The global power tools market was valued at US$31.816 billion in 2018 and is projected to expand at a CAGR of 4.01% over the forecast period to reach US$40.292 billion by 2024. A power tool is a device or machine powered by an additional source or mechanism other than human body. Urbanization has played a significant role in the increased use of power tools and machinery in order to reduce human effort and simplify work for people. With the advancement in smart technologies and development of low-cost, energy efficient tools, its usage has increased to such an extent that now it is used everywhere- be it in Houses, Gardens, Garages, Construction sites and etc. Rising global construction and infrastructure activities, steady growth in automotive sector and growing demand for home improved products are the key factors that are driving the growth of Power Tools Market. DIY (Do it Yourself) is also gaining grounds in developed and developing countries. The adoption of power tools by DIY customers is another factor that has helped in the growth of this market.
With respect to technology, the global market is segmented as electric power tools, engine driven power tools, pneumatic power tools, powder actuated and hydraulic power tools. Electric power tool dominate the global market in terms of value. Pneumatic and powder actuated power tools are still emerging as alternatives to electric power tools in industries. Although commercial production of Pneumatic tools are still low due to their high prize.
By End Industry
With respect to end users, the global market is segmented as Non Residential (Industrial) Users and Residential Users. Automotive, Aerospace, Construction, Mining and etc. comes under Non Residential Users. The emerging concept of DIY (Do it yourself) and home improvement tools in emerging markets have created new customer base for this market.
Geographically, the Global Power Tools market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific and South America. North America, Asia –pacific and Europe are considered to be the largest market whose growth has risen due to the development of low cost and efficient power tools, rising demand of home improved tools in both developed and developing countries and rising construction activities around the world.
The global power tools market is competitive owing to the presence of well diversified global and regional players. The global key players are Emerson, Stanley Black & Decker, Inc., Hitachi Koki Co., Ltd., OTTO BAIER GmbH, and Techtronic Industries Co. Ltd, among others.
The global power tools market has been analyzed through following segments:
- Engine Driven
By End User
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
Frequently Asked Questions (FAQs)
Q1. What will be the power tools market size by 2024?
A1. The power tools market is projected to reach a market size of US$40.292 billion by 2024.
Q2. What is the size of global power tools market?
A2. Power Tools market was valued at US$31.816 billion in 2018.
Q3. What are the growth prospects for power tools market?
A3. The global power tools market is projected to expand at a CAGR of 4.01% over the forecast period.
Q4. What factors are anticipated to drive the power tools market growth?
A4. Rising global construction and infrastructure activities, steady growth in the automotive sector, and growing demand for home improved products are the key factors that are driving the growth of the power tools market.
Q5. Who are the major players in the power tools market?
A5. The global key players in the power tools market are Emerson, Stanley Black & Decker, Inc., Hitachi Koki Co., Ltd., OTTO BAIER GmbH, and Techtronic Industries Co. Ltd, among others.