Power Tools Market to grow by USD 16.84 Billion from 2024-2028, driven by global construction growth, with AI shaping the market evolution - Technavio

NEW YORK, Nov. 27, 2024 /PRNewswire/ --Report on how AI is driving market transformation - The global power tools market  size is estimated to grow by USD 16.84 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.2%  during the forecast period. Rise in global construction and infrastructure development activities is driving market growth, with a trend towards portable power tools with smart technologies. However, volatility in prices of raw materials used in production of power tools  poses a challenge.Key market players include Apex Tool Group LLC, Atlas Copco AB, C. And E. Fein GmbH, Chervon Holdings Ltd., Emerson Electric Co., Evolution Power Tools Ltd., Group Silverline Ltd., Hilti AG, Illinois Tool Works Inc., JPW Industries Inc., Koki Holdings Co. Ltd, Makita Power Tools India Pvt. Ltd., Nemo Power Tools Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., Vicky Power Tools, and Zoshab International Power Tools LLP.

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Key Market Trends Fueling Growth

The Power Tools Market is experiencing significant growth in various sectors including construction, aerospace, automotive, and shipbuilding. Power tools manufacturers prioritize using the highest quality materials for their products. Battery power tools are becoming increasingly popular due to their efficiency and portability. The power tools industry caters to both residential and commercial construction projects, as well as infrastructural development such as roads, railways, airports, and energy utilities. Developed and developing countries are driving demand for power tools due to rapid urbanization. Residential users prefer efficient, quick, and easy tools for furniture repair, home remodeling, and home refurbishment. Power tools include cordless drills, demolition jackhammers, circular saws, jigsaws, reciprocation saws, and various drilling, fastening, cutting, and grinding tools. Industrial construction projects require resilient tools made of resin, ferrous metals, non-ferrous metals, steel, zinc, copper, brass, aluminum, nickel, and other materials. Batteries, motors, brushes, belts, power cords, and electronic components are essential components of power tools. Cordless tools are popular due to their flexibility, portability, and reduced maintenance costs. Disruptions in the power tools market include flexible and compact tools, householder power tools, and corded tools. Comfort, control, vibration reduction, non-slip grips, balancing tools, and lightweight housings are essential features for user performance and health. The power tools market includes corded electric tools, pneumatic tools, and fasteners. Power tools are used in various applications, including drilling, fastening, material removing, cutting, grinding, and road construction. The DIY trend has increased demand for power tools for residential/DIY applications. Power tools are used in industries such as oil and gas, automotive manufacturing clusters, and the heavy construction sector. Leading manufacturers like Triax Technologies, Inc., are innovating with tracking solution devices for construction firms to optimize asset utilization and improve real-time worker productivity. The power tools market faces challenges such as fluctuating prices, raw material availability, and mode of operation. Hydraulic tools, DIY enthusiasts, and spending capability are also influencing market trends. Power tools are essential for various industries, including ship building, and are used in DIY activities for household maintenance. Maintenance costs, moving parts, and cordless sanders are other factors impacting the power tools market. 

The power tools market in the US is witnessing an increase in the adoption of web and digital connectivity. Major brands like DEWALT and Stanley Black and Decker Inc. Are integrating smart technologies into their power tools. For example, DEWALT's Bluetooth-enabled batteries can be linked to a smartphone app, allowing tool owners to monitor the status and location of their tools. This feature ensures the safety and security of expensive power tools by sending an alert if the tool goes out of Bluetooth range and disabling the battery to prevent unauthorized use. 

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Market Challenges

• The power tools industry faces significant challenges in construction, aerospace, automotive, and shipbuilding sectors. Manufacturers strive to use highest quality materials for producing battery power tools, corded electric tools, pneumatic tools, and hydraulic tools. Developed and developing countries, with rapid urbanization, require efficient tools for residential construction projects and infrastructural development, including roads, railways, airports, energy, and utilities. Power tools are essential for cutting, drilling, fastening, material removing, and grinding in industrial construction projects. Raw materials like resin, ferrous metals, non-ferrous metals, steel, zinc, copper, brass, aluminum, nickel, and batteries are key components. Disruptions due to flexible tools, portable tools, and compact tools impact the industry. Residential users demand efficient, quick, and easy tools for furniture repair, home remodeling, and home refurbishment. Ergonomic design, vibration reduction, non-slip grips, balancing tools, and lightweight housings are essential for user comfort and control. Cordless tools with longer battery run time and efficient battery elements are preferred. Power tools market includes corded electric tools, cordless power equipment, and DIY trend for residential/DIY applications. Maintenance costs, moving parts, and fluctuating prices are challenges. Triax Technologies Inc. Offers tracking solution devices for real-time worker asset utilization in industrialized countries. Power tools are vital for construction workers in various sectors, including construction firms, automotive manufacturing clusters, heavy construction sector, and oil & gas sectors.
• Power tools market vendors and manufacturers face challenges due to volatile raw material prices. Steel, copper, rubber, plastic, and composites, key components in power tool production, are globally traded commodities. Prices for these materials can fluctuate significantly, impacting profit margins and sales for power tool companies. Electric power tools contain motors with rare earth magnets, further increasing the reliance on global markets for raw materials. These price fluctuations may lead to intense competition based on pricing, potentially affecting the market with undifferentiated or generic power tools.

