Power Tools Market to Exhibit 4.0% CAGR from 2022 to 2029; Robert Bosch GmbH Introduced Cult Screwdriver to Bolster Product Offering

The global power tools market size is expected to rise from USD 26.61 billion in 2022 to USD 35.13 billion by 2029 at a CAGR of 4.0% during the forecast period. Robust demand from the automotive, construction, and oil and gas sectors will augur well for the business outlook. The trend for cordless equipment will fuel the penetration of power tools across advanced and emerging economies. According to the latest research report by Fortune Business Insights™ titled, “Power Tools Market Size, Share & COVID-19 Impact Analysis, By Mode of Operation (Electric, Pneumatic, and Others), By Tool Type (Drilling & Fastening Tools, Material Removal Tools, Sawing & Cutting Tools, Demolition Tools, and Others), By Application (DIY and Industrial), and Regional Forecast, 2022-2029”, the market stood at USD 25.87 billion in 2021. It is anticipated to exhibit 4.0% CAGR during the forecast period.

Plunge in Production amidst the COVID-19 Pandemic to Dent Growth Prospect

Industry players expect the pandemic to have a notable influence on the global landscape, with shipbuilding, aerospace and automotive witnessing supply chain disruptions. For instance, the China Passenger Car Association (CPCA) claimed that car sales in China fell 92% in the first half of February 2020. Moreover, trade volumes witnessed a dip across developing and developed countries. Meanwhile, the next few years could witness favorable policies that could encourage investments globally.

Dewalt Adds Outdoor Power Tools to its Portfolio to Tap Markets

With the competitive landscape witnessing a paradigm shift, leading companies are gearing to bolster their portfolios. To illustrate, in February 2021, Dewalt, a subsidiary of Stanley Black & Decker, Inc., introduced outdoor power tools for spring landscaping and lawn & home maintenance season. They will continue to inject funds into the advanced outdoor equipment to expand their portfolios. Furthermore, leading players are expected to inject funds into product portfolio expansion in the ensuing period. In December 2020, Hilti Corporation announced the expansion of its rotary hammer tools and combination portfolio.

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https://www.fortunebusinessinsights.com/industry-reports/power-tools-market-101444

Bullish Investments in Construction Industry to Propel Industry Outlook

Industry participants expect power tools market share to gain traction from the expansion of the construction industry. Stakeholders are likely to inject funds into cordless and cord tools to streamline their operations. Small and mid-sized enterprises are likely to bank on cordless tools for improved capability and flexibility. Besides, construction companies are likely to count on technological advancements to bolster their presence across untapped areas. However, volatile fluctuation in raw material prices is likely to hamper the growth prospect during the forecast period.

Stakeholders Focus on Product Portfolio Expansion to Tap Markets

Leading players are likely to infuse funds into product launches, geographical expansion, technological advancements, and mergers & acquisitions. Besides, leading companies are poised to invest in R&D activities, spurring the market growth.

Industry Development

• November 2020 – Robert Bosch GmbH rolled out cult screwdriver ‘Ixo Classic’ reportedly used for precise screw driving on sensitive materials.

List of the Companies Profiled in the Global Market

• Robert Bosch GmbH (Germany)


• Stanley, Black & Decker, Inc. (U.S.)


• Hilti Corporation (Liechtenstein)


• Atlas Copco AB (Sweden)


• Makita Corporation (Japan)


• Emerson Electric Co. (U.S.)


• Hitachi Koki Ltd. (Japan)


• Ingersoll Rand (U.S.)


• Techtronic Industries Co. Ltd. (Hong Kong)


• Enerpac Tool Group (U.S.)

Further Report Findings

• In terms of mode of operation, the electric segment could account for a notable share of the global market due to robust demand from the construction and automotive sectors.


• The Asia Pacific market size was valued at USD 9.11 billion in 2021 and will witness a similar trend with burgeoning urbanization and investment in infrastructure development.


• The Middle East and Africa market forecast will be strong owing to bullish investments in the oil and gas sector.

Table of Segmentation