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Power Tool Market

Power Tool Market Forecasts to 2028 – Global Analysis By Mode of Operation (Pneumatic Power Tool, Electric Power Tool), Distribution Channel (Offline, Online), Material (Wood/Metal, Glass, Concrete, Brick/Block), End User (Residential/Household/Do-It-Yourself (DIY) (Furniture), Commercial, Industrial/Professional), and By Geography

4.5 (43 reviews)
Published: June 2022 ID: SMRC21535
4.5 (43 reviews)
Published: June 2022 ID: SMRC21535

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Power Tool Market is accounted for $37,327.15 million in 2021 and is expected to reach $59,548.21 million by 2028 growing at a CAGR of 6.9% during the forecast period. A power tool also called a power instrument is a device or machine which is powered by an additional mechanism or source. These tools are primarily used to cut, wrench, saw drill, and polish materials. These tools help in reducing the time consumed on redundant tasks as well as improve overall efficiency. Most modern power tools have lithium batteries which are recharged by plugging into an electric outlet. These tools are in high demand across sectors due to their high efficiency and hassle-free use, as well as their mobility, decreased use of labor and time.

Market Dynamics:

Driver:

Rapid industrialization coupled with an increase in infrastructural spending


Rising expenditure on infrastructure development such as improvement of bridges, roads, and others are propelling the market growth. As stated by the global infrastructure outlook, over the forecast period, the global population is estimated to grow by approximately two billion. The urban population will increase by 46%, triggering massive demand for infrastructure support. An increase in urbanization has led to the expansion of the industrial sector throughout the globe, boosting the power tools market. Industrialization has increased due to development in transportation, high immigration, new inventions, and high investment.

Restraint:

Fluctuations in raw material prices


The key metals used in the production of power tools are such as brass, copper, zinc, steel, aluminium, and nickel. The electric power tools offer high productivity and efficient operations, the technologies employed during manufacturing augment their initial prices. Power tools also include other components such as motors, batteries, and electronic components. As a result, manufacturers of power tools are heavily reliant on the consistent supply raw materials for smooth functioning. Fluctuating costs of raw materials, component parts, or finished goods could result in manufacturing interruptions, delays, inefficiencies, or an inability to market products. Raw materials required for power tools are procured globally, and generally available from multiple suppliers at competitive prices.

Opportunity:

Expansion of smart and connected power tools


With the introduction of IoT and the use of smart connected systems in assembly line operations, each piece of equipment within the plant is getting connected. Advancements in technologies and the adoption of smart manufacturing practices lead to innovation of smart and connected tools. Leading tool manufacturers are concentrating their efforts on the development of smart and connected power tools. For instance, Milwaukee Tool Corporation (Brand of Techtronic Industries) launched ONE-KEY, the digital platform for tools and equipment. This cloud-based platform allows a user to customize torque and speed settings for applications at hand.

Threat:

Declining sales of commercial vehicles due to COVID-19


Power tools are used in automobile manufacturing as well as servicing plants for numerous applications, such as fastening, drilling, tightening, and polishing. The automotive sector is facing a downfall, which, in turn, could further impact the sales volume of metal bellows suppliers. In the automotive industry, power tools are primarily used for installing brakes and seats in automobile and detecting problems, such as faulty parts, on the assembly line at an early stage, thereby eliminating production errors. COVID-19 has severely impacted automotive companies, affecting manufacturing hubs in India, China, Italy, Germany, Spain, and the US. These countries have announced the complete or partial lockdown of manufacturing units, apart from assembly plants. For instance, the China Passenger Car Association (CPCA) stated that car sales in China fell by 92% in the first half of February 2020.

The electric power tool segment is expected to be the largest during the forecast period

The electric power tool segment is estimated to have a lucrative growth due to innovations in battery technology, the easy mobility and operation efficiency of electric tools, advent of powerful battery packs, and rising espousal of cordless tools among residential and industrial users. The electric power tools are widely used in the broad range of industries such as construction, automotive, aerospace, energy, and shipbuilding. Companies have launched electric power tools, which are easy to handle and smooth by function. For instance, in January 2018, Apex Tool Group extended its product offerings that include tightening solutions and assembly systems worldwide across numerous industries such as aerospace and automotive through its brand Cleco.

