How High and Low Will Power Tools Sales Go?

Pune, India, April 2023, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Power Tools Market.

Global Power Tools Market Research Report

Power tools are those tools that operate through power sources like batteries, electricity, compressed air, or fuel unlike mechanical work done by workers for hand tools operation. The other features that differentiate power tools from hand tools include precision, speed, length of operation, and consistency. Power tools are widely in several sectors like construction, manufacturing, automotive, residential DIYers, etc.

Market Synopsis

The global power tools market is projected to reach USD 73.8 million by 2030 at a CAGR of 5.9% from 2022 to 2030.

During the pandemic, the increased time-spending at home has led homeowners an extra time for working on household and DIY activities for home improvement and other leisure craft projects. According to an article published by the Joint Center for Housing Studies (JCHS) of Harvard University in 2020, 71% of homeowners in America who started a DIY project during the pandemic had already planned the project prior to the outbreak. Also, the article further elaborates that though the percentage share of DIY spending as part of home expenditure has been showcasing a decreasing trend in the years between 2009 to 2019, the overall home improvement market is expected to increase strongly in the coming years which is expected to increase the overall spending on DIY activities.

Cordless power tools are those set of portable power tools which operate on a battery power source and are increasingly popular among both industrial and DIY users owing to a range of benefits. The advantages that are driving the popularity of cordless power tools include handiness – owing to the grip excellence and lightweight; convenience – as the cordless tools use high-capacity batteries that do not need frequent charging or replacement and can be used in remote locations with no power availability; safety – as there is no risk of tripping and falling due to extension cords. According to CoVest Sourcing Networks, the power capacity of cordless power tools has increased by 240% in the last 10 years.

Sustainability and environment-friendly consumption are gaining prominence among consumers and players like Stanley Black & Decker have developed power tools that are sustainable. The company in collaboration with Eastman Chemical Company launched a new range of Reviva cordless power tools with housing components made of 50% recycled material. It is also planning to use more such materials in the next three years which will help in diverting a weight of around 10 million single-use plastic bottles reaching oceans and landfills.

Competitive Landscape

The Global Power Tools Market is characterized by the presence of many regional and local vendors. The global market is highly competitive, with all the players competing to gain a larger market share. The vendors compete based on cost, product quality, reliability, and aftermarket services. Therefore, vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.

Ingersoll Rand, Inc. (US), Kyocera Corporation (Japan), Robert Bosch Power Tools GmbH (Germany), Stanley Black & Decker, Inc. (US), Makita Corporation (Japan), Apex Tool Group (US), Snap-on Incorporated (US), Emerson Electric Co. (RIDGID TOOLS) (US), Hilti Corporation (Liechtenstein), Atlas Copco AB (Sweden) are the major players in the market, competing in terms of a variety of applications for the Global Power Tools Market and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of the players is to provide advanced products to aid in increasing adoption, which could help strengthen a country's growth with advanced products.

Segmentation:

Based on Machine Type

• Drilling Tools: Drilling machines are also known for their specification of end-cutting tools. These drilling tools are intended to generate holes in various types of workpieces. Drilling is the material eliminating or cutting procedures that intend to make the hole in circular cross-segment in solid objects. These tools are designed and manufactured according to the work specification which varies widely.


• Cutting/Sawing Tools: Cutting tools are one of the manufacturing operations machines, where the machines help to remove the excess number of materials from performed blank with the help of shearing. These tools are also known as sawing tools, wherein the category includes instruments like hand tools that are further classified into hand saws and electric power saws.


• Fastening Tools: The category of tools is referred to the fastening of two or more metal pieces together. These tools usually help in joining the two metal objects which can be used as semi-permanent joints. The broader category of fasteners includes power fasteners, deburrer’s, and threaded fasteners, nuts, screws, washers, anchors, and bolts.


• Breaker Tools: Breaker tools are powerful machines that are used on the construction site for breaking hard materials. Breakers are one of the essential tools that are used in construction sites wherein machines drive an internal hammer with chisel ups and down speedily. These machines work on the hydraulic forces for breaking the plaster, bricks, tiles, and concretes.

