The global power tools market is poised for significant expansion in the forthcoming years, with an expected value of US$ 51.2 billion by 2032. This remarkable growth is fueled by several factors, including the increasing utilization of power tools across various industries, rising demand for precision tools, and the surging popularity of cordless power tools.
One of the primary drivers behind the power tools market’s growth is the expanding use of these tools in diverse industries. Power tools find application in a wide range of sectors, encompassing automotive manufacturing, construction, and woodworking. As these industries continue to expand, the demand for power tools is anticipated to rise accordingly.
Another contributing factor to the growth of the power tools market is the increasing demand for precision tools. Power tools enable precise and accurate performance across a variety of tasks, making them invaluable in industries where precision is of paramount importance, such as aerospace manufacturing and medical device manufacturing.
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Versatile Utility across Industries: Power Tools in Production, Maintenance, and Beyond
Power tools have carved their niche across a spectrum of applications, serving as indispensable assets in diverse sectors like production and assembly lines, maintenance and repair tasks, packaging operations, and even do-it-yourself (DIY) endeavors. The allure of these tools lies in their seamless operation, efficient performance, and portability, all of which contribute to reduced time and labor requirements.
Key Projections and Insights:
- By 2022, the global power tools market is forecasted to reach US$ 33.36 billion, signaling substantial growth in the industry.
- FMI anticipates an exponential rise in demand for both electric and portable power tools, a trend expected to continue in the foreseeable future.
- Industries such as automotive, construction, and aerospace are fueling the demand for power tools as they seek enhanced precision, efficiency, and productivity in their operations.
- The automotive sector’s growing reliance on advanced manufacturing processes and the construction industry’s pursuit of enhanced productivity are driving the adoption of power tools.
- Aerospace manufacturing, characterized by intricate components and stringent precision requirements, is also a notable contributor to the surge in power tool demand.
- FMI’s analysis projects power tools’ market share to encompass approximately 7% to 8% of the global tooling industry, showcasing their significance in industrial operations.
Global Power tool Market Competitive Landscape
The global power tools market is a highly competitive market owing to the 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 a competitive edge.
Some of the leading companies operating in the market are:
- Robert Bosch Power Tools GmbH
- Stanley Black & Decker, Inc.
- Makita Corporation
- Hilti Corporation
- Atlas Copco AB
- Techtronic Industries Company Limited
- Snap-on Incorporated
- Actuant Corporation
- Husqvarna AB
- Illinois Tool Works
- Panasonic Corporation
- Hitachi Corporation
- Ingersoll Rand, Inc.
- Enerpac Tool Group
- Kyocera Corporation
- Apex Tool Group
- Ridgid Tools
- Koki Holdings Co., Ltd.
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Key Segments
Product Type
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Jigsaw
- Impact Wrench
- Circular Saw
Technology
- Electric
- Corded
- Cordless
- Pneumatic
Application
- Manufacturing
- Metal Fabrication
- Automotive
- Railways
- Aerospace
- Furniture
- Others
- MRO Services
- Facility Management
- Automotive
- Aerospace
- Other Industrial
- DIY
- Construction
Sales Channel
- Online
- Offline
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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