Power Tools Market Global Outlook & Forecast 2024-2029: Growing Prominence of Asian Manufacturing, Rise in Residential Improvement & DIY Projects - ResearchAndMarkets.com

The "Power Tools Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.

The global power tools market is expected to grow at a CAGR of 6.36% from 2023 to 2029, reaching USD 57.9 Billion by 2029.

The global power tools market is moderately fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch Power Tools, and TTI. These major vendors have a global presence in the three major regions of North America, APAC, and Europe. The power tools market share by brand is competitive, with innovations and mergers further intensifying competition. Bosch Power Tools continues to lead through technological advancements, while local vendors strive to compete in this dynamic landscape.

MARKET TRENDS & DRIVERS

Growing Prominence of Asian Manufacturing

China and India, with their rapidly growing economies and large populations, are pivotal in driving the expansion of the global construction industry. These nations are experiencing significant urbanization and industrialization, leading their governments to escalate investments in infrastructure to accommodate their burgeoning urban populations and boost economic activities. The synergy of environmental goals, economic growth in emerging markets, and rapid urbanization drive the global construction industry forward. China and India, in particular, are at the forefront, leading substantial investments in infrastructure development and technological advancements.

These factors enhance infrastructure capabilities, contribute significantly to sustainable economic development, and improve worldwide quality of life. In these economies, low-tech industries dominate low-income levels and offer large-scale employment. High-tech industries offer productivity gains advocated mainly by government and institutional reforms to escape the middle-income trap, which can substantially drive the demand for machines and power tools market share by brand during the forecast period.

Growing Adoption of Power Tools

The adoption of power tools has rapidly increased across various industries due to their ability to enhance productivity, precision, and efficiency. Power tools offer several advantages over traditional hand tools, including increased speed, precision, and efficiency. They can also help reduce operator fatigue, increase productivity, and improve work quality.

The popularity of power tools has grown significantly in recent years as manufacturers have introduced new models with improved features and functionality. Consumers are also increasingly interested in DIY projects, home renovation, and woodworking, further boosting the power tools market 2021. Bosch Power Tools is a key player in this market, known for its innovative and high-quality tools.

Rise in Residential Improvement & DIY Projects

Most adults indulge in creative and purposeful leisure activities in some developed North American and European economies. Some consumers also invest in home improvement and maintenance activities based on their interests. This concept is also gaining momentum in developing economies such as India, Brazil, and South Africa. Consumers in the residential sector often undertake repair and enhancement activities that improve their skills and prove cost-efficient. Furthermore, hypermarkets, supermarkets, and other specialty stores such as Home Depot offer more DIY products and drive the DIY tools market, eventually boosting the most bought power tools.

Furthermore, manufacturers are creating electric hammers with user-friendly features that attract DIY users, including lightweight designs, variable speed control, and easy-to-change drill bits. The growth of DIY activities is estimated to propel the growth of the cordless power tools market in particular. Cordless models provide greater convenience and portability, which makes them suitable for DIY users who may not have readily available power outlets in their work areas.

GEOGRAPHICAL ANALYSIS

APAC held the largest share of the global power tools market, accounting for a global share of over 36% in 2023. APAC emerges as a vibrant and rapidly evolving hub for power tools, propelled by its diverse economies, burgeoning urbanization, and expanding commercial sectors. APAC witnesses notable growth in adopting power tool solutions. Furthermore, the North American power tools market is expected to maintain its position during the forecast period, with the U.S. power tools market contributing significantly. With advances in Li-ion battery technology, the North American cordless power tools market is expected to witness substantial growth.

COMPETITIVE LANDSCAPE

Key Company Profiles

• Stanley Black & Decker
• Bosch
• Techtronic Industries (TTI)
• Makita
• Hilti
• Apex Tool Group
• Snap-on
• Koki Holdings
• Fortive
• Positec

Other Prominent Vendors

• Chervon
• Fein
• Ferm
• Milwaukee Tools
• Hitachi Power Tools
• Ryobi
• Erbauer
• Metabo
• Karcher
• Wurth Group
• Wacker Neuson Group
• Mafell AG
• Yamabiko Corporation
• Pferd
• AIMCO
• Festool
• CS Unitec
• Dynabrade
• Husqvarna
• STIHL
• Blount
• KYOCERA Corporation
• INTERSKOL
• Panasonic
• URYU SEISAKU
• Atlas Copco
• Ingersoll Rand
• Emerson
• Ridgid
• Skil
• Metabo
• Craftsman
• Porter-Cable
• Irwin Tools
• Diablo Tools
• Kobalt
• Dremel
• Proxxon
• Parkside
• Chicago Pneumatic
• Matco Tools
• Cornwell Quality Tools
• Senco
• Paslode
• Worx

