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Power tools market worth 35.58 billion USD by 2023 according to new research report

Power tools market worth 35.58 billion USD by 2023 according to new research report

The power tools market was valued at USD 25.79 Billion in 2016 and is expected to reach USD 35.58 Billion by 2023, growing at a CAGR of 4.6% between 2017 and 2023. The increasing urbanization, constantly growing construction industry in emerging economies, increasing sales of commercial vehicles across the world, and rising demand for cordless power tools are the key driving factors for the market growth.

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According to the new market research report "Power Tools Market by Mode (Electric (Corded & Cordless), Pneumatic, Others), Tool Type (Drilling & Fastening, Sawing, Demolition, Material Removal), Application (Industrial (Construction, Automotive, Aerospace, Energy), DIY) - Global Forecast to 2023", The power tools market is expected to grow from USD 27.19 Billion in 2017 to USD 35.58 Billion by 2023, at a CAGR of 4.6% between 2017 and 2023. The factors driving the market include the constantly growing construction industry in emerging economies, increasing sales of commercial vehicles across the world, and rising demand for cordless tools.

Browse 68 Market Data Tables and 53 Figures spread through 204 Pages and in-depth TOC on "Power Tools Market - Global Forecast to 2023"
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Electric tools held the largest size of the overall power tools market in 2016

Electric power tools held the largest market size, in terms of value, in 2016.

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Electric tools are primarily used by professionals as well as DIY users. Electric tools are operated either through the battery, based on application, or through the corded power supply.

Corded electric tools are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy in nature. The growth of the electric tools is fueled by innovations in the battery technology and the growing adoption of cordless tools among industrial as well as residential users.

Due to their ergonomic advantages, end users prefer cordless tools over conventional tools. The European Union has already banned the use of nickel–cadmium (Ni-Cd) for power tool batteries due to the toxic properties of Cadmium.

As a result, the demand for cordless electric tools with Li-ion batteries is likely to increase over the next few years.

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Drilling and fastening tools expected to dominate the power tools market between 2017 and 2023

Currently, drilling and fastening tools hold the largest market share among all other tool types in the power tools market, and a similar trend is likely to continue during the forecast period. Drilling and fastening tools are used in several industries, namely automotive, aerospace, electronics, and consumer appliances, energy, and shipbuilding.

The growth of the market for electric drilling tools is driven by the rising adoption of cordless drilling and driving tools by professionals as well as DIY consumers. Pneumatic drilling and fastening tools are mostly used in manufacturing industries, such as automotive and aerospace, wherein high torque tools are required.

According to the OICA, the sale of all types of vehicles is expected to increase in the near future. Hence, the increase in the production of automobiles is likely to boost the electric fastening tools market growth in the coming years.

Construction industry held the largest size of the overall power tools market

The construction industry is at the leading position in the power tools market as these tools are used in a majority of construction projects. The rapidly increasing industrialization and urbanization propel the growth of the market for the construction industry.

Power tools play an important role at every stage of the construction activity, including the design, survey, construction, and maintenance phases. They are used for various construction applications such as drilling, driving, demolition, concrete cutting, and polishing.

Tools such as impact drills, drivers, and rotary hammers are widely used in construction projects. The growing construction activities in countries such as the US, China, and India and the rising demand for technologically advanced and innovative power tools, drive the market growth.

Report: www.marketsandmarkets.com/.asp?id=50744034

North America to dominate the market between 2017 and 2023

North America is expected to dominate the global power tools market during the forecast period due to the significant growth in construction, manufacturing, and automotive industries. In North America, power tools are extensively used for both industrial as well as residential applications.

The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for cordless tools. The increasing wind energy installations have boosted the demand for fastening tools in this region.

The region registered the sales of ~12.9 million commercial vehicles in 2016. Hence, power tools find major opportunities in the commercial vehicle market.

Moreover, aerospace is one of the prominent industries contributing significantly to the growth of the power tools market.

The power tools market was dominated by the key players such as Robert Bosch (Germany), Stanley Black & Decker (US), Techtronic Industries (TTI) (Hong Kong), Makita (Japan), Hilti (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), Hitachi Koki (Japan), Snap-on (US), and C. & E. Fein (Germany).

 

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