Global Power Tools and Hand Tools Market Synopsis
Global Power Tools and Hand Tools Market Size Was Valued at USD 46.72 Billion in 2023 and is Projected to Reach USD 101.39 Billion by 2032, Growing at a CAGR of 8.99% From 2024-2032.
Power tools and hand tools are a common part of our everyday lives and are present in around every industry. These tools are utilized to easily perform tasks that otherwise would be difficult or impossible. Nevertheless, these simple tools can be harmful and have the potential for causing serious injuries when utilized or maintained improperly.
- Special attention toward hand and power tool safety is necessary to overcome or eliminate these hazards. Power tools comprise varieties of tools, which are added with some additional power to perform particular tasks. The electric motor is the most common kind of power tool. Some examples of the power tools are grinders, drills, saws, sanders, oscillating and rotary tools, woodworking power tools, concrete power tools, compressors, and accessories. Hand tools are functioned by hand only and not by any electric machine. Some of the hand tools are hammers, garden forks, hook cutters, plumbing tools, rakes, secateurs, spanners, pliers, wrenches, clamps, screwdrivers, and chisels. Hand tools are generally less harmful than power tools. Hand and power tools are generally used in almost every industry including manufacturing, gardening, healthcare among others.
Global Power Tools and Hand Tools Market Trend Analysis
An Increasing Age Currently Owing to The Growth in The Application of Hand and Power Tools in Do-It-Yourself (DIY) Activities.
- The hand and power tools market is at an increasing age currently owing to the growth in the application of hand and power tools in do-it-yourself (DIY) activities. Furthermore, key factors turning the world hand tools market include rise demand from the automotive maintenance and repair sector along with developments in the production technology of hand and power tools. The growing spending income of consumers will positively impact the power and hand tools market in the future. Also, increasing the use of hand and power tools in industrial applications is another factor driving the overall market.
- Furthermore, cordless power tools gaining importance among the industries which include a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as nailers and staplers. The demand for more mobile, flexible, and compact tools is turning the market for cordless tools. Lithium-ion batteries are replacing conventional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) power tools. Advancement in battery technology is contributing to the growing promotions of cordless power tools with high-density batteries that can last longer once charged. Lithium-ion batteries supply higher energy density and longer operational life to power tools. These batteries are lightweight and do not exhibit self-discharge. Hence, lithium-ion batteries have become the most popular option for powering cordless power tools. Moreover, with consumers' attraction toward cordless tools, tool producers are focusing on cordless power tools and launching innovative products in the market. This leads to the growth of the power tools and hand tools market over the forecast period.
The Development in Machinery and Equipment Manufacturing Sectors
- The development in machinery and equipment manufacturing sectors over the world provides profitable growth opportunities for the power tools and hand tools market players over the forecast period. In addition to the sales growth for existing power tools and battery switches, new products are also trending in the industry. Companies have been executing research and development (R&D) efforts to boost tool strength and life span. For instance, one of the biggest power tool manufacturers, Dewalt, of the Stanley Company, recently introduced the latest invention referred to as the Flexvolt. This is a battery that automatically changes its voltage with each tool it is used with; the first of its kind in the world to do so.
Global Power Tools and Hand Tools Market Segment Analysis:
Global Power Tools and Hand Tools Market Segmented on the basis of type, application, and end-users.
By Type, power tools segment is expected to dominate the market during the forecast period
The power tools segment is expected to dominate the power tools and hand tools market during the forecast period. Growing demand for power tools will outpace those for hand tools. Among power tools, cordless electric tools will provide lucrative growth opportunities. Ongoing development in lithium-ion battery density and the raised acceptance of technological inventions such as brushless motors that improve usable lifespan per charge will boost sales. Cordless electric power tools experience more product invention than other types of tools, which attract users to enhance to better performing versions or to switch from plug-in to cordless versions. However, product developments for hand tools are generally limited to ergonomic developments or incremental performance increases.
By Application, Industrial segment held the largest share of xx% in 2022
The industrial application segment is anticipated to dominate the power tools and hand tools market throughout the projected period. The power tools and hand tools market will experience faster gains through the forecast period in response to a recovery in industrial employment levels. Industrial generally use higher-value power tools more intensively than do consumers, and they are often preferring to pay more for higher quality tools since the initial investment will pay off over the long run by good performance and longer tool life. Furthermore, as industrial tend to use tools daily, they must replace tools frequently (although some basic hand tools can be used for more than a decade). In addition, consumers are typically less frequent users of tools and are more probably to buy tools based on price. Also, consumers rarely need the power related with more expensive hydraulic or pneumatic power tools, but instead buy electric tools.