The residential/household/do-it-yourself (DIY) (furniture) segment is expected to have the highest CAGR during the forecast period

The residential/household/do-it-yourself (DIY) (furniture) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rising interest in do-it-yourself (DIY) activities and availability of user-friendly and easy to operate power tools. Power tools are achieving acceptance in household applications owing to their easy mobility and easy operability. People are undertaking home improvement projects such as kitchen remodeling, landscaping activities, and patio or deck renovation, which augments the demand for power tools. DIY solutions have subsequently gained popularity and ensured a rising demand for power tools as consumers seek to perform minor repairs and development & renovation on their own instead of hiring professionals. The use of power tools by DIY enthusiasts is rising in developed countries, such as the US, the UK, and Germany.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to rising infrastructure development and industrial development in the region, presence of major players, the healthy growth of the construction, manufacturing, and automotive industries, and unavailability of cheap labor aids in the adoption of DIY jobs. The construction industry is expected to witness significant growth in the near future owing to the ongoing and upcoming construction projects, which will consequently fuel the demand for power tools. Countries like US and Canada have been witnessing an increase in demand for cordless power tools.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR, due to increasing disposable income, rising road construction and infrastructure activities, especially in emerging economies such as India, Singapore, China, and Japan and growing government initiatives toward enhancing industrial manufacturing facilities and infrastructural development in various countries in APAC. China-based power tools manufacturers are fast penetrating the market on account of wide range of offerings at competitive-price range. Favorable government policies to boost the manufacturing sector capabilities across the country can be identified as one of the prime reasons behind the development of the market in the country.

Key players in the market

Some of the key players profiled in the Power Tool Market include Makita Corporation, Emerson Electric Co., Snap-on Incorporated, Robert Bosch GmbH, Stanley Black & Decker, Inc., Apex Tool Group, Panasonic Corporation, Techtronic Industries, Hilti Corporation, Hitachi Corporation, Atlas Copco AB, Kyocera Corporation, Illinois Tool Works, 3M, Honeywell International Inc., and Danaher Corporation.

Key Developments:

In October 2021, Stanley Black & Decker, Inc. has entered into a partnership with Eastman to advance sustainability in the power tools industry. BLACK+DECKER, a Stanley Black & Decker brand, would be releasing a new product line, namely reviva, which would be offering the brand's first sustainability-led power tools that utilize Eastman's Tritan Renew copolyester.

In December 2020, Hilti Corporation has announced the expansion of its its rotary and combination hammer tool portfolio with the next generation TE 70-ATC/AVR, the most powerful SDS-Max combination hammer in its class. The newly launched tool would help commercial contractors and tradespeople drill up to 40% faster in reinforced concrete and demolish more concrete.

In February 2020, Makita Corporation launched an innovative nailer named 18 Gauge 2” Brad Nailer (AF506). It is a cordless power tool and features better ergonomics. It can be used on hard and soft wooden surfaces.

In May 2019, Apex Tool Group partnered with Arrow Schmidt Peterson Motorsports. Under this partnership, Apex Tool has been used by the team of skilled mechanics and engineers to get the most out of their cars.

Mode of Operations Covered:
• Pneumatic Power Tool
• Electric Power Tool
• Liquid Fuel Tool
• Hydraulic
• Powder-Actuated Tools
• Engine-Driven
• Hybrid Power Tools

Distribution Channels Covered:
• Offline
• Online

Tool Types Covered:
• Demolition Tools
• Material Removal Tools
• Drilling and Fastening Tools
• Routing Tools
• Sawing and Cutting Tools
• Air-Powered Tools (Air Hoses)
• Electric Cords and Plugs
• Accessories
• Other Tool Types

Materials Covered:
• Wood/Metal
• Glass
• Concrete
• Brick/Block

Applications Covered:
• Metalworking/Metal Fabrication
• Woodworking
• Welding

End Users Covered:
• Residential/Household/Do-It-Yourself (DIY) (Furniture)
• Commercial
• Machinery Manufacturing
• Industrial/Professional
• Maintenance Repair and Operations (MRO) Services
• Gardening Field

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

 

1 Executive Summary      
       
2 Preface 
     
 2.1 Abstract     
 2.2 Stake Holders     
 2.3 Research Scope     
 2.4 Research Methodology     
  2.4.1 Data Mining    
  2.4.2 Data Analysis    
  2.4.3 Data Validation    
  2.4.4 Research Approach    
 2.5 Research Sources     
  2.5.1 Primary Research Sources    
  2.5.2 Secondary Research Sources    
  2.5.3 Assumptions    
       
