Northbrook, IL 60062 -- (SBWIRE) -- 07/21/2023 -- The global power tools market in terms of revenue was estimated to be worth USD 42.8 billion in 2022 and is poised to reach USD 65.5 billion by 2027, growing at a CAGR of 8.9% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
Power tools are highly adopted by industries such as construction, aerospace, automotive, shipbuilding, and energy. Homeowners also utilize them for various residential applications. Power tools manufacturers design, manufacture, and sell a wide variety of power tools in the market that are made of the highest quality materials. Growing construction activities in emerging economies, high demand for power tools in the automotive industry, and the rising adoption of battery power tools globally are driving the power tools industry.
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Material Removal Power Tools is projected to witness the higher growth during forecast period
Material removal tools to grow at higher CAGR during the forecast period. These tools are end-effectors used for removing unwanted materials from the workpieces in order to produce the desired shape.
Various material removal tools used in industrial and residential applications include sanders/polishers/buffers, air scalers, and grinders. These tools are ergonomically designed for the comfort and safety of the users. Either electric or pneumatic power sources power these tools. Cordless electric material removal tools are highly adopted for various industrial applications which are responsible for segmental growth.
Electric power tools held largest share of power tools market in 2021
The most widely used electric power tools are power saws, electric planes, electric milling cutters, electric mortising machines, electric wrenches, power grinders, electric drills, and portable parquet finishers. Corded electric tools are plug-and-play tools, whereas cordless tools are easy to operate, efficient, and handy. Due to their ergonomic advantages, end users prefer cordless tools over conventional tools. The rising demand for lightweight, portable, flexible, and compact tools, as well as the increasing DIY trend among homeowners, is boosting the adoption of electric power tools for residential/DIY applications.
Residential/DIY to be the fastest-growing segment in power tools market during forecast period
Power tools are designed for specific purposes such as drilling, fastening, material removing, cutting, and grinding, and are used for residential/DIY applications. The demand for power tools for residential applications is propelled by the availability of cordless tools, as well as the increasing popularity of the do-it-yourself (DIY) trend. Do-it-yourself (DIY) users prefer smaller and lighter power tools while making ordinary trades. Thus, there is a growing tendency to prefer small, ergonomic tools that are more powerful than traditional ones. This has led to a significant increase in demand for smaller and lighter power tools.
Asia Pacific to grow at highest CAGR during forecast period
The market in Asia Pacific is likely to grow at the highest rate during the forecast period, attributed to the increasing demand for power tools in major countries such as China and Japan. Asia Pacific is estimated to register the highest CAGR during the forecast period. One of the major factors driving the growth of the power tools market in the region is the rising road construction and infrastructure activities, especially in emerging economies such as China, India, Indonesia, the Philippines, and Vietnam. The construction industry in Asia Pacific can be seen developing at a high pace. The low-priced power tools have created intense competition among manufacturers. Techtronic Industries Co Ltd. (Hong Kong), Uryu Seisaku (Japan), and Makita Corporation (Japan) are the leading power tool manufacturers in the Asia Pacific.