Abstract
Summary
The power tools market size is expected to grow from USD 39.5 billion in 2024 to USD 45.5 billion by 2029, at a CAGR of 2.9% during the forecast period. The power tools market is driven by factors such as rising demand for electric fastening tools in various industries and increased adoption of battery-powered power tools globally, Development of smart and connected power tools and growing demand for household application power tools to create a significant growth opportunity for the market players in the next 5 years
“Drilling and fastening tools segment is expected to grow at the highest CAGR during the forecast period”
Drilling and fastening tools segment is expected to grow at the highest CAGR during the forecast period. Drilling and fastening tools are widely used in various industries because they are versatile and practical. Professionals rely on these tools for many different repair and maintenance tasks. Additionally, impact tools, screwdrivers, impact wrenches, and nut runners are commonly used for fitting and fastening in both industrial and residential settings. The automotive industry especially drives market growth by heavily using these tools in its operations. These factors collectively contribute to the anticipated rapid growth of the drilling and fastening tools segment in the power tools market.
“Electric mode of operation is expected to grow at the highest CAGR during the forecast period”
The electric mode of operation is expected to grow at the highest CAGR during the forecast period. Electric power tools offer flexibility, running on either a battery or corded power, based on the task requirements. The increasing trend towards cordless electric tools is driven by their enhanced ease of use and portability. Furthermore, advancements in battery technology have significantly boosted the performance and durability of these cordless options, appealing to both professionals and DIY enthusiasts.
“Residential/DIY Application is expected to grow at the highest CAGR during the forecast period”
Residential/DIY Application is expected to grow at the highest CAGR during the forecast period. Corded electric tools provide convenient plug-and-play functionality, while cordless counterparts are valued for their ease of use, efficiency, and portability. The ergonomic advantages of cordless equipment have led to a preference among users over traditional gas-powered options. Recent innovations in cordless technology have not only increased power but have also introduced features for precise operation, even in challenging environments. The growing demand for portable tools and their uptake among homeowners, due to reduced operating costs resulting from advancements in battery technology and overall performance, are driving the expansion of the electric segment.
“Asia Pacific is expected to grow at the highest CAGR during the forecast period”
Asia Pacific is expected to grow at a higher CAGR during the forecast period. The rapid urbanization and industrialization witnessed in countries such as China, India, and Southeast Asian nations are driving notable investments in infrastructure, construction, and manufacturing. This surge in construction and industrial activities is resulting in a heightened demand for power tools across various sectors. Furthermore, the increasing disposable income and expanding middle-class population in the region are fueling the desire for power tools for residential and DIY applications. Additionally, advancements in technology and the availability of customized power tool solutions for the Asian market are contributing significantly to market expansion.
Breakdown of primaries
In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the power tools market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 = 55%, Tier 2 = 30%, and Tier 3 = 15%
• By Designation: C-Level Executives = 48%, Directors = 32%, and Others= 20%
• By Region: North America = 30%, Europe = 20%, Asia Pacific = 45%, and RoW = 5%
Major companies operating in the power tools market include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), Hilti Corporation, (Liechtenstein), Andreas Stihl AG & Co. KG (STIHL) (Germany), Atlas Copco AB (Sweden), Apex Tool Group, LLC (US), Ingersoll Rand (US), Snap-on Incorporated (US), among others.
Reasons to buy the report:
The report will help the market leaders/new entrants with information on the closest approximate revenues for the power tools market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Analysis of key drivers (Increased adoption of battery-powered power tools globally, surging demand for power tools in the automotive industry, growing construction industry in emerging economies, and rising demand for electric fastening tools in various industries ), restraints (High maintenance costs and variations in raw material prices), opportunities (Development of smart and connected power tools, rising demand for fastening tools in the wind energy industry, and growing demand for household application power tools), and challenges (Stringent trade policies and safety standards, and difficulties in designing ergonomic and lightweight power tools).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the power tools market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the power tools market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the power tools market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), Hilti Corporation, (Liechtenstein), and other players.