3 Market Trend Analysis      
 3.1 Introduction     
 3.2 Drivers     
 3.3 Restraints     
 3.4 Opportunities     
 3.5 Threats     
 3.6 Application Analysis     
 3.7 End User Analysis     
 3.8 Emerging Markets     
 3.9 Impact of Covid-19     
        
4 Porters Five Force Analysis      
 4.1 Bargaining power of suppliers     
 4.2 Bargaining power of buyers     
 4.3 Threat of substitutes     
 4.4 Threat of new entrants     
 4.5 Competitive rivalry     
       
5 Global Power Tool Market, By Mode of Operation      
 5.1 Introduction     
 5.2 Pneumatic Power Tool     
 5.3 Electric Power Tool     
  5.3.1 Cordless Tools    
  5.3.2 Corded Tools    
 5.4 Liquid Fuel Tool     
 5.5 Hydraulic     
 5.6 Powder-Actuated Tools     
 5.7 Engine-Driven     
 5.8 Hybrid Power Tools     
       
6 Global Power Tool Market, By Distribution Channel      
 6.1 Introduction     
 6.2 Offline     
 6.3 Online     
       
7 Global Power Tool Market, By Tool Type      
 7.1 Introduction      
 7.2 Demolition Tools     
  7.2.1 Rotary Hammers    
  7.2.2 Hammer Drill    
  7.2.3 Air Hammers    
  7.2.4 Breaker    
  7.2.5 Demolition Hammer    
 7.3 Material Removal Tools     
  7.3.1 Polishers/Buffers    
  7.3.2 Air Scalers    
  7.3.3 Sanders (Orbital Sander)    
  7.3.4 Grinders    
   7.3.4.1 Rotary Files   
   7.3.4.2 Die and Straight Grinders   
   7.3.4.3 Pencil Grinders   
   7.3.4.4 Bench Grinder   
   7.3.4.5 Angle Grinders   
 7.4 Drilling and Fastening Tools     
  7.4.1 Impact Drivers    
  7.4.2 Screwdriver and Nutrunners    
  7.4.3 Drills    
  7.4.4 Impact Wrenches    
 7.5 Routing Tools     
  7.5.1 Routers/Planers/Joiners    
   7.5.1.1 Palm Routers and Laminate Trimmers   
 7.6 Sawing and Cutting Tools     
  7.6.1 Reciprocating Saws    
  7.6.2 Band Saws    
  7.6.3 Jigsaws    
  7.6.4 Shears and Portable Nibblers    
  7.6.5 Circular Saws    
  7.6.6 Multi-Cutter Saws    
  7.6.7 Chop Saws    
  7.6.8 Chain Saw    
 7.7 Air-Powered Tools (Air Hoses)     
 7.8 Electric Cords and Plugs     
 7.9 Accessories     
 7.10 Other Tool Types     
  7.10.1 Laser Tools    
  7.10.2 Measuring and Layout Tools    
  7.10.3 Dust Extractors    
  7.10.4 Heat Guns    
  7.10.5 Glue Guns    
        
8 Global Power Tool Market, By Material      
 8.1 Introduction     
 8.2 Wood/Metal     
 8.3 Glass     
 8.4 Concrete     
 8.5 Brick/Block     
       
9 Global Power Tool Market, By Application      
 9.1 Introduction     
 9.2 Metalworking/Metal Fabrication     
 9.3 Woodworking     
 9.4 Welding     
       
10 Global Power Tool Market, By End User      
 10.1 Introduction     
 10.2 Residential/Household/Do-It-Yourself (DIY) (Furniture)     
 10.3 Commercial     
  10.3.1 Logistics    
  10.3.2 Aerospace    
 10.4 Machinery Manufacturing     
 10.5 Industrial/Professional     
  10.5.1 Automotive    
  10.5.2 Railways    
  10.5.3 Semiconductor    
  10.5.4 Energy    
  10.5.5 Construction (Facility Management)    
  10.5.6 Shipbuilding    
  10.5.7 Other Industrial/Professionals    
   10.5.7.1 Mining   
   10.5.7.2 Electronics   
   10.5.7.3 Oil & Gas   
 10.6 Maintenance Repair and Operations (MRO) Services     
 10.7 Gardening Field     
       
