by The global Power Tools Market is estimated to be valued at US$ 29995.02 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power tools refer to the various woodworking, metalworking, and industrial tools that are powered by electricity, batteries, or combustion engines. They offer advantages such as greater torque, revolutions per minute, and convenience over hand tools. Power tools are widely used for drilling, sawing, cutting, grinding, sanding, planing, and routing tasks in industries such as construction, automotive, healthcare, aviation, and consumer goods.
Market key trends:
The growing construction activities across both residential and non-residential sectors are expected to remain a key trend in the power tools market. Population growth and rapid urbanization have boosted housing construction projects globally. Furthermore, growing investments in infrastructure projects such as highways, metros, dams, bridges, and other public facilities are augmenting the demand for power tools. According to the Global Construction 2030 report by PwC, the global construction industry is projected to grow by 85% to hit US$ 15.5 trillion by 2030, mainly driven by demand from China, the U.S., and India. This is expected to significantly increase the adoption of power tools over the forecast period.
SWOT Analysis
Strength: Power tools are designed to boost productivity and efficiency. They offer reliability and are more precise than manual tools.
Weakness: Power tools require sources of energy like electricity or fuel to operate which makes them dependent on uninterrupted power supply. They are also heavier to handle and transport compared to manual tools.
Opportunity: Growing construction and infrastructure activities globally is driving the demand for power tools. Moreover, technologically advanced power tools with lithium-ion batteries and Bluetooth connectivity offer new opportunities.
Threats: Prices of raw materials used in power tools fluctuate frequently posing concerns over increased production costs. Growing popularity of cordless tools also poses a threat to corded power tools.
Key Takeaways
Global Power Tools Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing infrastructure spending and renovation activities globally.
Regional analysis
The Asia Pacific region dominates the global power tools market and is expected to grow at the fastest rate during the forecast period. Countries like China, India, and Japan are major contributors to market growth in the region backed by industrialization and expanding construction activities.
Key players operating in the power tools market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation.
The global power tools market size for 2023 is projected to reach US$ 29995.02 Mn. Power tools find widespread applications in industries like construction, automotive, and manufacturing. Growing adoption of cordless power tools integrated with advanced technologies is a key trend shaping the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