Table of Contents
1 INTRODUCTION 30
1.1 STUDY OBJECTIVES 30
1.2 MARKET DEFINITION 30
1.3 STUDY SCOPE 31
1.3.1 INCLUSIONS AND EXCLUSIONS 31
1.3.2 MARKETS COVERED 31
1.3.3 REGIONAL SCOPE 32
1.3.4 YEARS CONSIDERED 32
1.4 CURRENCY CONSIDERED 32
1.5 UNITS CONSIDERED 33
1.6 LIMITATIONS 33
1.7 STAKEHOLDERS 33
1.8 SUMMARY OF CHANGES 33
1.9 RECESSION IMPACT 33
2 RESEARCH METHODOLOGY 34
2.1 RESEARCH DATA 34
2.1.1 SECONDARY AND PRIMARY RESEARCH 35
2.1.2 SECONDARY DATA 36
- 2.1.2.1 List of major secondary sources 36
- 2.1.2.2 Key data from secondary sources 36
2.1.3 PRIMARY DATA 37
- 2.1.3.1 List of key interview participants 37
- 2.1.3.2 Key data from primary sources 37
- 2.1.3.3 Key industry insights 38
- 2.1.3.4 Breakdown of primaries 38
2.2 MARKET SIZE ESTIMATION 39
2.2.1 BOTTOM-UP APPROACH 40
- 2.2.1.1 Approach to estimate market size using bottom-up analysis (demand side) 40
2.2.2 TOP-DOWN APPROACH 41
- 2.2.2.1 Approach to estimate market size using top-down analysis (supply side) 41
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 42
2.4 RESEARCH ASSUMPTIONS 43
2.5 PARAMETERS CONSIDERED TO ANALYZE RECESSION IMPACT ON POWER TOOLS MARKET 43
2.6 RESEARCH LIMITATIONS 44
2.7 RISK ASSESSMENT 44
3 EXECUTIVE SUMMARY 45
4 PREMIUM INSIGHTS 49
4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR PLAYERS IN POWER TOOLS MARKET 49
4.2 POWER TOOLS MARKET, BY TOOL TYPE 50
4.3 POWER TOOLS MARKET, BY MODE OF OPERATION 50
4.4 POWER TOOLS MARKET, BY APPLICATION 51
4.5 POWER TOOLS MARKET, BY COUNTRY 51
5 MARKET OVERVIEW 52
5.1 INTRODUCTION 52
5.2 MARKET DYNAMICS 52
5.2.1 DRIVERS 53
- 5.2.1.1 Increasing construction activities worldwide 53
- 5.2.1.2 Thriving automotive sector 54
- 5.2.1.3 Rising preference for battery-powered tools owing to advances in battery technology 54
- 5.2.1.4 Surging use of electric fastening tools in various industries 55
5.2.2 RESTRAINTS 56
- 5.2.2.1 High maintenance costs 56
- 5.2.2.2 Fluctuating raw material prices 56
5.2.3 OPPORTUNITIES 57
- 5.2.3.1 Increasing use of wind energy 57
- 5.2.3.2 Development of smart and connected power tools 58
- 5.2.3.3 Growing demand for power tools by residential consumers 59
5.2.4 CHALLENGES 59
- 5.2.4.1 Difficulties in designing ergonomic and lightweight power tools 59
- 5.2.4.2 Stringent trade policies and safety standards 60
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 61
5.4 PRICING ANALYSIS 61
5.4.1 INDICATIVE PRICING TREND OF POWER TOOLS PROVIDED BY MARKET PLAYERS, BY TOOL TYPE, 2023 (USD) 62
5.4.2 AVERAGE SELLING PRICE TREND OF POWER TOOLS, BY REGION, 2019-2023 (USD) 63
5.5 SUPPLY CHAIN ANALYSIS 64
5.6 ECOSYSTEM ANALYSIS 66
5.7 TECHNOLOGY ANALYSIS 67
5.7.1 KEY TECHNOLOGIES 67
- 5.7.1.1 Smart and connected assembly power tools 67
- 5.7.1.2 Brushless DC motors 68
5.7.2 COMPLEMENTARY TECHNOLOGIES 68
- 5.7.2.1 40V MAX and 80V MAX lithium-ion batteries 68
- 5.7.2.2 Wireless charging 68
5.7.3 ADJACENT TECHNOLOGY 69
- 5.7.3.1 Easy start system 69
5.8 PATENT ANALYSIS 69
5.8.1 LIST OF MAJOR PATENTS, 2022-2023 71
5.9 TRADE ANALYSIS 72
5.9.1 IMPORT DATA 72
5.9.2 EXPORT DATA 73