Global Power Tools and Hand Tools Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast period
- China, have contributed substantially to the production and export of power tools and hand tools worldwide. Their competitive pricing, diverse product range, and technological advancements have allowed China to assert its dominance in this sector within the Asia Pacific region.
- While other countries in the region Japan, South Korea, and India also play vital roles and have their strengths in this market, China's scale of production, manufacturing infrastructure, and export capabilities often give it an edge in dominance within the Asia Pacific region.
Global Power Tools and Hand Tools Market Top Key Players:
- Actuant Corporation(USA)
- AIMCO Corporation (USA)
- Ancor (USA)
- Stanley Engineered Fastening (USA)
- Allied Trade Group (ATG) Stores (USA)
- Alltrade Tools LLC(USA)
- AMES Companies (USA)
- Ancor (USA)
- Milwaukee (USA)
- Apex Tool Group LLC(USA)
- Garden Weasel (USA)
- Wera(Canada)
- Atlas Copco AB (Europe)
- Bosch (Robert) GmbH (Germany)
- Stihl (Germany)
- Knipex (Germany)
- Einhell (Germany)
- Festool AG(Japan)
- Makita Corporation(Japan)
- Hilti AG(Japan)
- Chervon Holdings Limited (Japan)
- Chervon (China)
- Ergon (China)
- Stafil (China)
- Metafix (China)
Key Industry Developments in the Global Power Tools and Hand Tools Market:
- In February 2024, Robert Bosch GmbH introduced the AdvancedDrill and AdvancedImpact 18V-80 QuickSnap cordless tools, part of their '18V Power for All System'. These cordless tools, equipped with Syneon Technology, enable powerful screwing and drilling in tight spaces, saving space and money while reducing environmental impact. The 18V lithium-ion battery and charger ensure efficient drilling and screwing.
- In February 2024, Makita U.S.A., Inc. introduced the 5" Paddle Switch Angle Grinder with AC/DC Switch (9558HP), offering 7.5 AMPs and 10,000 RPM in a compact 4.5 lb grinder, making it an ideal choice for professionals in metal fabrication, electrical, mechanical, and plumbing trades.
Global Power Tools and Hand Tools Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2022 |
Market Size in 2023: |
USD 46.72 Bn. |
Forecast Period 2024-32 CAGR: |
8.99% |
Market Size in 2032: |
USD 101.39 Bn. |
Segments Covered: |
By Type |
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By Application |
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By Distribution Channel |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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- INTRODUCTION
- RESEARCH OBJECTIVES
- RESEARCH METHODOLOGY
- RESEARCH PROCESS
- SCOPE AND COVERAGE
- Market Definition
- Key Questions Answered
- MARKET SEGMENTATION
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GROWTH OPPORTUNITIES BY SEGMENT
- MARKET LANDSCAPE
- PORTERāS FIVE FORCES ANALYSIS
- Bargaining Power Of Supplier
- Threat Of New Entrants
- Threat Of Substitutes
- Competitive Rivalry
- Bargaining Power Among Buyers
- INDUSTRY VALUE CHAIN ANALYSIS
- MARKET DYNAMICS
- Drivers
- Restraints
- Opportunities
- Challenges
- MARKET TREND ANALYSIS
- REGULATORY LANDSCAPE
- PESTLE ANALYSIS
- PRICE TREND ANALYSIS
- PATENT ANALYSIS
- TECHNOLOGY EVALUATION
- MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
- Geopolitical Market Disruptions
- Supply Chain Disruptions
- Instability in Emerging Markets
- ECOSYSTEM
- PORTERāS FIVE FORCES ANALYSIS
- POWER TOOLS AND HAND TOOLS MARKET BY TYPE (2016-2030)
- POWER TOOLS AND HAND TOOLS MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- POWER TOOLS
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2016 ā 2030F)
- Historic And Forecasted Market Size in Volume (2016 ā 2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- POWER TOOLS
- POWER TOOLS AND HAND TOOLS MARKET BY APPLICATION (2016-2030)
- POWER TOOLS AND HAND TOOLS MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- INDUSTRIAL
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2016 ā 2030F)
- Historic And Forecasted Market Size in Volume (2016 ā 2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- RESIDENTIAL
- POWER TOOLS AND HAND TOOLS MARKET BY DISTRIBUTION CHANNEL (2016-2030)
