Power Tools Market: Current Analysis and Forecast (2021-2027)
Emphasis on Mode of Operation (Electric, Pneumatic, and Others); Application (DIY and Industrial); Tool Type (Drilling and Fastening, Material Removal Tool, Sawing and Cutting Tool, Demolition Tools, and Others); and Region/Country (North America, Europe, Asia-Pacific, Rest of the World).
The Power Tools Market is expected to grow at a CAGR of around 5.5% during the forecasted period (2021-2027). A power tool is a tool that is activated by an additional power source and mechanism other than the solely manual labor used with hand tools. The most common types of power tools use electric motors. In addition, the increasing growth of the automotive industry, owing to the rapidly increasing sales of passenger and commercial vehicles. Factors driving the demand for power tools are fastening capability, operational simplicity and efficiency, reduced time and labor requirements, and portability. The expanding number of structures and construction activities, particularly in developing economies, rising the need for an energy-efficient tool to provide comfort and elevate results are escalating the market growth of the power tool market.
Moreover, the market is projected to grow significantly during the forecast period owing to technological advancements that have revolutionized the way of working, by providing ease and saving time of operation. Thus, the diverse functionality of these tools makes them suitable for use in various applications including professional, residential, and commercial establishments.
Some of the major players operating in the market include Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corporation, Hilti Corporation, Atlas Copco AB, Milwaukee Electric Tool Corporation, Hitachi Ltd., RYOBI Limited, STIHL, and Techtronic Industries Company Limited.
Insights Presented in the Report
“Amongst tool type, Drilling and fastening category accounted for the majority share in the market in 2020”
The market is categorized into drilling and fastening, material removal tool, sawing and cutting tools, demolition tools, and others. Drilling and Fastening held a prominent share in the market and are expected to remain the same during the forecast period. The increased utilization of these tools in car assembly and wind turbine installation activities is credited with the segment’s rise. Professionals and DIYers employ electric drilling and fastening tools, while industrial environments such as automotive and aerospace manufacturing plants use pneumatic drilling and fastening tools are escalating its market growth.
“Amongst applications, DIY is expected to witness the highest CAGR during the forecast period”
The global market is classified into DIY and industrial. The DIY is set to have higher growth prospects and significant market growth across the globe. In order to cater to the requirements of users that are not trained professionals, companies are offering products with enhanced safety features. Such features help in reducing injury risks associated with products and help in the adoption of power tools in household applications
“Asian-pacific to witness significant growth during the forecast period”
APAC is expected to hold the largest growth rate in the global market during the forecast period. One of the major factors driving the growth of the market in the region is the rising road construction and infrastructure activities, especially in emerging economies such as India, Singapore, China, and Japan. Besides, the increasing government initiatives toward enhancing industrial manufacturing facilities and infrastructural development in various countries in APAC are expected to fuel the growth of the market during the forecast period.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global Power tool market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Power Tool Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global power tools market were the three major steps undertaken to create and analyze the adoption of Power tools in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global power tool market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Power tool market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the power tool market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product areas mode of operation, tool type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the power tools market. Further, we conducted factor analysis using dependent and independent variables such as area mode of operation, tool type, and application. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Power tool market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Power tool market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Power tool market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Power tool market in terms of mode of operation, tool type, and application offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Power tool market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the mode of operation, tool type, and application in the global Power tool market.
The main objective of the Global Power Tool Market Study
The current & future market trends of the global power tool market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the power tool market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas mode of operation, tool type, and application.
- Define and analysis of the regulatory framework for the power tool market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the power tool market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the power tool market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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