Market Overview
Power Tools Market is projected to grow from USD 47.23 Billion in 2022 to USD 73.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period (2022 - 2030).
The global power tools market is a fast-evolving one with improvements and new product launches on the horizon.
Power tools have an extensive base of applications and utilities, which provides great opportunities for usage and growth. From the early industrial era to today's industry 4.0, power tools have evolved and remained relevant for industries. The power tools market value as of 2022 was at nearly USD 44.6 billion.
Power tools have the simple definition of being powered by a source of energy apart from manual labor. However, some diverse tools and accessories fall under the definition of power tools. Power tools are tools that use electric motors to carry out their functions. The use of power tools is nothing new, as power tools have existed and evolved since the discovery of electricity and other energy sources. An electrically powered machine that helps people in completing tasks can be a powerful tool. Some power tools also use internal combustion engines and compressed air to create force and energy.
The global power tools market is a fast-evolving one with improvements and new product launches on the horizon. Power tools have an extensive base of applications and utilities, which provides great opportunities for usage and growth. From the early industrial era to today's industry 4.0, power tools have evolved and remained relevant for industries.
Advancement of the technology behind power tools and continued investment in new power tools creates great opportunities for prolonged growth of the power tools sector. The power tools sector will benefit from the infrastructural reinforcement of industries. The use of automation and higher potential tools in industries to reduce pressure on manual labor will also drive the growth of the power tools industry in the future years. The power tools industry projects a healthy growth rate in the coming years with a gradual increase in market value.
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Industry News
There are many new developments in the power tools industry that will set future trends in the sector. The new developments are like a new product launch from the Makita Corporation in nailers for hard and softwood surfaces.
Global Power tools market Key Players:
Players leading the global power tools market include
- Hitachi Koki Co., Ltd
- Robert Bosch Tool Corporation
- Stanley Black & Decker, Inc.
- Hilti Corporation
- Makita Corporation
- Husqvarna
- Snap-on
- Techtronic Industries Co. Ltd
- Otto Baier GmbH
- Festool (TTS)
Market Segmentation
The power tools and accessories market divides into different industrial segments depending on different criteria. The primary criteria for the division of industrial segments are type, mode of operation, and application. By the type of tool, the market divides into screwdrivers, nut runners, drills and impact drivers, etc. By application, the market's major sectors are aerospace, shipbuilding, automotive, and energy generation by mode of operation, cordless, corded, pneumatic and hydraulic, etc. The industrial segment analysis of the power tools market is necessary to understand the scope of improvement and expansion.
Regional Analysis
The power tools market size disperses over different world regions depending on competitor presence and revenue generation. The primary regional markets for the power tools market are North America, Asia Pacific, Europe, and the Middle East. The APAC region will see the most demand for power tools in the forecast period and is the largest market by share and growth rate. The Middle Eastern market comes second to the APAC region. The North American region also makes a significant contribution to the growth of the power tools market.
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