11 Global Power Tool Market, By Geography      
 11.1 Introduction     
 11.2 North America     
  11.2.1 US    
  11.2.2 Canada    
  11.2.3 Mexico    
 11.3 Europe     
  11.3.1 Germany    
  11.3.2 UK    
  11.3.3 Italy    
  11.3.4 France    
  11.3.5 Spain    
  11.3.6 Rest of Europe    
 11.4 Asia Pacific     
  11.4.1 Japan    
  11.4.2 China    
  11.4.3 India    
  11.4.4 Australia    
  11.4.5 New Zealand    
  11.4.6 South Korea    
  11.4.7 Rest of Asia Pacific    
 11.5 South America     
  11.5.1 Argentina    
  11.5.2 Brazil    
  11.5.3 Chile    
  11.5.4 Rest of South America    
 11.6 Middle East & Africa     
  11.6.1 Saudi Arabia    
  11.6.2 UAE    
  11.6.3 Qatar    
  11.6.4 South Africa    
  11.6.5 Rest of Middle East & Africa    
       
12 Key Developments      
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures     
 12.2 Acquisitions & Mergers     
 12.3 New Product Launch     
 12.4 Expansions     
 12.5 Other Key Strategies     
       
13 Company Profiling      
 13.1 Makita Corporation     
 13.2 Emerson Electric Co.     
 13.3 Snap-on Incorporated     
 13.4 Robert Bosch GmbH     
 13.5 Stanley Black & Decker, Inc.      
 13.6 Apex Tool Group     
 13.7 Panasonic Corporation     
 13.8 Techtronic Industries     
 13.9 Hilti Corporation     
 13.10 Hitachi Corporation     
 13.11 Atlas Copco AB     
 13.12 Kyocera Corporation     
 13.13 Illinois Tool Works     
 13.14 3M     
 13.15 Honeywell International Inc.     
 13.16 Danaher Corporation     
       
