Power Tools Market is Estimated To Witness High Growth Owing To Rising Home Improvement Activities

Power Tools Market


The Power Tools Market is estimated to be valued at US$ 29995.02 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Power tools are motorized handheld tools used for fastening, drilling, sawing, sanding, planing, cutting, shaping, and abrasive operations. Power tools provide higher torque and speed compared to manual tools, thereby making work faster and easier. Power tools are used extensively across various end-use industries like construction, woodworking, metalworking, and automobiles.

Market key trends:
Rising home improvement activities across the globe are expected to drive the growth of the power tools market. Home improvement involves various repair and remodeling activities like plumbing, electrical work, carpentry, flooring, and painting, for which an array of power tools are required. Growing consumer preference towards Do-It-Yourself (DIY) home improvement projects has increased the demand for power tools in the residential sector. According to Houzz, a home remodeling website, home improvement spending worldwide reached over $740 billion in 2019. This rising trend of home improvement is expected to continue during the forecast period, thus contributing to the power tools market growth.

Porter’s Analysis

Threat of new entrants: High capital requirement for manufacturing facilities, distribution networks and high R&D costs pose significant barriers for new players. Bargaining power of buyers: Buyers have moderate to high bargaining power as there are many established players in power tools market offering varied products. Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials like metals are commoditized and available from multiple sources. Threat of new substitutes: Technological innovation in cordless power tools has increased substitution threat from products like impact wrenches and drills. Competitive rivalry: High as the market is dominated by global players and production of commoditized tools.

SWOT Analysis

Strengths: Wide product portfolio, strong distribution networks, innovation capabilities and brand recognition of major players.

Weaknesses: Seasonal demand nature of industry leads to fluctuations, dependence on economic cycles.

Opportunities: Growing DIY market, shift towards cordless power tools, expansion in emerging economies.

Threats: Trade barriers, increasing raw material prices, stringent environmental regulations.

Key Takeaways

Global Power Tools Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing infrastructure development and construction activities globally. Regionally, Asia Pacific dominates the power tools market and is expected to grow the fastest during the forecast period owing to rapid industrialization and infrastructure growth initiatives in major economies like China and India. North America and Europe are also significant markets for power tools however growth is projected to be faster in developing regions.

Key players operating in the power tools market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation. Product innovations and expansion into emerging economies through partnerships will be the key strategies adopted by players to gain market share. 

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