DUBLIN, Feb. 21, 2023 /PRNewswire/ — The “Global Power Tools Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Mode of Operation, End-User, and Region” report has been added to ResearchAndMarkets.com’s offering.
According to publisher estimates, the Global Power Tools Market -grew from approximately US$ 30 Billion in 2017 to approximately US$ 35 billion in 2022 – is forecasted to grow further into approximately US$ 50 Billion opportunities by 2028, owing to the growing automotive industry, and rising adoption of power tools in households as an increasing trend towards do-it-yourself (DIY).
In car production over 55 different types of power tools are used including torque wrenches, impact drivers, air wrenches, power drills, polishing machines, air compressors, spray guns, and others. According to the Indian Brand Equity Foundation (IBEF), a semi-government trust formulated by the department of commerce mentioned that India’s passenger car market was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027. The increasing production of vehicles is likely to boost the demand for the power tools market.
Steel, aluminum, zinc, and others are the key material used in manufacturing power tools. Apart from this, batteries, motors, and other electronic components are used in the production of power tools. During the COVID-19, the prices of materials have declined significantly but as the demand surged and supply reduced, the prices of these materials have soared to an all-time high, due to which the prices of power tools are also fluctuating and act as a restraint for the growth of the market.
COVID-19 has decelerated the growth of the power tools market. This is because of the temporary shutdown of assembly lines, disruption of the supply chain, restriction on manufacturing and construction activities, and decline in the sale of automobiles. But as the market is recovering and restrictions are easing down, it is estimated that the power tools market will recover within the forecasted period.
Scope of the Report
The Power Tools market is segmented by Product, Mode of Operation, and End-User. In addition, the report also covers market size and forecasts for the four regions in the power tools market. The revenue used to size and forecast the market for each segment is US$ billion.
By Product
- Drills
- Saws
- Wrenches
- Grinders
- Sanders
- Others
By Mode of Operation
- Electric
- Pneumatic
By End-User
- Industrial
- Residential
By Geography
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- AustraliaRest of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Robert Bosch GmbH
- Makita Corporation
- Hilti Corporation
- Techtronic Industries Co. Ltd
- 3M
- Ingersoll Rand
- Stanley Black & Decker, Inc
- Snap-On Incorporated
- Atlas Copco
- KYOCERA Industrial Tools Corporation
Key Trends by Market Segment
By Product: The Drills segment held the largest market share of the global power tools market in 2021. Automotive production, assembly lines, and automobile repair shops are driving the demand for drill power tools.
In January 2022, Bosch Power Tools, the global leader in power tools and power tool accessories, launched a new hammer drill/driver under the PROFACTOR system. The hammer drill/driver includes Bosch Power Tools BITURBO Brushless technology to help energize the next generation of high-powered cordless tools.
By Mode of Operation: The electric segment accounted for the largest market share in 2021, owing to the rising demand from the automotive and construction industry.
Corded electric power tool runs on electricity and is less expensive to buy. The cordless power tool is an electric or electronic device that operates through a battery or battery pack and usually costs higher than corded tools.
As per the European Power Tool Association (EPTA), which represents power tool manufacturers, stated that cordless power tools (CPT) account for approximately 50% of the power tool market. CPT is lightweight, low voltage, and requires no electric cables while in production.
By End-User: The industrial segment held the largest market share in 2021, owing to the rising demand from construction, manufacturing, automobile production, and assembly lines.
Multiple power tools are used in the manufacturing industry such as impact wrenches, electric screwdrivers, handheld portable grinders, sockets, pliers, and others.
According to IBEF, In December 2021, Hyundai announced plans to invest US$ 530.25 million in R&D in India, with the goal of launching six electric vehicles by 2028. Surging investment in the automobile industry, is likely to fuel the power tool market.
By Geography: Asia Pacific accounted for the largest market share within the global power tools market in 2021, owing to the emerging automotive industry, and houses most of the power tools companies.
According to the International Trade Association (ITA), a USA agency that promotes trade and investment. China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025.
The International Organization of Motor Vehicle Manufacturers (OICA), stated that Asia region vehicle production increased by 4,67,73,2785 in 2021 from 4,42,76,549 in 2020. Owing to the rising vehicle numbers, it is likely to boost the growth of the power tools market.
A selection of companies mentioned in this report includes
- Key Players
- Robert Bosch GmbH
- Makita Corporation
- Hilti Corporation
- Techtronic Industries Co. Ltd.
- 3M
- Ingersoll Rand
- Stanley Black & Decker, Inc
- Snap-On Incorporated
- Atlas Copco
- KYOCERA Industrial Tools Corporation
- Bulk MRO Industrial Supply Pvt. Ltd
- Dartek Power Tools Co.
- ToolSense
- Green Air Link Corporation
- Phoenix Handels- und Development GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ftzhtv-power?w=5
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