Key Attributes:

Key Topics Covered:

1 Scope & Coverage

2 Premium Insights

3 Market at a Glance

4 Introduction

4.1 Overview

4.1.1 Emerging Trends in Power Tool Technology

4.1.2 Growing Inclination Toward Sustainability

4.1.3 Power Tool for Specific Industries

4.1.4 Key Factors Driving the Market

4.1.5 Urbanization Leads to Market Growth

4.1.6 Surging Metalworking Industry

4.1.7 Rising Disposable Income Serves as a Catalyst

4.1.8 Rising Market Growth from Prefabricated Buildings

4.1.9 Consumer Preference

4.1.10 Construction Highlights

4.1.11 Macroeconomic Effects

4.1.12 Geopolitical Tensions

4.1.13 Risk Factors

4.1.14 Key Product Developments by Leading Companies

4.1.15 Key Competitive Highlights

4.1.16 Demand from Commercial Spaces

4.1.17 Increase in Demand for Power Tool S in Co-Working Spaces

4.1.18 Key Highlights for Global Construction Sector

4.2 Value Chain Analysis

5 Market Opportunities & Trends

5.1 Growing Prominence of Asian Manufacturing

5.2 Industry 4.0 & Smart Precision Manufacturing

5.3 Rise in Commercial Construction and Projects

5.4 Surge in Demand for Prefabricated Buildings

5.5 Growing Emphasis on Safety and Compliance

5.6 Rising Adoption of Sustainable Products

5.7 Profit Volatility in APAC

5.7.1 Market Dynamic of APAC

6 Market Growth Enablers

6.1 Growing Adoption of Power Tools

6.2 Increasing Demand from the Woodworking Industry

6.3 Rise in Residential Improvement & DIY Projects

6.4 Rise in Initiatives in Manufacturer-Led Programs

6.5 Rise in Number of Infrastructure Development Projects

6.6 Favourable Government Policies and Incentives

6.7 Increased Construction in Hospitality Industry

7 Market Restraints

7.1 Low Labor Cost & Supply Chain Disruptions

7.2 Fluctuations in Raw Material Pricing

7.3 High Competition & Price Sensitivity

7.4 End-user Variability

7.5 High Availability of Hand Tools

7.6 Turbulent Global Political and Trade Relations

8 Market Landscape

8.1 Market Overview

8.2 Market Size & Forecast

8.3 Five Forces Analysis

9 Operation Type

9.1 Market Snapshot & Growth Engine

9.2 Market Overview

9.3 Cutting Operation

9.4 Drilling

9.5 Fastening

9.6 Routing and Planning

9.7 Others

10 Tool Type

10.1 Market Snapshot & Growth Engine

10.2 Drilling and Fastening Tools

10.3 Cutting Tools

10.4 Grinding and Sanding Tools

10.5 Polishing Tools

10.6 Shaping and Routing Tools

10.7 Pneumatic Tools

10.8 Power Screwdrivers

10.9 Impact and Demolition Tools

10.10 Measuring and Layout Tools

10.11 Others

11 Power Source

11.1 Market Snapshot & Growth Engine

11.2 Market Overview

11.3 Electric-Powered

11.4 Battery-Powered

11.5 Others

12 End-user

12.1 Market Snapshot & Growth Engine

12.2 Market Overview

13 Industrial

13.1 Market Snapshot & Growth Engine

13.2 Energy

13.3 Construction

13.4 Aerospace

13.5 Automotive

13.6 Electronics

13.7 Shipbuilding

13.8 Others

14 Commercial

14.1 Market Overview

14.1.1 Market Size & Forecast

14.1.2 Market by Geography

15 Residential

15.1 Market Overview

15.1.1 Market Size & Forecast

15.1.2 Market by Geography

16 Distribution Channel

16.1 Market Snapshot & Growth Engine

16.2 Market Overview

16.3 Offline

16.4 Online

17 Geography

17.1 Market Snapshot & Growth Engine

17.2 Geographic Overview

17.2.1 Regional Analysis

18 North America

19 APAC

20 Europe

21 Latin America

22 Middle East & Africa

23 Competitive Landscape

24 Key Company Profiles

25 Other Prominent Vendors

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