- POWER TOOLS AND HAND TOOLS MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- ONLINE SALES
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2016 ā 2030F)
- Historic And Forecasted Market Size in Volume (2016 ā 2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- OFFLINE SALES
- COMPANY PROFILES AND COMPETITIVE ANALYSIS
- COMPETITIVE LANDSCAPE
- Competitive Positioning
- POWER TOOLS AND HAND TOOLS Market Share By Manufacturer (2022)
- Industry BCG Matrix
- Heat Map Analysis
- Mergers & Acquisitions
- ACTUANT CORPORATION
- Company Overview
- Key Executives
- Company Snapshot
- Role of the Company in the Market
- Sustainability and Social Responsibility
- Operating Business Segments
- Product Portfolio
- Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
- Key Strategic Moves And Recent Developments
- SWOT Analysis
- AIMCO Corporation
- Ancor
- Stanley Engineered Fastening
- Allied Trade Group (ATG) Stores
- Alltrade Tools LLC
- AMES Companies
- Ancor
- Milwaukee
- Apex Tool Group LLC
- Garden Weasel
- Wera
- Atlas Copco AB
- Bosch (Robert) GmbH
- Stihl
- Knipex
- Einhell
- Festool AG
- Makita Corporation
- Hilti AG
- Chervon Holdings Limited
- Chervon
- Ergon
- COMPETITIVE LANDSCAPE
GLOBAL POWER TOOLS AND HAND TOOLS MARKET BY REGION
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- OVERVIEW
- NORTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Type
- Historic And Forecasted Market Size By Application
- Historic And Forecasted Market Size By Distribution Channel
- Historic And Forecasted Market Size By Country
- USA
- Canada
- Mexico
- EASTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest Of Eastern Europe
- WESTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Germany
- United Kingdom
- France
- The Netherlands
- Italy
- Spain
- Rest Of Western Europe
- ASIA PACIFIC
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New-Zealand
- Rest Of APAC
- MIDDLE EAST & AFRICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- SOUTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Brazil
- Argentina
- Rest of South America
- INVESTMENT ANALYSIS
- ANALYST VIEWPOINT AND CONCLUSION
- Recommendations and Concluding Analysis
- Potential Market Strategies
Global Power Tools and Hand Tools Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2022 |
Market Size in 2023: |
USD 46.72 Bn. |
Forecast Period 2024-32 CAGR: |
8.99% |
Market Size in 2032: |
USD 101.39 Bn. |
Segments Covered: |
By Type |
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By Application |
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By Distribution Channel |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Global Power Tools and Hand Tools Market research report is 2024-2032.
Actuant Corporation, AIMCO Corporation, Ancor, Stanley Engineered Fastening, Allied Trade Group (ATG) Stores, Alltrade Tools LLC, AMES Companies, Ancor, Milwaukee, Apex Tool Group LLC, Garden Weasel, Wera, Atlas Copco AB, Bosch (Robert) GmbH, Stihl, Knipex, Einhell, Festool AG, Makita Corporation, Hilti AG, Chervon Holdings Limited, Chervon, Ergon, Stafil, Metafix and Other Major Players.
The Global Power Tools and Hand Tools Market is segmented into Type, Application, Application, and region. By Type, the market is categorized into Power Tools, Hand Tools. By Application, the market is categorized into Industrial, Residential. By Distribution Channel the market is categorized into Online Sales, Offline Sales. By region, it is analyzed across North America (U.S.; 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; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Power tools and hand tools are a common part of our everyday lives and are present in around every industry. These tools are utilized to easily perform tasks that otherwise would be difficult or impossible. Nevertheless, these simple tools can be harmful and have the potential for causing serious injuries when utilized or maintained improperly.
Global Power Tools and Hand Tools Market Size Was Valued at USD 46.72 Billion in 2023 and is Projected to Reach USD 101.39 Billion by 2032, Growing at a CAGR of 8.99% From 2024-2032.