What Is the Size of Global Power Tools Industry?
Global Power Tools market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Power Tools Market is largely driven by growing automotive industry, and rising adoption of power tools in households as an increasing trend towards do-it-yourself (DIY).
In car production over 55 different types of power tools are used including torque wrenches, impact drivers, air wrenches, power drills, polishing machines, air compressors, spray guns, and others. According to the Indian Brand Equity Foundation (IBEF), a semi-government trust formulated by the department of commerce mentioned that India’s passenger car market was valued at US$ ~33 billion in 2021, and it is expected to reach a value of US$ ~55 billion by 2027. The increasing production of vehicles is likely to boost the demand for the power tools market. Steel, aluminum, zinc, and others are the key material used in manufacturing power tools. Apart from this, batteries, motors, and other electronic components are used in the production of power tools.
COVID-19 has decelerated the growth of the power tools market. This is because of the temporary shutdown of assembly lines, disruption of the supply chain, restriction on manufacturing and construction activities, and decline in the sale of automobiles. But as the market is recovering and restrictions are easing down, it is estimated that the power tools market will recover within the forecasted period.
Global Power Tools Market By Product Type
The Global Power Tools market is segmented by Product type into Drills, Saws, Wrenches, Grinders, Sanders and Others. The Drills segment held the largest market share of the global power tools market in 2022. Automotive production, assembly lines, and automobile repair shops are driving the demand for drill power tools. Drill is a machine used for drilling holes in solid materials like metal, wood, and others. Drill machines are used in multiple industries such as construction, automobile, transportation, and electronic equipment.
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In January 2022, Bosch Power Tools, the global leader in power tools and power tool accessories, launched a new hammer drill/driver under the PROFACTOR system. The hammer drill/driver includes Bosch Power Tools BITURBO Brushless technology to help energize the next generation of high-powered cordless tools.
By Mode of Operation
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- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Australia Rest of Asia Pacific
- Latin America
- Middle East
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