Resurgence in the housing sector post economic recovery is identified as the major driving factor for the global power tools market. Growing trend of modernizing housing stock, especially in emerging countries is expected to have positive impact on the overall demand for power tools. In addition, steady advancements in battery technologies are expected to propel demand for electric cordless power tools in both residential and non-residential applications. Furthermore, with lockdown restrictions and more number of people choosing to stay at home, there has been a growing demand for home improvement products. People are getting involved various home improvement projects in addition to various other repair and maintenance activities. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 6.1% during the forecast period 2020 – 2028. Although high cost of electric cordless tools may pose challenge to their swift adoption in the initial years, we expect unit prices of cordless models to drop as competition rises. The global power tools market is expected to expand at a CAGR of 6.1% from 2020 to 2028, reaching US$ 82.02 Bn by 2028.
Report Scope
This report analyzes the global power tools market in terms of type (power source), end-use application, and geography. On the basis of type (power source), the market is segmented into electric power tools (plug-in, cordless), pneumatic power tools, and hydraulic power tools among others. Similarly, on the basis of end-use application, the market for power tools is further classified into non-residential (construction and mining, automotive, semiconductor, and aerospace among others); and residential. The geographical distribution of the global power tools market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Global Power Tools Market - Growth, Share, Opportunities, and Competitive Analysis, 2020 – 2028” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global power tools market.
Target Audience
USP and Key Offerings
The report titled “Global Power Tools Market- Growth, Share, Opportunities, and Competitive Analysis, 2020 – 2028” offers strategic insights into the global power tools market along with the market size and estimates for the duration 2018 to 2028. The said research study covers in-depth analysis of multiple market segments based on applications, types (power source), and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading power tools manufacturers, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global power tools market, offering market size and estimates for the period from 2018 to 2028, keeping in mind the above mentioned factors.
In terms of revenue, electric power tools dominated the global power tools market in the base year of 2019. The dominance of electric power tools is a reflection of their widespread use owing to ease of use as compared to other variants. Electric power tools are further classified into plug-in electric power tools and cordless electric power tools. Although plug-in electric power tools outnumbered cordless electric power tools, they are presumed to witness comparatively slower growth during the forecast period from 2020 to 2028. The growth in the cordless electric models is majorly driven by improvements in battery technologies. Cordless electric power tool manufacturers are currently focused on developing product offerings around single battery framework, which would increase the convenience of consumers by limiting the need to carry spare batteries. However, higher cost of cordless electric tools is a limiting factor.
In 2019, the global power tools market was led by the non-residential application segment comprising construction & mining, electrical and electronics, automotive, and aerospace among others. The segment accounted for around two-third of the global power tools market revenue in the same year and is expected to exhibit steady growth during the forecast period 2020 - 2028. The trend shall prolong and the segment is poised to retain its dominance throughout the forecast period. The majority of the non-residential segment revenue is contributed by the construction sector. The use of power tools in the semiconductor industry is driven by the proliferation of consumer electronics, requiring manufacturers to supply products in a time bound manner. On the other hand, the market for residential applications is expected to witness maximum growth during the forecast period. The anticipated growth can be attributed to the growing interest in do-it-yourself (DIY) activities.
In the base year of 2019, North America comprising Canada and the United States was the largest power tools market worldwide. The region accounted for around 30% of the global power tools market revenue in the same year. The region is expected to exhibit steady growth led by the resurgence in the housing and automotive sector. However, Asia Pacific is presumed to witness maximum growth during the forecast period. In the last few years, China has emerged as the largest exporter of power tools worldwide and the trend shall continue over the forecast period. China-based power tools manufacturers are fast penetrating the market on account of wide range of offerings at competitive-price range.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Power Tools market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Power source
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
