tools LLC for an undisclosed amount. This acquisition allows GreatStar to integrate SK's patented designs and technologies, thereby broadening its range of high-quality hand tools. SK Hand Tools LLC is a US-based company specializing in power and hand tools.

Major companies operating in the power and hand tools market are The Bosch Limited, Danaher Corporation, Stanley Black & Decker Inc., Atlas Copco AB, Emerson Electric Co., Techtronic Industries Co. Ltd., Milwaukee Electric Tool Corporation, Makita Corporation, Ingersoll-Rand Plc, Snap-On Incorporated, MISUMI Group Inc., Chervon Holdings Limited, Apex Tool Group LLC, Fluke Corporation, Enerpac Tool Group, Chicago Pneumatic Tool, The Ames Companies In., Alberta Investment Management Corporation (AIMCo), Daniels Manufacturing Corporation, Alltrade Tools LLC, AnCor Inc., Taparia Tools.

North America was the largest region in the power and hand tools market in 2023. The regions covered in the power and hand tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Power tools are mechanical devices powered by external sources such as electricity, batteries, or compressed air, designed to perform tasks more efficiently and with less manual effort compared to hand tools. Hand tools, on the other hand, rely on manual effort and are essential for basic, everyday tasks.

The main types of power and hand tools include secateurs, hammers, spanners, and others. Secateurs are hand tools specifically used for cutting and trimming small branches, stems, and plants in gardening and horticulture. Various technologies used in power tools include engine drivers, hydraulic and powder-actuated systems, pneumatic systems, and electric systems. These technologies cater to a range of applications across different fields such as electronics, construction, aerospace, and automobiles.

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

The power and hand tools market consists of sales of drills, saws, wrenches, screwdrivers, grinders, sanders, hammers, pliers, and multi-tools. 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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