5.10 KEY CONFERENCES AND EVENTS, 2024-2025 74
5.11 CASE STUDY ANALYSIS 75
5.11.1 DI ENVIRONMENT IMPLEMENTED TRELAWNY’S VL303 VIBRO-LO NEEDLE SCALERS TO REDUCE OPERATOR FATIGUE AND DOWNTIME 75
5.11.2 BIG IMPLEMENTATION ADOPTED CS UNITEC’S MAB 485 PORTABLE MAGNETIC DRILL FOR DRILLING BOEING 747 76
5.11.3 RICHMOND PRIMOID DEPLOYED HILTI CORPORATION’S HIGH-QUALITY TOOLS TO ENHANCE JOB EFFICIENCY AND STREAMLINE OPERATIONS 76
5.12 REGULATIONS AND STANDARDS 77
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77
5.12.2 STANDARDS 79
5.13 PORTER’S FIVE FORCES ANALYSIS 80
5.13.1 THREAT OF NEW ENTRANTS 81
5.13.2 THREAT OF SUBSTITUTES 82
5.13.3 BARGAINING POWER OF SUPPLIERS 82
5.13.4 BARGAINING POWER OF BUYERS 82
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 82
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 83
5.14.1 KEY STAKEHOLDERS IN BUYING CRITERIA 83
5.14.2 BUYING CRITERIA 84
6 APPLICATIONS OF POWER TOOLS ON DIFFERENT MATERIALS 85
6.1 INTRODUCTION 85
6.2 BRICKS/BLOCKS 85
6.3 CONCRETES 85
6.4 GLASSES 86
6.5 WOODS/METALS 86
6.6 OTHER MATERIALS 86
7 DISTRIBUTION CHANNELS OF POWER TOOLS 87
7.1 INTRODUCTION 87
7.2 ONLINE 87
7.3 OFFLINE 88
8 POWER TOOLS MARKET, BY TOOL TYPE 89
8.1 INTRODUCTION 90
8.2 DRILLING AND FASTENING TOOLS 93
8.2.1 DRILLS 93
- 8.2.1.1 Portability and light weight of corded power drills to boost demand 93
8.2.2 IMPACT DRIVERS 93
- 8.2.2.1 Ability to provide high torque to drive market 93
8.2.3 IMPACT WRENCHES 94
- 8.2.3.1 Increasing demand from solar industry to offer lucrative growth opportunities 94
8.2.4 SCREWDRIVERS AND NUTRUNNERS 94
- 8.2.4.1 Rising use in aerospace and automotive assembly operations to drive market 94
8.3 DEMOLITION TOOLS 95
8.3.1 ROTARY HAMMERS/HAMMER DRILLS/DEMOLITION HAMMERS 95
- 8.3.1.1 Rapid demolition of brittle materials with fast drilling and minimum efforts to boost demand 95
8.4 SAWING AND CUTTING TOOLS 95
8.4.1 JIGSAWS 95
- 8.4.1.1 Rising demand for lightweight and high-speed equipment to foster segmental growth 95
8.4.2 RECIPROCATING SAWS 96
- 8.4.2.1 Growing application in construction and demolition to fuel market growth 96
8.4.3 CIRCULAR SAWS 96
- 8.4.3.1 Expansion of construction industry to propel market 96
8.4.4 BAND SAWS 96
- 8.4.4.1 Increasing use for cutting irregular or curved jigsaws to drive market 96
8.4.5 SHEARS & NIBBLERS 97
- 8.4.5.1 Ability to cut nonferrous metals and plastics from thin plates and strips to boost demand 97
8.5 MATERIAL REMOVAL TOOLS 97
8.5.1 SANDERS/POLISHERS/BUFFERS 97
- 8.5.1.1 Growing application in industrial and residential sectors to drive market 97
8.5.2 AIR SCALERS 98
- 8.5.2.1 Efficiency in cleaning and removing old paint from metal surfaces to fuel market growth 98
8.5.3 GRINDERS 98
- 8.5.3.1 Growing utilization in abrasive cutting, grinding, and polishing to foster segmental growth 98
- 8.5.3.2 Angle grinders 98
- 8.5.3.2.1 Growing demand at construction sites for metal fabrications to fuel market growth 98
- 8.5.3.3 Die and straight grinders 99
- 8.5.3.3.1 Suitability for metal grinding and shipyard maintenance to accelerate demand 99
