Power Tools Market By Product Type, Technology & Region – Forecast 2021-2031

Posted November 12, 2021 by princepawar293

The global power tools market size is expected to reach US$ 33.36 Bn in 2021. Increasing sales of cordless power tools will drive growth in the power tools demand by 5.1% CAGR between 2021 and 2031.
The global power tools market is expanding at a significant rate on the back of consumer inclination towards cordless power tools. This is anticipated to remain the key defining factor in the power tool market. As per Future Market Insights (FMI) analysis the global power tools market is expected to be reach US$ 33.36 Bn in 2021. The demand is expected to soar as construction activities surge around the world. According to FMI, construction applications will account for maximum sales in the market through the forecast period. Besides this, the rising trend of do-it-yourself activities will fuel sales opportunities for the market.

The COVID-19 pandemic has severely affected the global economy. Resulting in manufacturing plants shutdowns, coupled with supply chain disruptions owing to nationwide lockdowns across the globe, subsequently resulting in the plunge in the power tools market growth. However, the market is expected to recover sharply as the economic activities resume post the containment of pandemic. Manufacturers are focusing on scaling up their production capabilities with improved production rate creating positive prospected for the power tools market growth.

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Key Takeaways of Global Power tool Market Study
1. Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
2. Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
3. U.S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021
4. U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
5. Outlook for Italy and France is expected to remain positive over the forecast period

“The power tools market is witnessing a strong growth trend, attributing to increasing demand from various end use industries. Key industry participants are focusing on developing partnerships with regional distributors in order to gain a competitive advantage in the evolving global market. To comply with the advent of online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.

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Category-wise Insights
Which Product is highly Sought-after?
Drilling tools are highly sought-after power tools due to their increasing application across diverse industries, including construction, manufacturing, and others. In fact drilling tools also are used in various do-it-yourself projects, which has been fuelling their demand in commercial and household applications besides their increasing adoption across industries. The drilling tools segment is expected to account for above 17% of the market by the end of 2031 and is expected to remain dominant through the forecast period.

Why do Construction Applications Hold Higher % Share?
Accounting for nearly 30% of the overall share through the forecast period, construction applications drives continue to account for the bulk of demand for power tools Market. Growth in the segment is primarily due to the rapid development of the construction industry along with the bulk deployment of power tools in construction projects. Increasing construction spending in countries such as the U.S., the U.K., and China will continue aiding the expansion of the market.
Increasing do-it-yourself (DIY) activities and high capita spending on DIY tools in developed countries from North America and Europe are driving the consumer inclination towards DIY activities e.g. interior home renovation, plumbing, gardening, and others. The footprint of DIY tools is also expected to expand in developing regions. The use of DIY products lowers long-term costs than work outsourced to hired labor resulting in increased demand for power tools for DIY and household applications. Additionally, the advent of e-commerce has enabled easy access and discounts for consumers. These factors are expected to ascend the demand for power tools in DIY applications.

Why is Electric Technology More in Demand?
Electric and pneumatic are currently the leading technologies available, of which the demand for the former has been surging at a higher pace. The advent of cordless technology is expected to fuel growth opportunities within the market. Some of the leading players such as Bosch, Milwaukee, Hitachi, and others include cordless power tools in their portfolios.
Also driven by surging demand, they are increasingly investing in the launch of advanced technologies, which will ultimately fuel demand within the electric category. For instance, Bosch has recently launched cordless power tools in-built with lithium-ion batteries in June 2019. According to FMI, over 6 out of 10 power tools sold will be from the electric category in 2021.

What Supports Continuing Dominance of Offline Sales Channels?
According to FMI, offline sales channels will continue dominating through the forecast period. By 2021, offline sales are expected to account for 64.3% of the overall share. Offline sales offer instant gratification, which continues to be a key driver. However, the COVID-19 outbreak has exposed the vulnerabilities of this medium. As a result, there is an increasing focus on diversification. Market players are exploring opportunities across online sales channels. According to FMI, online channels will report growth at a higher pace than their offline counterparts.

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Global Power tool Market Competitive Landscape
The global power tools market is highly competitive market owing to presence large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion in untapped markets coupled with developing their business via e-commerce platforms to gain competitive edge. Some of the leading manufacturers of power tool market are Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Company Limited, Koki Holding, Co., Ingersoll Rand Inc., Apex Tools, Hilti Corporation, Snap-on Incorporated, among others.

Valuable Insights into Global Power Tools Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global power tools market, presenting historical demand data (2015–2019) and forecast statistics for the period from 2020–2030. The study divulges compelling insights on the power tools market based on backing product type (drilling tools, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench, circular saw), technology (electric and pneumatic), application (manufacturing, MRO services, DRO, construction), and sales channel (offline and online) across six regions (North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa).
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Issued By FMI
Country United States
Categories Business
Last Updated November 12, 2021