Power Tools Market and Top Companies
Stanley Black & Decker, Inc.
Stanley Black & Decker, Inc. is a global provider of power tools, hand tools and associated accessories, engineered fastening systems and products, services and equipment for commercial electronic security and monitoring systems, oil & gas and infrastructure applications, automatic doors, and healthcare solutions. In March 2010, Stanley Works merged with Black & Decker to form Stanley Black & Decker, Inc. The company operates through three business segments: Tools & Storage, Industrial, and Security. Through the Tools & Storage segment, the company offers hand tools, accessories, and storage (HTAS) equipment and power tools and equipment (PTE). Power tools and equipment (PTE) include consumer and professional products. Professional products include professional grade cordless and corded electric power tools and equipment which include impact wrenches and drivers, drills, saws, grinders, sanders and routers, as well as fastners and pneumatic tools which include nails, nail guns, concrete and masonry anchors, and staplers and staples. Consumer products include cordless and corded electric power tools; home products consist of paint tools, handheld vacuums, and cleaning appliances; and lawn and garden products are hedge trimmers, edgers, lawnmowers, string trimmers, and related accessories.
Robert Bosch GmbH
Robert Bosch GmbH is a German multinational and technology company. It operates through four business divisions: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. The Consumer Goods division comprises the Power Tools and BSH Hausgerδte GmbH businesses. It offers products through two segments: DIY and professional users under the Dremel and Bosch brands. These tools are offered with a subsidiary named Robert Bosch Power Tools GmbH. The company offers power tools for professionals, industry, and DIY users; as well as garden tools, measuring equipment, and accessories. The power tools offered by the company for DIY users are cordless, drills and screwdrivers, saws, sanders while measuring equipment offered by the company are laser and angle measures, detection and inspection devices, and leveling devices.
Techtronic Industries Co. Ltd.
Techtronic Industries Co. Ltd. is a leading provider of hand tools, power tools, outdoor power equipment, and floor care products and appliances to professional users from the home repair, enhancement, maintenance, infrastructure, and construction industries. The company provides products through segments such as Power Equipment and Floorcare. The Power Equipment segment offers power tools, outdoor products, power tool accessories, and accessories of outdoor products for professional, consumer, and industrial applications. RYOBI, HOMELITE, MILWAUKEE, AEG, EMPIRE, and HART are among a few well-known brands through which products are sold by the company under the Power Equipment segment.
Makita Corporation is one of the leading manufacturers of electric power tools, pneumatic tools, gardening equipment, and household equipment. The company operates under 3 business segmentsPower Tools; Garden Equipment, Household and Others; and Parts, Repairs and Accessories. Under the Power Tools segment, the company offers a wide range of tools such as impact wrenches, drilling/fastening tools, impact drilling/demolition tools, grinding/sanding tools, sawing, among others. The company offers corded and cordless power tools. It offers lightweight, compact, and efficient power tools to professionals and homeowners. Makita also leverages its expertise in DC motors to make its cordless tools more efficient, long-lasting, and lightweight. Power tools engineered with brushless DC motors are manufactured by Makita Corporation.
Hilti Corporation is engaged in the designing and manufacturing of products for various industries such as construction, energy, metals, and railway. The company operated in 2 business segmentsElectric Tools & Accessories and Fastening & Protection Systems. The companys product portfolio includes power tools, cordless tools, direct fastening systems, fastners, dust management and vacuum cleaners, tool inserts, measuring tools and scanners, among others. The company focuses on the construction industry to offer these power tools; however, the company offers its products to several other industries, such as metals, construction, and power and energy. It also offers power tool-related accessories such as battery chargers, lubricants, nail magazines, and washers.
Power Tools Market and Top Applications
Industrial applications have been further classified into construction, automotive, aerospace, energy, shipbuilding, and other industries. The construction industry is at the leading position in the market as these tools are used in a majority of construction projects. Automotive and energy industries are likely to have high growth opportunities in the near future owing to rising commercial vehicle sales and increasing the installation of renewable power plants across the world. Fastening power tools have major applications in automotive, aerospace, and energy industries.
Power Tools by Top Tool Type
Drilling and Fastening Tools
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. Electric drilling and fastening tools are operated either through a battery, based on application or through corded power supply. Hydraulic drilling tools are ideal for heavy industry and construction applications.
The global power tools market size is expected to grow from USD 38.8 billion in 2021 to USD 57.4 billion by 2026, at a CAGR of 8.2%.
The demand for power tools is increasing rapidly in the automotive industry, owing to the rapidly increasing sales of passenger and commercial vehicles. Moreover, increasing demand of fastening power tools is also expected to drive the growth of the market in the near future.
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COVID-19 has severely impacted the global economy and all the industries throughout the globe. Governments of various countries have imposed lockdowns to contain the spread of the epidemic.
The complete global lockdown in the initial stage of the pandemic in various countries severely impacted the livelihoods of people and quality of life. This has resulted into the disruptions in the supply chain across the globe. The economies across the world have declined as there is a major decline in the demand for products.
The production across industries has been limited due to the pandemic resulting in the shortage of raw material. The decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in production.
The COVID-19 pandemic has affected the power tools market during the initial phases of 2020. The rapid spread of the virus has enforced measures of lockdown and shutdown many operations worldwide, which resulted in a disruption of the supply chain, unavailability of workforce, delay in manufacturing, and delay in the export of products and other components of power tools. However, the resumption of manufacturing activities in the latter half of 2020 has resulted in a significant rise in the adoption of power tools in automotive and manufacturing end-use industries.
Material removal tools remove unwanted material from metals to achieve the desired product shape and size.
The increasing demand for fabricated metal products is responsible for the growth of the material removal tools segment as it helps to provide desired product. Cordless electric material removal tools are highly adopted for various industrial applications, which is responsible for segmental growth.
