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Global Power Tools Market to reach USD 55.46 billion by the end of 2030.

Global Power Tools Market Size study & Forecast, by Product (Drills, Saws, Wrenches, Grinders, Sanders, Others), by Mode of Operation (Electric, Pneumatic, Others), by Application (Industrial, Residential) and Regional Analysis, 2023-2030

Product Code: OIRIME-60115747
Publish Date: 10-01-2024
Page: 200

Global Power Tools Market is valued at approximately USD 31.08 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.20% during the forecast period 2023-2030. Power tools are specialized mechanical devices designed to perform a variety of tasks with increased efficiency and precision, often powered by electricity, batteries, or compressed air. These tools are instrumental in construction, woodworking, metalworking, and other industrial applications, offering significant advantages over traditional manual tools. The Power Tools Market is expanding because of factors such as rising industrialization and construction activities, the rising trend of do-it-yourself (DIY) activities and rising expansion in the automotive industry.

The growth of industrial and construction sectors globally plays a significant role in driving the demand for power tools. As infrastructure development and construction projects increase, there is a corresponding need for efficient and high-performance tools to expedite tasks resulting in market growth. According to Statista, global expenditure in the construction industry amounted to USD 12 trillion in 2019, experiencing an increase to USD 12.9 trillion in 2021. Projections suggest a further rise to USD 19.2 trillion by 2035. This upward trajectory in construction spending signifies an escalation in construction projects, contributing to the overall growth of the market. In addition, increasing technological innovation and rising demand for power tools in industrial applications are creating new opportunities for market growth. However, the high cost of power tools and limited skilled labor stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Power Tools Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022. The robust expansion of the automotive sector in countries such as India and China are anticipated to result in the highest Compound Annual Growth Rate (CAGR) in the region throughout the forecast period. The upswing in disposable income and the escalating scale of construction and infrastructure development projects play pivotal roles in propelling this growth. North America is expected to grow significantly over the forecast period. The surge in infrastructure and industrial development within the region is fueling market demand. Furthermore, the substantial presence of key players such as Stanley Black and Decker, Emerson Electric Co., and Apex Tool Group is bolstering the region’s revenue share. Additionally, the scarcity of affordable labor is promoting the uptake of do-it-yourself (DIY) tasks, thereby fostering regional growth.

Major market player included in this report are:
Emerson Electric, Co.
Hilti Group
Ingersoll-Rand
Koki Holdings Co., Ltd.
Makita Corporation
Robert Bosch GmbH
Stanley Black & Decker Inc
Techtronic Industries Company Limited
Hitachi Koki Co., Ltd.
Enerpac Tool Group

Recent Developments in the Market:
Ø In October 2023, Bosch Power Tools unveiled 17 new additions to its growing CORE18V platform in 2023, introducing fresh innovations to its lineup. The latest offerings encompass advancements in the oscillating multi-tool and grinder tool categories, aimed at providing skilled workers with heightened efficiency on the job site.
Ø In July 2021, Makita UK expanded its range of outdoor power tools by introducing the advanced ‘XGT 40VMax machines.’ This extension comprises the UR002G 40VMax Cutter and the 40VMax Hedge Trimmer, both equipped with brushless technology.

Global Power Tools Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Mode of Operation, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Drills
Saws
Wrenches
Grinders
Sanders
Others

By Mode of Operation:
Electric
Pneumatic
Others

By Application:
Industrial
Residential

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Power Tools Market, by Region, 2020-2030 (USD Billion)
1.2.2. Power Tools Market, by Product, 2020-2030 (USD Billion)
1.2.3. Power Tools Market, by Mode of Operation, 2020-2030 (USD Billion)
1.2.4. Power Tools Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Power Tools Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Power Tools Market Dynamics
3.1. Power Tools Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Rising industrialization and construction activities
3.1.1.2. Rising trend of do-it-yourself (DIY) activities
3.1.1.3. Rising expansion in automotive industry
3.1.2. Market Challenges
3.1.2.1. High cost of power tools
3.1.2.2. Limited skilled labor
3.1.3. Market Opportunities
3.1.3.1. Increasing technological innovation
3.1.3.2. Rising demand for power tools in industrial applications
Chapter 4. Global Power Tools Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Power Tools Market, by Product
5.1. Market Snapshot
5.2. Global Power Tools Market by Product, Performance – Potential Analysis
5.3. Global Power Tools Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
5.4. Power Tools Market, Sub Segment Analysis
5.4.1. Drills
5.4.2. Saws
5.4.3. Wrenches
5.4.4. Grinders
5.4.5. Sanders
5.4.6. Others
Chapter 6. Global Power Tools Market, by Mode of Operation
6.1. Market Snapshot
6.2. Global Power Tools Market by Mode of Operation, Performance – Potential Analysis
6.3. Global Power Tools Market Estimates & Forecasts by Mode of Operation 2020-2030 (USD Billion)
6.4. Power Tools Market, Sub Segment Analysis
6.4.1. Electric
6.4.2. Pneumatic
6.4.3. Others
Chapter 7. Global Power Tools Market, by Application
7.1. Market Snapshot
7.2. Global Power Tools Market by Application, Performance – Potential Analysis
7.3. Global Power Tools Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Power Tools Market, Sub Segment Analysis
7.4.1. Industrial
7.4.2. Residential
Chapter 8. Global Power Tools Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Power Tools Market, Regional Market Snapshot
8.4. North America Power Tools Market
8.4.1. U.S. Power Tools Market
8.4.1.1. Product breakdown estimates & forecasts, 2020-2030
8.4.1.2. Mode of Operation breakdown estimates & forecasts, 2020-2030
8.4.1.3. Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Power Tools Market
8.5. Europe Power Tools Market Snapshot
8.5.1. U.K. Power Tools Market
8.5.2. Germany Power Tools Market
8.5.3. France Power Tools Market
8.5.4. Spain Power Tools Market
8.5.5. Italy Power Tools Market
8.5.6. Rest of Europe Power Tools Market
8.6. Asia-Pacific Power Tools Market Snapshot
8.6.1. China Power Tools Market
8.6.2. India Power Tools Market
8.6.3. Japan Power Tools Market
8.6.4. Australia Power Tools Market
8.6.5. South Korea Power Tools Market
8.6.6. Rest of Asia Pacific Power Tools Market
8.7. Latin America Power Tools Market Snapshot
8.7.1. Brazil Power Tools Market
8.7.2. Mexico Power Tools Market
8.8. Middle East & Africa Power Tools Market
8.8.1. Saudi Arabia Power Tools Market
8.8.2. South Africa Power Tools Market
8.8.3. Rest of Middle East & Africa Power Tools Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Emerson Electric, Co.
9.3.1.1. Key Information
9.3.1.2. Overview
9.3.1.3. Financial (Subject to Data Availability)
9.3.1.4. Product Summary
9.3.1.5. Recent Developments
9.3.2. Hilti Group
9.3.3. Ingersoll-Rand
9.3.4. Koki Holdings Co., Ltd.
9.3.5. Makita Corporation
9.3.6. Robert Bosch GmbH
9.3.7. Stanley Black & Decker Inc.
9.3.8. Techtronic Industries Company Limited
9.3.9. Hitachi Koki Co., Ltd.
9.3.10. Enerpac Tool Group
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

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Data Collection:
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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