8.6 ROUTING TOOLS 99
8.6.1 QUICK-ACTING SAFETY BRAKE SYSTEM AND SPINDLE-STOP CUTTER-CHANGING FEATURES TO STIMULATE DEMAND 99
8.6.2 ROUTERS/PLANERS/JOINERS 99
- 8.6.2.1 Palm routers and laminate trimmers 99
- 8.6.2.1.1 Excellence in creating decorative or corrective edges and crafting crown moldings to drive market 99
- 8.6.2.1 Palm routers and laminate trimmers 99
8.7 OTHER TOOLS 100
9 POWER TOOLS MARKET, BY MODE OF OPERATION 101
9.1 INTRODUCTION 102
9.2 ELECTRIC 103
9.2.1 CORDED TOOLS 107
- 9.2.1.1 Growing applications for drilling and mining operations to drive market 107
9.2.2 CORDLESS TOOLS 107
- 9.2.2.1 Independence from secondary power sources to fuel market growth 107
9.3 PNEUMATIC 107
9.3.1 GROWING DEMAND FROM AUTOMOTIVE INDUSTRY TO OFFER LUCRATIVE GROWTH OPPORTUNITIES FOR MARKET PLAYERS 107
9.4 HYDRAULIC 110
9.4.1 INCREASING USES IN ROAD CONSTRUCTIONS AND TRENCH EXCAVATIONS TO BOOST DEMAND 110
10 POWER TOOLS MARKET, BY APPLICATION 114
10.1 INTRODUCTION 115
10.2 INDUSTRIAL/PROFESSIONAL 116
10.2.1 CONSTRUCTION 119
- 10.2.1.1 Growing demand for impact drills and rotary hammers in construction projects to boost demand 119
10.2.2 AUTOMOTIVE 120
- 10.2.2.1 Ease of maintenance by speeding up repetitive processes to drive demand 120
10.2.3 AEROSPACE 122
- 10.2.3.1 Rising demand for fuel-efficient and quiet aircraft components to accelerate demand 122
10.2.4 ENERGY 123
- 10.2.4.1 Increasing number of wind projects in developing countries to drive market 123
10.2.5 SHIPBUILDING 125
- 10.2.5.1 Growing demand for screwdrivers, electric nutrunners, and impact wrenches to boost demand 125
10.2.6 OTHER INDUSTRIES 126
10.3 RESIDENTIAL/DIY 128
10.3.1 GROWING PREFERENCE FOR REMODELING AND REFURBISHING EXISTING HOMES TO BOOST DEMAND 128
11 POWER TOOLS MARKET, BY REGION 130
11.1 INTRODUCTION 131
11.2 NORTH AMERICA 134
11.2.1 IMPACT OF RECESSION ON POWER TOOLS MARKET IN NORTH AMERICA 134
11.2.2 US 137
- 11.2.2.1 Thriving automotive and construction industries to boost demand 137
11.2.3 CANADA 138
- 11.2.3.1 Rising demand in residential construction projects to drive market 138
11.2.4 MEXICO 138
- 11.2.4.1 Implementation of free-trade agreements to drive market 138
11.3 EUROPE 139
11.3.1 IMPACT OF RECESSION ON POWER TOOLS MARKET IN EUROPE 139
11.3.2 GERMANY 143
- 11.3.2.1 Rising focus to upgrade assembly lines for smart manufacturing to boost demand 143
11.3.3 FRANCE 143
- 11.3.3.1 Presence of aircraft manufacturing companies to fuel market growth 143
11.3.4 UK 144
- 11.3.4.1 Increasing construction activities in residential and nonresidential sectors to boost demand 144
11.3.5 ITALY 144
- 11.3.5.1 Wind energy sector to offer lucrative growth opportunities for market players 144
11.3.6 REST OF EUROPE 144
11.4 ASIA PACIFIC 145
11.4.1 IMPACT OF RECESSION ON POWER TOOLS MARKET IN ASIA PACIFIC 145
11.4.2 CHINA 149
- 11.4.2.1 Low labor and material costs to drive market 149
11.4.3 JAPAN 149
- 11.4.3.1 Established global exporter of large construction vehicles to accelerate demand 149
11.4.4 INDIA 150