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Segment Overview 

This power tools market report extensively covers market segmentation by

• 1.1 Industrial
• 1.2 Residential

• 2.1 Electric
• 2.2 Pneumatic
• 2.3 Others

• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Industrial-  Power tools, including electric, pneumatic, and cordless varieties, are essential in enhancing efficiency and productivity in industrial processes. The industrial end-user segment holds a substantial market share due to the sector's specific requirements and economic growth. Technological advancements and the expansion of industries, particularly manufacturing, fuel the demand for power tools. These tools cater to heavy-duty applications, such as metalworking, construction, and manufacturing, with high torque and durability. The automotive industry utilizes power tools for assembling and dismantling vehicle parts. The increasing number of construction projects, especially in developing countries, is expected to boost the demand for power tools in the industrial sector during the forecast period. Additionally, the popularity of cordless power tools is driving growth in this market segment.

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Research Analysis

The Power Tools Market encompasses a wide range of tools used in various industries, including construction, aerospace, automotive, shipbuilding, and more. Power tools manufacturers prioritize the use of highest quality materials to ensure durability and reliability. Battery power tools have gained significant popularity due to their portability and reduced maintenance cost. The power tools industry caters to diverse needs, from wrenching and saw drills to polishing materials and grinders. Other tools include routers, hammer-drills, and sanders like cordless sanders and random orbit sanders. Industries such as petrochemical, oil and gas, and internal combustion engines also rely on power tools for maintenance. Fluctuating prices and the need to keep moving parts in good condition are constant challenges for power tool users. Electric motors, compressed air, and cordless equipment are essential power sources for these tools.

Market Research Overview

The Power Tools Market encompasses a wide range of tools used in various industries, including construction, aerospace, automotive, shipbuilding, and power tools manufacturing. These tools are made using the highest quality materials such as resin, ferrous metals, non-ferrous metals, steel, zinc, copper, brass, aluminum, nickel, and batteries. The power tools industry caters to construction activities in developed and developing countries due to rapid urbanization and infrastructural development. Power tools include cordless drills, demolition jackhammers, circular saws, jigsaws, reciprocation saws, and various industrial construction tools. The materials used in manufacturing these tools include resin, ferrous metals, non-ferrous metals, and various types of steel. Battery power tools have gained popularity due to their efficiency, quick use, and portability. The power tools market includes a diverse range of products catering to both professional and consumer applications. Household power tools include hammers, sanders, cutters, electric screwdrivers, and various other tools designed for DIY activities. The desired performance of power tools is influenced by factors such as ergonomic design, vibration reduction, non-slip grips, balancing tools, lightweight housings, extra handles, and cordless tools. The market also faces disruptions due to flexible tools, portable tools, compact tools, and cordless tools. Power tools are used in various industries such as construction, roads, railways, airports, energy, utilities, commercial buildings, and residential buildings. The power tools market includes corded and cordless power equipment, pneumatic tools, fasteners, wrenches, drills, saws, guns, nails, concrete, masonry anchors, hedge trimmers, string trimmers, lawnmowers, edgers, and gardening products. The power tools market is influenced by factors such as maintenance cost, moving parts, fluctuating prices, raw materials, semiconductor chips, and the coppers shortfall. The mode of operation of power tools includes hydraulic tools, DIY activities, and maintenance costs. The market also includes professional products and consumer products, with corded tools and pneumatic tools being commonly used in industrial applications. The power tools market caters to various industries such as construction, aerospace, automotive, shipbuilding, and power tools manufacturing. The market includes leading manufacturers such as Triax Technologies, Inc., which provides tracking solution devices for construction firms to optimize asset utilization and improve real-time worker productivity. The power tools market is expected to grow due to the DIY trend, residential/DIY applications, and the increasing spending capability of households in energy and power, automotive manufacturing clusters, and the heavy construction sector.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Industrial
• Residential
• Technology
• Electric
• Pneumatic
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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