The global power tools market size was estimated at USD 31.08 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. As governments across the globe are undertaking infrastructure development projects, the demand for power tools used in construction activities is anticipated to grow in the coming years. Such initiatives are expected to lead to aggressive investments in non-residential construction projects, and subsequently drive the demand for power tools over the forecast period. The outbreak of the COVID-19 pandemic took a severe toll on economies across the globe, slowing down consumer spending and disrupting supply chains. The shutdown of production and manufacturing facilities in the first quarter of 2020 led to a shortage of products and resulted in declined revenues for companies operating in the market.
The U.S. power tools market dominated the market and accounted for a market share of 86.01% in 2022. The demand for power tools in the U.S. has been increasing steadily over the past few years, driven by factors such as the growth in the construction industry, the popularity of DIY projects, and the increasing adoption of power tools in industrial and manufacturing settings. Overall, it seems that the demand for power tools in the US is expected to continue growing in the coming years, driven by a range of factors across various industries and consumer segments.
Gather more insights about the market drivers, restrains and growth of the Power Tools Market
Detailed Segmentation:
Product Insights
The drills segment dominated the market in 2022 with a revenue share of 31.72% and is expected to continue leading over the forecast period. Drills are easy to use, cheaper as compared to other power tools, and are commonly used in industrial and household applications. Drills are also prominently used as a basic repair and maintenance tool, thus, driving segmental growth. Apart from drills, the product segment is bifurcated into saws, wrenches, grinders, sanders, and others.
Mode Of Operation Insights
The electric mode of operation segment accounted for the largest revenue share of around 65.30% in 2022. The demand for electric power tools is increasing due to their convenience, efficiency, safety, durability, technological advancements, and cost-effectiveness. As more people take up DIY projects and home renovations, and as industries such as construction and manufacturing continue to grow, the demand for electric power tools is expected to continue to rise.
Application Insights
The industrial application held more than 62.84% of the revenue share in 2022. Industrial applications include the use of tools in industries such as automotive, construction, aerospace, and logistics. Increased technological innovation and adoption of advanced technologies among these industries is the crucial factor for the dominance of industrial applications over the residential segment. The Automotive and construction industries have the highest adoption of power tools, thus driving the growth of the industrial segment.
Regional Insights
Asia Pacific held the largest market share of 34.63% in 2022. Due to the flourishing automotive industry in countries such as India and China, the region is projected to witness the highest CAGR over the forecast period. Increasing disposable income and growing construction & infrastructure development activities are major factors influencing the growth.
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Key Companies & Market Share Insights
The key players held the majority of the revenue share in 2022. Companies are engaging in mergers and acquisitions and strategic partnerships to strengthen their product portfolio and provide competitive differentiation.
In addition to inorganic growth strategies, companies are also investing in their research and development to provide technologically advanced products. For instance, Robert Bosch has introduced the Toolbox App that connects to power tools to enhance efficiency. It offers services such as customized power control and managing tools using smartphones. The advent of connected power tools has further intensified the competition in the market.
Some prominent players in the global power tools market include:
• Emerson Electric, Co.;
• Hilti Corporation;
• Ingersoll-Rand PLC;
• Koki Holdings Co., Ltd.;
• Makita Corporation;
• Robert Bosch;
• Stanley Black & Decker;
• Techtronic Industries
Power Tools Market Segmentation
Grand View Research has segmented the global power tools market based on product, mode of operation, application, and region:
Power Tools Product Outlook (Revenue, USD Million, 2018 - 2030)
• Drills
• Saws
• Wrenches
• Grinders
• Sanders
• Others
Power Tools Mode Of Operation Outlook (Revenue, USD Million, 2018 - 2030)
• Electric
• Pneumatic
• Others
Power Tools Application Outlook (Revenue, USD Million, 2018 - 2030)
• Industrial
• Residential
Power Tools Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
o Mexico
• Middle East & Africa
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