Power Tools Market is expected to grow at a 5.1% CAGR by the end of 2032

This is anticipated to remain the key defining factor in the power tools market. As per Future Market Insights (FMI) analysis the global power tools market size is expected to be reach US$ 33.36 Billion in 2021. The global power tools market is expected to grow at a 4.5% CAGR between 2022 and 2032, reaching $1,694.9 million by 2032. The global power tools market demand is expanding at a significant rate on the back of consumer inclination towards cordless power tools.

The demand is expected to soar as construction activities surge around the world. According to FMI, construction applications will account for maximum sales in the market through the forecast period. Besides this, the rising trend of do-it-yourself activities will fuel sales opportunities for the market.

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Key Takeaways of Global Power tool Market Study

  1. Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
  2. Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
  3. S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021
  4. K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
  5. Outlook for Italy and France is expected to remain positive over the forecast period

“The power tools market is witnessing a strong growth trend, attributing to increasing demand from various end use industries. Key industry participants are focusing on developing partnerships with regional distributors in order to gain a competitive advantage in the evolving global market. To comply with the advent of online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.

Global Power tool Market Competitive Landscape

The global power tools market is highly competitive market owing to presence large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion in untapped markets coupled with developing their business via e-commerce platforms to gain competitive edge. Some of the leading manufacturers of power tool market are Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Company Limited, Koki Holding, Co., Ingersoll Rand Inc., Apex Tools, Hilti Corporation, Snap-on Incorporated, among others.

Valuable Insights into Global Power Tools Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global power tools market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030.

The study divulges compelling insights on the power tools market based on backing product type (drilling tools, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench, circular saw), technology (electric and pneumatic), application (manufacturing, MRO services, DRO, construction), and sales channel (offline and online) across six regions (North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa).

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Key Segments Covered in the Power Tools Industry Analysis

By Product Type:

  • Drilling Tool
  • Fastening Tool
  • Heat Gun
  • Angle Grinder
  • Chain Saw
  • Orbital Sander
  • Jigsaw
  • Impact Wrench
  • Circular Saw

By Technology:

  • Electric
  • Pneumatic

By Application:

  • Manufacturing
  • MRO Services
  • DIY
  • Construction

By Sales Channel:

  • Online
  • Offline

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa (MEA)

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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