- 11.4.4.1 Government-led initiatives to boost construction industry to drive demand 150
11.4.5 SOUTH KOREA 150
- 11.4.5.1 Growing adoption in shipbuilding industry to accelerate demand 150
11.4.6 REST OF ASIA PACIFIC 150
11.5 ROW 151
11.5.1 IMPACT OF RECESSION ON POWER TOOLS MARKET IN ROW 151
11.5.2 SOUTH AMERICA 154
- 11.5.2.1 Government-led initiatives to develop infrastructure to drive market 154
11.5.3 GCC COUNTRIES 154
- 11.5.3.1 Growing initiatives of smart city projects to drive market 154
11.5.4 AFRICA & REST OF MIDDLE EAST 154
- 11.5.4.1 Expanding commercial and residential real estate sectors to fuel market growth 154
12 COMPETITIVE LANDSCAPE 155
12.1 OVERVIEW 155
12.2 STRATEGIES ADOPTED BY KEY PLAYERS, MARCH 2023-FEBRUARY 2024 155
12.3 REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2019-2023 157
12.4 MARKET SHARE ANALYSIS, 2023 157
12.5 COMPANY VALUATION AND FINANCIAL METRICS, 2024 160
12.6 BRANDS/PRODUCTS COMPARISON 161
12.7 COMPETITIVE EVALUATION MATRIX: KEY PLAYERS, 2023 162
12.7.1 STARS 162
12.7.2 EMERGING LEADERS 162
12.7.3 PERVASIVE PLAYERS 162
12.7.4 PARTICIPANTS 162
12.7.5 COMPANY FOOTPRINT: KEY PLAYERS 164
- 12.7.5.1 Company overall footprint 164
- 12.7.5.2 Tool type footprint 165
- 12.7.5.3 Mode of operation footprint 166
- 12.7.5.4 Application footprint 167
- 12.7.5.5 Region footprint 168
12.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 169
12.8.1 PROGRESSIVE COMPANIES 169
12.8.2 RESPONSIVE COMPANIES 169
12.8.3 DYNAMIC COMPANIES 169
12.8.4 STARTING BLOCKS 169
12.8.5 COMPETITIVE BENCHMARKING 171
- 12.8.5.1 Detailed list of startups/SMEs 171
- 12.8.5.2 Competitive benchmarking of key startups/SMEs 172
12.9 COMPETITIVE SCENARIOS AND TRENDS 173
12.9.1 PRODUCT LAUNCHES 173
12.9.2 DEALS 175
13 COMPANY PROFILES 176
13.1 KEY PLAYERS 176
13.1.1 STANLEY BLACK & DECKER, INC 176
13.1.2 ROBERT BOSCH GMBH 181
13.1.3 TECHTRONIC INDUSTRIES CO. LTD 185
13.1.4 MAKITA CORPORATION 190
13.1.5 HILTI CORPORATION 195
13.1.6 ANDREAS STIHL AG & CO. KG 199
13.1.7 APEX TOOL GROUP, LLC 200
13.1.8 ATLAS COPCO AB 202
13.1.9 INGERSOLL RAND 205
13.1.10 SNAP-ON INCORPORATED 208
13.2 OTHER PLAYERS 211
13.2.1 KOKI HOLDINGS CO., LTD 211
13.2.2 YAMABIKO CORPORATION 212
13.2.3 PANASONIC INDUSTRY EUROPE GMBH 213
13.2.4 KEN HOLDING CO., LTD 214
13.2.5 DYNABRADE INC 215
13.2.6 AMICO 216
13.2.7 C. & E. FEIN GMBH 217
13.2.8 CHERVON (CHINA) TRADING CO., LTD 218
13.2.9 CS UNITEC, INC 219
13.2.10 FERM INTERNATIONAL B.V 220
13.2.11 INTERSKOL 221
13.2.12 POSITEC TOOL CORPORATION 222
13.2.13 RIDGID 223
13.2.14 GREENWORKSTOOLS 224
13.2.15 URYU SEISAKU, LTD 225
14 ADJACENT AND RELATED MARKETS 226
14.1 INTRODUCTION 226
14.2 OUTDOOR POWER EQUIPMENT MARKET, BY APPLICATION 226
14.3 COMMERCIAL 227
14.3.1 INCREASING CONSTRUCTION ACTIVITIES TO PROPEL MARKET GROWTH 227
14.4 RESIDENTIAL/DIY 229
14.4.1 GROWING POPULARITY OF DIY GARDENING CULTURE TO DRIVE MARKET 229
15 APPENDIX 232
15.1 INSIGHTS OF INDUSTRY EXPERTS 232
15.2 DISCUSSION GUIDE 233
15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 236
15.4 CUSTOMIZATION OPTIONS 238
15.5 RELATED REPORTS 238
15.6 AUTHOR DETAILS 239