Market Overview:
Power Tools and Hand Tools Market size is projected to reach USD 10.7 Billion by 2028 from an estimated USD 8.6 Billion in 2021, growing at a CAGR of 3.1% globally.
Power tools and hand tools are commonly used in various industries and play an important role in our daily life. With their help, we can easily complete tasks that would otherwise be difficult or impossible. However, it is important to understand that these simple tools can be dangerous if not used or stored properly. Therefore, it is very important to pay special attention to the safety of hands and power tools to prevent or eliminate potential hazards. Power tools include a wide range of tools equipped with additional power sources, the most common of which are electric motors. Power tools include grinders, drills, saws, grinders, vibrating and rotary tools, wood power tools, concrete tools, compressors and various accessories. Hand tools, on the other hand, are used exclusively by hand without the use of electricity. Some examples of hand tools are hammers, garden forks, hook cutters, pipes, rakes, knives, wrenches, pliers, wrenches, clamps, screwdrivers and chisels. Compared to power tools, hand tools generally have a lower risk of injury. Both hand and power tools can be used in almost any industry, including manufacturing, gardening, healthcare and many others.
Top Key Players in Power Tools and Hand Tools Market:
- Bosch (Robert) GmbH (Germany)
- Actuant Corporation (US)
- AIMCO Corporation (US)
- Atlas Copco AB (Sweden)
- Alltrade Tools LLC (US)
- AMES Companies (US)
- Ancor (US)
- Apex Tool Group LLC (US)
- Black & Decker (US)
- Makita (Japan)
- Garden Weasel (US)
- Chicago Pneumatic Tool (US)
- Danaher Corporation (US)
- Del City Wire (US)
- Channellock Incorporated (US) and Other Major Players
Market Dynamics and Factors:
The market for hand and power tools is experiencing a growth period as these tools are more widely used in do-it-yourself (DIY) projects. Additionally, growing demand from the automotive maintenance and repair sector and advancement in manufacturing technology for hand and power tools are key factors contributing to the growth of the global hand tools market. The increase in disposable income of consumers will have a positive impact on the power and hand tools market in the coming years.
Power tools and hand tools market players are experiencing profitable growth opportunities due to advancements in the machinery and equipment manufacturing sector across the globe. Due to the increase in sales of current power tools and battery switches, the demand for new products in the industry is increasing. Companies invest in research and development projects (RandD) to improve the durability and life of tools.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
Key Industry Development:
In June 2023, Atlas Copco successfully acquired National Pump and Energy (NPE). The company specializes in providing water treatment solutions, environmental services and drainage services in Australia and New Zealand.
In June 2023, Makita U.S.A., Inc. introduced the XHU10, an 18V LXT® Lithium-Ion Cordless 24" Hedge Trimmer. This latest product from Makita combines the benefits of cordless operation with high cutting efficiency, all while being significantly lighter in weight compared to a similar gas-powered model.
Power Tools and Hand Tools Market Report Highlight:
- By Type, the power tool segment is anticipated to dominate the market over forecast period. Power tools are electric or battery-powered devices used for things like cutting, drilling and grinding. They offer efficiency and ease of use compared to hand tools and have a wide range of applications in construction and various industries.
- By Application, the industrial segment is anticipated to dominate the market over forecast period. Power tools such as drills and saws provide efficient and accurate results when cutting and shaping materials. Hand tools such as wrenches and screwdrivers provide manual dexterity for assembling and adjusting components.
- By Distribution Channel, the online sales segment is anticipated to dominate the market over forecast period. Customers are offered various additional benefits, including convenient door-to-door delivery of products and access to a diverse range of products and brands through online shopping platforms.
- North America region is anticipated to dominate the market over forecast period. The power tools and hand tools market in North America includes the manufacture, distribution and sale of tools for construction, woodworking and brick projects. With convenient door-to-door delivery, customers can access a wide range of tools online.
Central to our report are the company profiles and competitive analysis, providing insights into market players' overview, market role, and operating business segments. We evaluate their financial performance, production volume, sales volume, and sales margin while highlighting recent market developments. Our market research offers invaluable intelligence and strategic insights to drive informed decision-making. By capitalizing on emerging opportunities and understanding the competitive landscape, our report empowers businesses to thrive in the Global Power Tools and Hand Tools Market.
Power Tools and Hand Tools Market Segmentation:
By Type
- Power Tools
- Hand Tools
By Application
- Industrial
- Residential
By Distribution Channel
- Online Sales
- Offline Sales
For this report, Introspective Market Research has segmented the Power Tools and Hand Tools Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
