Power tools market is projected to witness a CAGR of 4.52% during the forecast period 2024-2031, growing from USD 41.02 billion in 2023 to USD 58.42 billion in 2031. The evolving power tool proposition helps the global power tools market. New cordless technology, along with higher mobility and safety in these machines, are likely to transform market growth. There’s no denying the freedom and versatility that cordless power tools provide. These tools are becoming more powerful and long-lasting due to developments in battery technology and easy handling with a wide range of jobs. The transition to cordless tools is a response to end-user’s growing desire for portable equipment that matches their operability, which is a part of a larger trend in tool design toward efficiency and adaptability. Furthermore, brushless motor technology is increasing the efficiency and operability of overall manufacturing and production.
People have become more environmentally conscious, wherein sustainability plays a significant role in how producers promote their goods. For the next ten years, fossil fuel models, including power tools are being rejected by major players. In addition to choosing energy-efficient power options for clients, increasing productivity and eliminating waste throughout the production process will be crucial. Power tools with greener applications and designs are going to be the end product. These innovations lead new companies into the market with their power tool product line. Global leaders in the power tool market are investing in new technologies.
For instance, in April 2024, Matebo HPT and Matebo (Matebo AG) launched 10 tools and accessories including 18V multivolt 18-Ga compact brad nailer kit, 18V MultiVolt 18-Ga 1-1/2” Narrow crown stapler kit (1×2.0Ah), and 18V multiVolt cordless brushless 1/2″ hammer drill. The Metabo HPT MultiVolt System, which now includes all of the cordless equipment, is a growing collection of 18 and 36-volt power tools.
Advent of Smart Power Tools and Localized Designs to Fuel Market Growth
Smart power tools have consequences for inventory control and maintenance. These technologies can aid in preventing downtime and streamlining productivity by informing users of maintenance requirements and monitoring tool usage. Businesses can benefit from increased productivity and a greater grasp of tool utilization, which can result in more intelligent deployment and purchase plans. Artificial Intelligence (AI) is converting power tools into incredibly flexible gadgets that can adjust to user preferences and offer insights that can improve the workflow. This advancement toward intelligent tools portends a time when these devices will be able to learn, enhancing productivity and possibly opening new avenues for artistic expression. Companies focus on localizing their product line and introducing products that are more relevant to the region.
In January 2023, Robert Bosch GmbH’s India division launched a new powerful, compact, and made-in-India GWS 800 professional. In addition to being a Made in India device, the GWS 800 Professional was specifically built with the average Indian user’s palm size in mind. This was done to cater to the Indian market. Additionally, the newest angle grinder’s small weight of 1.6 kg guarantees that users’ arms will have less arm strain even when using its overhead.
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Cordless Equipment and IoT Integration to Fuel Market Growth
Improved battery technology with higher efficiency and backup are fueling the adoption of cordless power tools. Nothing is more important than the shift from traditional power sources to modern day lithium-ion batteries. These are lighter in weight, have a higher energy density and last longer compared to the earlier versions such as nickel cadmium (NiCd) or nickel-metal hydride (NiMH) batteries. The move has increased mobility and use of cordless gadgets, making them more interesting for experts and amateurs in various professions. There is an emerging trend of putting internet connectivity into cordless tools based on the Internet of Things (IoT). This helps in increasing connectivity options and gives smart functions, hence enabling better control and monitoring of the performance of tools by their owners. Companies are devoting their attention to research and development by including these technologies to stimulate a more robust expansion of market segments.
For instance, in October 2023, Stanley Black & Decker, Inc.’s DeWalt launched blind rivet cordless tools. These brands involve two new cordless, brushless rivet tools for fastening aluminum, steel, and stainless-steel blind rivets.
Increased DIY Activities and Urbanization to Fuel Portable Segment’s Growth
Portable segments lead the global power tools market in 2023, and is projected to maintain its dominance in the forecast period, owing to increased need for portable power tools due to the growing trend of do-it-yourself projects amongst home-owners, driving demand toward making tools that are lightweight and easy to handle. Again, the availability of internet resources and tutorials has simplified DIY projects, hence promoting its growth. Emerging economies experience increased urbanization and infrastructure projects that generate provision for mobile power instruments. An expanding city coupled with a new structure means that it is necessary for a contractor or builder to have portable equipment which will result in efficiency and versatility needed in their work. Furthermore, portable equipment is further segmented into cordless and corded tools, innovating the overall market. However, major woodworking solutions equip stationary power tools with the use of cordless power tools.
For instance, in January 2024, Hilti Corporation introduced new cordless tools. The company launched new cordless tools on a 22V Nuron battery platform, adding it to its global innovative portfolio. For cutting wood, fiber board, drywall, and solid surfaces, including precise cut-outs and straight cuts, SC 6WP-22 Plunge Saw is designed for all operations.
Asia-Pacific Dominates the Global Power Tools Market Share
Asia-Pacific dominates the market due to rapid industrialization and rising disposable income. Asia-Pacific, especially countries such as China and India, are experiencing rapid industrialization and infrastructure development, which is driving demand for power tools in construction, manufacturing, and automotive sectors. Rising disposable incomes and expanding middle-class populations in the region are significant drivers of demand for power tools, particularly for residential and DIY purposes. Technological advancements such as smart power monitoring, tool ergonomics, and app-based live tracking have helped reduce operation time and ease of use, boosting market growth. Furthermore, major players such as Robert Bosch GmbH, Stanley Black & Decker, Inc., Techtronic Industries Co. Ltd., and Makita Corporation have a strong presence in the Asia-Pacific market, contributing to its overall growth. Companies in the region are starting their power tool venture as they record rapid growth of the market.
For instance, in April 2024, Software-as-a-Service (SaaS) firm, Zoho Corporation announced its entry into the manufacturing of tools with its new venture Karuvi. This business endeavor is a noteworthy addition to Zoho’s broad portfolio.
Future Market Scenario (2024 – 2031F)
1. The advanced design focusing on enhanced gripping and effective operations are anticipated to fuel market growth.
2. The efficient and sustainable motor and battery technology is likely to transform the global power tool market.
3. New players entering the power tool market along with the higher investment in research and development activities are projected to propel market growth.
4. Increased DIY operations along with the advent of power tool kits are expected to garner market expansion.
Report Scope
“Power Tools Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global power tools market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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