Northbrook, IL 60062 -- (SBWIRE) -- 04/29/2022 -- The global power tools market size is expected to grow from USD 34.3 billion in 2021 to USD 45.2 billion by 2026, at a CAGR of 5.7%. The growth of the market is attributed to the high demand for power tools in automotive industry as well as surging demand for electric fastening tools in industrial environment. However, factors such as high repair and replacement parts cost of power tools and fluctuations in raw material prices are restraining the market growth.
The power tools market has promising growth potential due to several factors, including the rising demand for power tools in wind energy industry as well as for household applications. The development of connected and smart power tools is also creating a lucrative opportunity for the market to grow during the forecast period. However, the manufacturers of these tools are required to follow strict product safety standards laid down by standard organization regulatory bodies, and various government authorities in order to avoid injuries, death, accidents, and productivity losses. For instance, ISO 28927-12:2012 which specifies the laboratory method for measuring the vibration emission transmitted by hand at the handles of portable hand-held power-driven die grinders.
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Based on tool type, the market is segregated into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others. Other power tools include measuring and layout tools, laser tools, dust extractors, glue guns, and heat guns. The drilling and fastening tools is the largest growing segment of the power tools market. The growth of the segment is attributed to the rising adoption of these tools in the automotive assembly and wind turbine installation operations. Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants.
Based on mode of operation, the electric segment are projected to be the fastest growing segment of the power tools market. The electric power tools are widely used in the broad range of industries such as construction, automotive, aerospace, energy, and shipbuilding. The growth of this segment is fueled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users. Currently, manufacturers are focusing towards the production of cordless electric power tools powered by lithium-ion batteries. As a result, the demand for cordless power tools with lithium-ion batteries is expected to increase during the forecast period.
Based on application, the market for industrial/professional application is dominant in 2020. Rapid industrialization in developing as well as developed countries is driving the demand for power tools. Power tools offer improved productivity and enable production at a faster rate. Besides, the growing construction activities in both developed and developing countries are responsible for the adoption of power tools at construction sites. Power tools play an important role in every stage of construction activity, including design, survey, construction, and maintenance phases.
The power tools market has been segmented into North America, Europe, APAC, and RoW. The market in North America is estimated to be the largest growing market in 2020. Increasing wind energy installations have boosted the demand for fastening power tools in this region. Moreover, automotive and aerospace are among the prominent industries contributing significantly to the growth of the power tools market in North America. Besides, APAC is expected to grow at the highest CAGR during the forecast period. Rising urbanization, growing manufacturing industry, and increasing automotive sales in this region are the key factors fueling the growth of the power tools market in APAC. India and China remain lucrative growth markets for manufacturers of power tools.