Power Tools Market Size, Share & Analysis Report By Tool Type (Drill and Fastening Tools, Sawing Tools, Material Removal Tools, Demolition Tools, Others), By Application (Electric, Pneumatic, Hydraulic), By End User (Industrial, Residential) Regional Forecasts, 2023 - 2032

Power Tools Market is estimated to be worth USD 35.59 Billion in 2024 and is projected to grow at a CAGR of 5% between 2024 to 2032. The study has considered the base year as 2023, which estimates the market size of the market, and the forecast period is 2024 to 2032. The report analyzes and forecasts the market size, in terms of value (USD Billion), for the market. The report segments the market and forecasts it by Tool Type, by Application, By End User and by region/country.

Power tools are essentially tools that utilize an additional power source and mechanism, differentiating them from hand tools which rely solely on manual labour. The most common types of the tools usually use electric motors. Even the internal combustion engines and the air compressed air are also commonly used. In addition to traditional methods like steam engines and fuel combustion, the list also encompasses natural power sources such as wind and moving water.

Power tools are basically used in the industry within the construction sector, in the garden also utilized for household work such as cleaning, cooking and around the house for purpose of driving, cutting, shaping, sanding, routing, polishing, grinding, painting, heating etc. The power tools can also be classified as either portable or stationary. Where portable means to be hand held. As the portable tools having an obvious advantage in mobility but the stationary power tools however also have advantages in speed and accuracy and even some stationary power tools are able to produce objects that are not able to be produced in any other way.

After reviewing the data shown below, it can be determined that the Asia Pacific region dominates the Power Tools Market for the following reasons.

The Asia Pacific region is significantly dominating the Power Tools Market due to the rapid urbanization and increasing investments into the infrastructure sector. For instance, as India’s way towards the becoming a developed nation by 2027 hinges significantly on improving its infrastructure, a major cornerstone for enabling liveable, climate resilient and inclusive cities that push the economic growth. The government of India being confident that by allocating 3.3% of the GDP to the infrastructure segment in the fiscal year 2024, with key focus on transport and logistic segments pushes the Power Tools Market to experience significant growth within the Asia Pacific region.

Segmentations 

By Tool Type

Based on Tool Type, the Power Tools Market is bifurcated into Drill and Fastening Tools, Sawing Tools, Material Removal Tools, Demolition Tools and Others – where Drill and Fastening Tools segment is dominating and ahead in terms of share. The Drill and Fastening Tools segment is dominating the Power Tools segment due to the major advantages it provides, such as the drill machines capacity to quickly drill holes in the work pieces and do other drilling activities at a fair rate of speed. The machines speed has significantly increased within the time, and the output has boosted after the introduction of the automatic and the radial drilling machines. Considering the Fastening Tools the traditional methods such as the hammering a nail or gluing requires sufficient humanly precision as well as time, the tools such as nail guns substantially increases the joining process with enhanced precision and control which makes the Drill and Fastening tools dominates within the tool type segment in the Power Tools Market.

By Application

Based on Application, the Power Tools Market is bifurcated into Electric, Pneumatic and Hydraulic– where Electric segment is dominating and ahead in terms of share.

By End User

Based on End User, the Power Tools Market is bifurcated into Residential and Industrial– where Industrial segment is dominating and ahead in terms of share.

Key Players

• Hilti Corporation
• Ingersoll-Rand PLC
• Koki Holdings Co., Ltd.
• Makita Corporation
• Robert Bosch

Drivers

Due to the Increasing Private Structure Participation and DIY Culture
The Power Tools market growth is driven by the increasing private structure participation and adoption of the DIY culture. For instance, the private sector entity participation is important for the financing key infrastructure projects within India, given the government’s fiscal constraints and the need for prudent spending. As India has launched the (NIP) National Infrastructure Pipeline, in 2020 which envisages an investment of $1.6 trillion over 2020 to 2025 with an annual average investment of almost $27.5 billion. The public private partnerships have been identified as a valuable instrument to speed up the infrastructure development and investment under the NIP. The DIY culture for the home renovations and improvements has also boosted the Power Tools Market.

Opportunity

Technological Advancements
The technological advancements within the power tools market have opened new market growth opportunity. The technological advancements such as the brushless motors. As the efficiency of the traditional brushed motors as less than the brushless motors. They generate less heat, requires less heat than the traditional brushed motors, which leads to a longer life span for the power tools.