by The global Power Tools Market is estimated to be valued at US$ 27,680.9 Mn in 2022 and is expected to exhibit a CAGR of 8.36% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power tools are mechanical devices that are powered by electricity, compressed air, or gasoline engines. They are widely used in various industries such as construction, automotive, woodworking, and others. These tools offer numerous advantages such as improved efficiency, reduced labor costs, and increased productivity. With the increasing popularity of DIY (Do-It-Yourself) activities, there is a growing need for power tools among homeowners and individuals who prefer to carry out their own home improvement tasks.
Market key trends:
The key trend in the power tools market is the increasing adoption of cordless power tools. Cordless power tools offer several advantages over traditional corded tools, such as portability and convenience. They eliminate the need for a nearby power source and allow users to move freely without the restriction of a cord. Additionally, advancements in battery technology have improved the power and runtime of cordless power tools, making them a preferred choice for both professionals and DIY enthusiasts. The demand for cordless power tools is expected to continue to rise, driven by increasing consumer preference for convenience and ease of use.
PEST Analysis:
Political: The political stability in the market is expected to have a positive impact on the power tools market. Government regulations and policies regarding safety standards and environmental sustainability may influence the demand for power tools.
Economic: The economic growth in various sectors such as construction, automotive, and manufacturing is expected to drive the demand for power tools. Additionally, the growth in disposable income among consumers is likely to contribute to the market’s growth.
Social: The increasing do-it-yourself (DIY) culture and the preference for home improvement activities are expected to fuel the demand for power tools. Moreover, the rising urbanization and infrastructure development in emerging economies are also significant social factors that will boost the market growth.
Technological: The advancements in power tool technology, such as cordless and battery-operated tools, are expected to drive the market’s growth. The increasing adoption of smart tools and innovative features like digital interfaces and IoT connectivity are anticipated to create new opportunities in the power tools market.
Key Takeaways:
The Global Power Tools Market Demand is expected to witness high growth, exhibiting a CAGR of 8.36% over the forecast period. This growth can be attributed to various factors, including the increasing demand from sectors like construction, automotive, and manufacturing, as well as the rising disposable income among consumers.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the power tools market. The region’s rapid urbanization and infrastructure development, along with the increasing industrialization, are driving the demand for power tools.
Key players operating in the power tools market include Apex Tool Group LLC, Atlas Copco AB, Emerson Electric Co, Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation. These companies are expected to play a significant role in shaping the market’s competitive landscape and driving innovation in power tool technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