Based on Mode of Operation

• Electric: Electric tools are machines that are powered by electric motors and operated with electricity. These types of machines work on a mechanism wherein the electrical energy is converted into mechanical energy. Electric power tools include tools such as drills, saws, electric motors, and grinders. It also involves battery-operated power tools that have been highly required by residential consumers.


• Hydraulic: The hydraulics power tools are machines that work on the hydraulics techniques wherein the power tools are driven by the fluid-based pressurized forces to create momentums. The hydraulic tool is termed for its high-pressure tooling equipment’s. The fluid present in the tubes creates pressure and goes all through tools actuators, which generate the pressure for the mechanical power.


• Pneumatic: Pneumatic tools are machines that operate and are powered with compressed air pressure. The mechanism of these pneumatic tools works on air compressors or pneumatic motors installed in the machines. These Pneumatic tools involve jacks, stapling guns, nailing guns, and grinders.

Based on Mobility

• Stationery: The stationery segment is broadly known for the large machinery that can move easily from one place to another. These types of machines are tightly affixed with motionless items for improved functionality. These stationery tools are better known for their non-mobility functions wherein these machines are made adjoined to the tools for better mechanisms.


• Portable: Power tools are theoretically defined as power-driven hand tools or mechanical devices. Power tools are the category of tools that are driven by electricity and can be used according to the required places. It means that these portable power tools are moveable from one place to another, hence they can be carried out as mobile tools.

Based on Application

• Residential: The increasing awareness about hand tools and power tools by consumers has increased their utilization for residential purposes. The residential works like the fitting of small machines, cutting of materials sheets, plumbing, and other residential construction parts are key factors that are keeping the products market growth inclined.


• Commercial: The commercial application of the power tools is designed and developed specifically intended for small shops, retail stores, and offices. Commercial projects comparatively need more aesthetics wherein it is considered for better ambiance. The key player working in the power tools market has devised and established a variety of tools for commercial projects.


• Industrial: The industrial segment is accounted for the largest market for power tool utilization. The ever-growing industrial development around the globe as well supported the growth of these power tool products. Constant and wide utilization of the variety of tools in industries like automotive, petrochemicals, construction, and oil & gas has further gained momentum over decades.

Based on Region

• North America: North America is one of the strong developing countries which has been identified for its innovation, and industrialization. North American countries like the US, Canada, Mexico, and Costa Rica witnessed strong emerging industries with high growth rates. These countries have prospered with automation industries, construction & material, oil & gas, and textiles. Resulting in the regular utilization of power tools in these industries has enlarged their capacities. Moreover, the residential use of the power tool by consumers of these regions has helped to improve the sales of these power tools.


• Europe: The increased industrialization in developed countries like Germany, France, UK, Italy, and Russia has continuously supported the development of various manufacturing segments. Growing economies in European countries like Germany, the UK, and Eastern Europe countries have been the key regions that are constantly growing. The growing population and their rising demand have created the scope for development. Resulting in an increased number of manufacturing facilities across the region has helped to boost the sales of these power tools. Moreover, the countries like Belgium have emerged as the center for industrialization which further acquainted the demand for the market.


• Asia Pacific: Considering the huge base of manufacturing companies in China, Japan, and India vigorously account for the market growth. Additionally, the region which consists of major developing countries holds the larger market for various industries. In the case of the power tools market, the Asia Pacific region has reported a predominantly growing region. The enlarged population in the region coupled with the two largest populated countries has emerged as the industrial hub. The growing number of industries in the countries like China, Japan, Korea, and India has been flourishing with the endless demand for the various tools used in these industries.


• Rest of the World: The global power tool market in the Rest of the World comprises the Middle East, South America, and Africa. The Middle East segment is also witnessing a significant demand as the per capita income of consumers has raised. The enlarged automotive and manufacturing industries in the region are expected to grow exponentially. Besides power tools are found to be enormously useful for production and assembling purposes. The immense utilization of sanders, drills, and wrenches in industries of construction and automobiles has further enhanced the demand from the region. Thus, the region accounted for the market share of 9.1% in 2021 and is expected to register a CAGR of 5.2% during the review period.