The power tools global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Power Tools Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The power tools market size has grown strongly in recent years. It will grow from $39.21 billion in 2023 to $42.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growth in construction and diy industries, expansion of manufacturing and fabrication, demand for efficient and cordless tools, increase in home improvement projects, regulatory standards for tool safety..
The power tools market size is expected to see strong growth in the next few years. It will grow to $56.9 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to customized power tool solutions for specific trades, sustainable and eco-friendly power tool designs, growth in electric and cordless tool options, innovation in smart and connected power tools, increased use in precision and microtools.. Major trends in the forecast period include smart and iot-enabled power tools, regulatory compliance in power tool safety, ergonomic and user-friendly tool designs, personalized power tool kits for professionals, transparency in tool performance and maintenance..
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Scope Of Power Tools Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Power Tools Market Overview
Market Drivers –
The growth in the industrial sector has been a significant driver for the power tools market. The industrial sector encompasses a wide range of economic activities involving the production, manufacturing, and processing of goods and services on a large scale. he growth of various industrial sectors, including automotive, aerospace, and manufacturing, drives the need for power tools in production and maintenance. For instance, according to trading economics, a USA-based provider of data on economic indicators, the industrial output in India increased by 11.9% year-on-year in August 2021, higher than the 11.5% in the previous month, and compared to market forecasts of 12%. Also, in 2021, according to the Bureau of Economic Analysis (BEA), a US-based governmental organization that publishes official macroeconomic and sectoral statistics, in the USA, private goods-producing industries increased by 4.7% and private services-producing industries increased by 7.8%. Overall, 19 of 22 industry groups contributed to the second-quarter increase in real GDP. This growth in the industrial sector globally is expected to drive the power tools market.
The power tools market covered in this report is segmented –
1) By Tool Type: Drilling and Fastening Tools, Demolition Tools, Routing Tools, Sawing and Cutting Tools, Material Removal Tools, Other Tool Types
2) By Mode Of Operation: Electric, Pneumatic, Other Mode of Operations
3) By Distribution Channel: Online, Offline
4) By Application: Construction, Automotive, Aerospace, Energy, Electronics, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the power tools market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the power tools market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the power tools market include Stanley Black & Decker Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Corp., Ingersoll Rand Inc., Snap-on Incorporated, Apex Tool Group Corp., Hitachi Koki Ltd., Emerson Electric Co., Enerpac Tool Group Corp., Carborundum Universal Limited, Electrex India Limited, Husqvarna AB, Panasonic Corporation, Kyocera Corporation, Ridgid Tools Company, Andreas Stihl AG & CO. KG, YAMABIKO Corporation, KEN Holding Co. Ltd., Dynabrade Power Tools Pvt. Ltd., Delta Machinery Corp., Chervon Corp., Diamond Products Ltd., Einhell Germany AG, Elliott Tool Technologies Ltd., Festool Group GmbH & Co. KG, Ideal Industries Inc., Illinois Tool Works Inc., Metabo Power Tools SA Ltd., OLFA Corp., Positec Technology Co. Ltd., Sandvik AB
Table of Contents
1. Executive Summary
2. Power Tools Market Characteristics
3. Power Tools Market Trends And Strategies
4. Power Tools Market – Macro Economic Scenario
5. Global Power Tools Market Size and Growth
…
31. Global Power Tools Market Competitive Benchmarking
32. Global Power Tools Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Power Tools Market
34. Power Tools Market Future Outlook and Potential Analysis
35. Appendix
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