by Power tools refer to machinery and devices that are powered by means other than human labor, especially those powered by electricity or fuel. They are designed to perform specific functions such as drilling, cutting, sanding, fastening, nailing, and routing materials during construction and remodeling work. Power tools are used in various industries such as construction, automotive, aerospace, and shipbuilding to enhance productivity and efficiency. The global power tools market is estimated to be valued at US$ 34554.27 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Construction Activity: Power tools find significant application in the construction industry for framing, demolition, sanding, milling and polishing concrete and tiles, drywall installation and other activities. The increasing construction of residential buildings, commercial buildings, industrial facilities, roads, bridges and other infrastructure projects across major economies is driving the demand for power tools for faster completion of projects. Moreover, growing renovations and repairs of existing structures also contributes to the market growth.
SWOT Analysis
Strength: Power tools offer increased productivity and efficiency. Power tools reduce human effort and allow for precise and accurate work. Power tools such as drills, saws and sanders have versatile functionalities that enable users to perform multiple tasks.
Weakness: Power tools require electrical power sources that limit their portability. Battery-powered power tools also have issues related to battery life and charging time.Improper usage of power tools can cause accidents and safety risks.
Opportunity: Advancements in battery technology are increasing power tool functionality. Lithium-ion batteries provide longer run times and faster charging.Cordless power tools offer improved mobility over corded tools.Rise of DIY culture and home improvement activities is driving demand for power tools.
Threats: Availability of cheap alternatives from local manufacturers impacts sales of established power tools brands.Strict government regulations related to product safety and emission standards increases compliance costs for manufacturers.
Key Takeaways
The Global Power Tools Market Share is expected to witness high growth. The market size is projected to reach US$ 34554.27 Mn by 2024 from US$ 25125.82 Mn in 2021, growing at a CAGR of 7.6% during the forecast period.
North America currently dominates the global power tools market owing to rising residential and commercial construction activities in the region. Key players like Stanley Black & Decker, Bosch, TTI and Hilti have strong presence and market share in North America.
The Asia Pacific region is expected to be the fastest growing market for power tools during the forecast period. Rapid infrastructure development and growth of industrial sector in China and India is driving demand. Chinese manufacturers such as Chervon and Techtronic Industries are aggressively expanding in global markets.
Key players operating in the power tools market are Stanley Black & Decker, Bosch, Makita, Hilti, Emerson Electric and Snap-on. These companies invest heavily in product innovation, strengthened distribution networks and partnerships. Stanley Black & Decker has a wide product portfolio and global footprint across major regions. Bosch is known for advanced cordless power tool systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