The market for cordless electric power tools is expected to grow at a higher CAGR during the forecast period.
Improvement in batteries and the replacement of Ni-Cd batteries with lithium-ion batteries help the market for cordless power tools to grow at a higher rate. Besides, the market for corded electric power tools is dominating in 2021.
The increasing population in countries such as China and India are responsible for the growth of the construction industry, which, in turn, is raising the demand for corded electric power tools at construction sites in the developing countries of the APAC region.
Power tools are widely used in the wind industry. The utilization of wind energy is expected to increase in the future as turbines are getting larger than ever. The number of wind projects is increasing in emerging countries, such as China and India.
The wind industry has strict requirements for torque checks on bolts and nuts. Power tools such as electric impact wrenches provide high torque, tightening each bolt at a prescribed level. With technological advancements in battery technology, electric power tools have gained high relevance in wind energy plants. Thus, the market for power tools in the energy industry is expected to increase rapidly during the forecast period.
APAC is an emerging market for power tools. Rising urbanization, expanding manufacturing sector, and increasing automotive sales are the key factors fueling the growth of the APAC power tools market.
China and India are the major countries in APAC that are witnessing significant growth in GDP. Moreover, South Asia is witnessing substantial demand for power tools. Attributed to these factors, APAC is likely to be the fastest-growing market by 2026.
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The power tools market is dominated by a few globally established players such as
Market Size Available for Years
Value (USD Million/Billion)
Tool Type, Mode of Operation, Distribution Channel, and Application
Geographic Regions Covered
North America, Europe, Asia Pacific, and Rest of the World
Major Players: Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong) Makita Corporation (Japan), Hilti Corporation (Switzerland), Atlas Copco AB(Sweden), Ingersoll Rand (US), Snap-on Incorporated (US), Apex Tool Group (US) among others - total 25 players have been covered
The demand for power tools is increasing rapidly in the automotive industry, owing to the rapidly increasing sales of passenger and commercial vehicles across regions such as Asia Pacific and Europe.
According to the International Organization of Motor Vehicle Manufacturers, the sale of commercial vehicles was 2 million and passenger vehicles was 14 million units in 2020 in Europe; where, as in Asia Pacific, the sales of commercial vehicles is 80 lakhs and passenger vehicles was 1 million units in 2020.
Such high sales figures represent the escalating demand for vehicles, which has prompted automakers to ramp up their production.
Power tools, such as assembly tools, are precision instruments, requiring regular maintenance of their moving parts. Power tools are required to be recalibrated at regular intervals for precise operations. Motors, batteries, power cords, drive belts, carbon brushes, and bearings wear out and fail over time.
In addition to the aforementioned power tool components, other components such as power switches, drill bits, and accessories require high maintenance for proper functioning as these tools are frequently used in almost every industry.
Non-conventional energy sources, such as wind energy and solar energy, are likely to witness more demand in the near future.
According to the Global Wind Energy Council (GWEC), despite the outbreak of the COVID-19 pandemic, 2020 was the record year for the global wind industry owing to the installation of 93GW of new capacity with a year-on-year increase of 53%. The global cumulative installed wind power capacity was up to 743 GW in 2020 and is estimated to reach 817GW in 2021.
The installation of wind power capacity is gradually increasing, and a similar trend is likely to continue in the coming years, where China and the US are likely to account for the major market share.
As power tools are supplied worldwide by several tools manufacturers to various industries, power tool product safety and regulatory compliance are critical issues for manufacturers.
Domestic and international distribution channels, as well as end users, demand safety, reliability, and rigorous compliance with existing and emerging safety standards. One of the most commonly used power tools safety standards is ANSI B165.1-2019, which is designed for the safety requirements of power tools use, design, and care. Thus, it is important for tool manufacturers to comply with these safety regulations.
This research report segments the power tools market based on tool type, mode of operation, distribution channel, application, and region.
What is the total CAGR expected to be recorded for the power tools market during 2021-2026?
The global power tool market is expected to record a CAGR of 8.2% from 20212026.
Does this report include the impact of COVID-19 on the power tools?
Yes, the report includes the impact of COVID-19 on the power tools market. It illustrates the post- COVID-19 market scenario.
What are the driving factors for the power tools?
Growing construction industry in emerging economies, surging demand for power tools from automotive industry, rising adoption of battery-powered power tools globally, and surging demand for electric fastening tools in industrial environment.
Which are the significant players operating in the power tools market?
Stanley Black & Decker, Inc(US) Robert bosch Gmbh (Germany), Makita Corporation (Japan), Techtronic Industries Co., Ltd (Hong Kong) and Hilti Corporation (Liechtenstein)).are some of the major companies operating in the power tools market.
Which region will lead the power tools market in the future?
North America is expected to lead the power tools market during the forecast period.
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The study involved four major activities in estimating the current size of the power tools market. Exhaustive secondary research has been done to collect information on the market, peer market, and parent market. To validate these findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.
In the secondary research process, various secondary sources have been referred for identifying and collecting information important for the power tools market study. Secondary sources include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, and certified publications; articles from recognized authors; directories; and databases.
In the primary research process, various primary sources from both the supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include industry experts, such as CEOs, VPs, marketing directors, technology and innovation directors, and related key executives from major companies and organizations operating in the power tools market. Following is the breakdown of primary respondents:
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Both the top-down and bottom-up approaches have been used to estimate and validate the size of the overall power tools market based on segments. The research methodology used to estimate the market size has been given below:
After arriving at the overall power tools market size-using the estimation processes explained above-the market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends in both the demand and supply sides of the power tools market.
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the clients specific requirements. The available customization options are as follows:
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