List of Tables       
1 Global Power Tool Market Outlook, By Region (2020-2028) ($MN)      
2 Global Power Tool Market Outlook, By Mode of Operation (2020-2028) ($MN)      
3 Global Power Tool Market Outlook, By Pneumatic Power Tool (2020-2028) ($MN)      
4 Global Power Tool Market Outlook, By Electric Power Tool (2020-2028) ($MN)      
5 Global Power Tool Market Outlook, By Cordless Tools (2020-2028) ($MN)      
6 Global Power Tool Market Outlook, By Corded Tools (2020-2028) ($MN)      
7 Global Power Tool Market Outlook, By Liquid Fuel Tool (2020-2028) ($MN)      
8 Global Power Tool Market Outlook, By Hydraulic (2020-2028) ($MN)      
9 Global Power Tool Market Outlook, By Powder-Actuated Tools (2020-2028) ($MN)      
10 Global Power Tool Market Outlook, By Engine-Driven (2020-2028) ($MN)      
11 Global Power Tool Market Outlook, By Hybrid Power Tools (2020-2028) ($MN)      
12 Global Power Tool Market Outlook, By Distribution Channel (2020-2028) ($MN)       
13 Global Power Tool Market Outlook, By Offline (2020-2028) ($MN)      
14 Global Power Tool Market Outlook, By Online (2020-2028) ($MN)      
15 Global Power Tool Market Outlook, By Tool Type (2020-2028) ($MN)      
16 Global Power Tool Market Outlook, By Demolition Tools (2020-2028) ($MN)      
17 Global Power Tool Market Outlook, By Rotary Hammers (2020-2028) ($MN)      
18 Global Power Tool Market Outlook, By Hammer Drill (2020-2028) ($MN)      
19 Global Power Tool Market Outlook, By Air Hammers (2020-2028) ($MN)      
20 Global Power Tool Market Outlook, By Breaker (2020-2028) ($MN)      
21 Global Power Tool Market Outlook, By Demolition Hammer (2020-2028) ($MN)      
22 Global Power Tool Market Outlook, By Material Removal Tools (2020-2028) ($MN)      
23 Global Power Tool Market Outlook, By Polishers/Buffers (2020-2028) ($MN)      
24 Global Power Tool Market Outlook, By Air Scalers (2020-2028) ($MN)      
25 Global Power Tool Market Outlook, By Sanders (Orbital Sander) (2020-2028) ($MN)      
26 Global Power Tool Market Outlook, By Grinders (2020-2028) ($MN)      
27 Global Power Tool Market Outlook, By Drilling and Fastening Tools (2020-2028) ($MN)      
28 Global Power Tool Market Outlook, By Impact Drivers (2020-2028) ($MN)      
29 Global Power Tool Market Outlook, By Screwdriver and Nutrunners (2020-2028) ($MN)      
30 Global Power Tool Market Outlook, By Drills (2020-2028) ($MN)      
31 Global Power Tool Market Outlook, By Impact Wrenches (2020-2028) ($MN)      
32 Global Power Tool Market Outlook, By Routing Tools (2020-2028) ($MN)      
33 Global Power Tool Market Outlook, By Routers/Planers/Joiners (2020-2028) ($MN)      
34 Global Power Tool Market Outlook, By Sawing and Cutting Tools (2020-2028) ($MN)      
35 Global Power Tool Market Outlook, By Reciprocating Saws (2020-2028) ($MN)      
36 Global Power Tool Market Outlook, By Band Saws (2020-2028) ($MN)      
37 Global Power Tool Market Outlook, By Jigsaws (2020-2028) ($MN)      
38 Global Power Tool Market Outlook, By Shears and Portable Nibblers (2020-2028) ($MN)      
39 Global Power Tool Market Outlook, By Circular Saws (2020-2028) ($MN)      
40 Global Power Tool Market Outlook, By Multi-Cutter Saws (2020-2028) ($MN)      
41 Global Power Tool Market Outlook, By Chop Saws (2020-2028) ($MN)      
42 Global Power Tool Market Outlook, By Chain Saw (2020-2028) ($MN)      
43 Global Power Tool Market Outlook, By Air-Powered Tools (Air Hoses) (2020-2028) ($MN)      
44 Global Power Tool Market Outlook, By Electric Cords and Plugs (2020-2028) ($MN)      
45 Global Power Tool Market Outlook, By Accessories (2020-2028) ($MN)      
46 Global Power Tool Market Outlook, By Other Tool Types (2020-2028) ($MN)      
47 Global Power Tool Market Outlook, By Laser Tools (2020-2028) ($MN)      
48 Global Power Tool Market Outlook, By Measuring and Layout Tools (2020-2028) ($MN)      
49 Global Power Tool Market Outlook, By Dust Extractors (2020-2028) ($MN)      
50 Global Power Tool Market Outlook, By Heat Guns (2020-2028) ($MN)      
51 Global Power Tool Market Outlook, By Glue Guns (2020-2028) ($MN)      
52 Global Power Tool Market Outlook, By Material (2020-2028) ($MN)      
53 Global Power Tool Market Outlook, By Wood/Metal (2020-2028) ($MN)      
54 Global Power Tool Market Outlook, By Glass (2020-2028) ($MN)      
55 Global Power Tool Market Outlook, By Concrete (2020-2028) ($MN)      
56 Global Power Tool Market Outlook, By Brick/Block (2020-2028) ($MN)      
57 Global Power Tool Market Outlook, By Application (2020-2028) ($MN)      
58 Global Power Tool Market Outlook, By Metalworking/Metal Fabrication (2020-2028) ($MN)      
59 Global Power Tool Market Outlook, By Woodworking (2020-2028) ($MN)      
60 Global Power Tool Market Outlook, By Welding (2020-2028) ($MN)      
61 Global Power Tool Market Outlook, By End User (2020-2028) ($MN)      
62 Global Power Tool Market Outlook, By Residential/Household/Do-It-Yourself (DIY) (Furniture) (2020-2028) ($MN)      
63 Global Power Tool Market Outlook, By Commercial (2020-2028) ($MN)      
64 Global Power Tool Market Outlook, By Logistics (2020-2028) ($MN)      
65 Global Power Tool Market Outlook, By Aerospace (2020-2028) ($MN)      
66 Global Power Tool Market Outlook, By Machinery Manufacturing (2020-2028) ($MN)      
67 Global Power Tool Market Outlook, By Industrial/Professional (2020-2028) ($MN)      
68 Global Power Tool Market Outlook, By Automotive (2020-2028) ($MN)      
69 Global Power Tool Market Outlook, By Railways (2020-2028) ($MN)      
70 Global Power Tool Market Outlook, By Semiconductor (2020-2028) ($MN)      
71 Global Power Tool Market Outlook, By Energy (2020-2028) ($MN)      
72 Global Power Tool Market Outlook, By Construction (Facility Management) (2020-2028) ($MN)      
73 Global Power Tool Market Outlook, By Shipbuilding (2020-2028) ($MN)      
74 Global Power Tool Market Outlook, By Other Industrial/Professionals (2020-2028) ($MN)      
75 Global Power Tool Market Outlook, By Maintenance Repair and Operations (MRO) Services (2020-2028) ($MN)      
76 Global Power Tool Market Outlook, By Gardening Field (2020-2028) ($MN)      
       
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.       
       

 

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