February 25, 2024
Power Tools Market
Ict

Power Tools Drive Growth driven by Enhanced Productivity

Power tools are hand-held power-operated or power-driven machines or equipment that are used for construction, renovation, drilling, material removal, sawing, cutting, shaping, sanding, grinding, polishing, painting and HVAC. Power tools offer higher efficiency, control and accuracy over manual tools. They enhance productivity while reducing fatigue and physical strain compared to traditional hand tools. The global Power Tools Market is estimated to be valued at US$ 34554.27 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Cordless power tools have gained significant popularity over the past few years driven by technological advancements in lithium-ion batteries. Lithium-ion batteries are more powerful, compact and lightweight compared to traditional nickel-cadmium (NiCad) and nickel metal hydride batteries. They offer longer runtimes and charge faster. Major power tool manufacturers have expanded their cordless power tool lineups to cater to the growing demand. For instance, in 2019, Milwaukee Tool launched M18 FUEL and M12 FUEL lines of cordless power tools. Furthermore, innovations in battery technologies such as improved energy density and charging capabilities are expected to augment the adoption of cordless power tools during the forecast period.

Segment Analysis
The power tools market can be segmented by type into drilling & fastening tools, sawing & cutting tools, demolition tools, material removal tools, routing tools and others. Drilling & fastening tools dominates the market, accounting for around 30% share. This is because drilling & fastening tools finds wide applications across industries for assembling, installing and joining purposes which drives its demand.

Key Takeaways
The Global Power Tools Market Share is expected to witness high growth.

Regional analysis shows that Asia Pacific is currently the fastest growing as well as dominating region. Developing nations in the region like China and India are driving the growth due to rising construction activities and upgradation of existing infrastructure.

Key players related content comprises Key players operating in the power tools market are Stanley Black & Decker, Inc., Atlas Copco AB, Snap-on Incorporated, Techtronic Industries Co. Ltd., Danaher Corporation, Robert Bosch GmbH, Makita Corporation, Actuant Corporation and Hitachi Koki Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it