According to a new report by MarketsandMarkets™, the power tools market is projected to grow from USD 39.5 billion in 2024 to USD 45.5 billion by 2029, with a compound annual growth rate (CAGR) of 2.9% during the forecast period. The growth is driven by factors such as the expansion of the construction industry in emerging economies, increasing adoption of battery-powered power tools worldwide, and rising demand for power tools in the automotive sector.
The report highlights the development of smart and connected power tools, along with the growing demand for household application power tools, as opportunities for market growth.
In terms of tool type, the drilling and fastening tools segment is expected to grow at the highest CAGR during the forecast period. These tools are widely used across industrial sectors due to their versatility, and they play a crucial role in repair and maintenance tasks. The automotive industry, in particular, is a major driver for the growth of this segment.
The electric mode of operation segment is expected to witness the highest growth rate during the forecast period. Electric power tools can be operated with a battery or a corded power supply, offering convenience and portability to users. Advancements in battery technology have further improved the performance and durability of cordless tools, making them increasingly popular among professionals and DIY enthusiasts.
The residential/DIY application segment is also anticipated to grow significantly. Homeowners, in particular, are increasingly opting for cordless power tools for their home improvement projects. The trend towards compact and lightweight options, coupled with advancements in battery technology and user-friendly features, is driving the demand for power tools in the residential segment.
The Asia Pacific region is expected to achieve the highest CAGR during the forecast period. Rapid urbanization, industrialization, and infrastructure development in countries such as China and India are leading to increased demand for power tools across various sectors. Furthermore, the growing disposable income and expanding middle-class population in the region are driving the demand for power tools for residential and DIY purposes.
Key players in the power tools market include Stanley Black & Decker, Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, and others.
Overall, the power tools market is set to witness steady growth in the coming years, driven by factors such as the expansion of the construction industry, increased adoption of battery-powered tools, and the development of smart and connected power tools.
The power tools market operates in the broader manufacturing industry, which includes sectors such as construction, automotive, and household applications. These industries heavily rely on power tools for various applications, such as drilling, cutting, fastening, and shaping.
Market forecasts indicate a positive outlook for the power tools industry. The report by MarketsandMarkets™ projects a compound annual growth rate (CAGR) of 2.9% during the forecast period, from USD 39.5 billion in 2024 to USD 45.5 billion by 2029. This growth can be attributed to several factors driving the demand for power tools.
Firstly, the expansion of the construction industry in emerging economies is a significant driver for market growth. Rapid urbanization and infrastructure development in countries like China and India are leading to increased construction activities, thereby increasing the demand for power tools.
Secondly, there is a rising adoption of battery-powered power tools worldwide. Battery-powered tools offer convenience and portability to users, eliminating the need for a continuous power supply. Advancements in battery technology have further improved the performance and durability of cordless tools, making them increasingly popular among professionals and do-it-yourself (DIY) enthusiasts.
Another factor driving the demand for power tools is the automotive sector. The drilling and fastening tools segment, in particular, is expected to grow at the highest CAGR during the forecast period. These versatile tools play a crucial role in repair and maintenance tasks in the automotive industry.
Furthermore, the report highlights the opportunities for market growth in the development of smart and connected power tools. With advancements in technology, power tools equipped with smart features and connectivity are gaining traction. These tools offer increased efficiency, safety, and productivity, thereby attracting customers in various industries.
The residential/DIY application segment is also anticipated to grow significantly. Homeowners are increasingly opting for power tools for their home improvement projects. The trend towards compact and lightweight options, coupled with advancements in battery technology and user-friendly features, is driving the demand for power tools in the residential segment.
In terms of regional growth, the Asia Pacific region is expected to achieve the highest CAGR during the forecast period. The region is experiencing rapid urbanization, industrialization, and infrastructure development, leading to increased demand for power tools across various sectors. Additionally, the growing disposable income and expanding middle-class population in countries like China and India are further driving the demand for power tools for both residential and DIY purposes in the region.
Key players in the power tools market include Stanley Black & Decker, Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, and others. These companies are actively introducing innovative products, investing in research and development, and expanding their market presence to capitalize on the growing demand for power tools.
Overall, the power tools market is expected to witness steady growth in the coming years due to the expansion of the construction industry, increased adoption of battery-powered tools, and the development of smart and connected power tools. These factors, coupled with market opportunities in various sectors, make the power tools industry a promising market for both existing and new players.
For more information on the power tools market, you can visit the MarketsandMarkets™ website.