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The portable power tools market size is estimated to grow at a CAGR of 5.02% between 2022 and 2027 and the size of the market is forecast to increase by USD 7,608.62 million. The growth of the market depends on several factors, such as the demand for DIY building products, the increasing demand for power tools, and the use of Li-ion batteries.
This report extensively covers market segmentation by product (cordless tools and corded tools), application (commercial and consumer), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Portable Power Tools Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The use of Li-ion batteries is the key factor driving the growth of the global portable power tools market. Portable power tools are used for personal and commercial purposes because they are lightweight and allow the user to move freely. At the same time, these tools should work for a long time on a single charge. Improvements in motor technology, such as the introduction of BLDC motors and motor technology, alone cannot significantly increase the uptime of portable power tools. Battery technology also needs to improve to meet the growing need for cordless, portable power tools. Nickel-metal hydride (Ni-MH) and NiCd batteries have traditionally been used in cordless power tools.
In recent years, Li-ion batteries have almost replaced Ni-MH or NiCd batteries in cordless power tools because Li-ion batteries have high power density and can store more energy than NiCd batteries of the given size. It means that Li-ion batteries have a better power-to-weight ratio than NiCd batteries. Other benefits include low self-discharge rates and the use of less toxic materials. The self-discharge rate of Li-Ion batteries is generally one-fifth of that of NiCd batteries. Therefore, Li-Ion batteries allow power tools to be battery-powered, as they can perform more work on a single charge. This has resulted in the rising demand for cordless power tools, thereby will drive the growth of the global portable power tools market during the forecast period.
Increasing use of brushless DC motors in portable power tools is the primary trend shaping the global portable power tools market growth. Reliability, low maintenance, long life, and compactness are the main requirements for portable power tools. BLDC motors meet these requirements because they have no brushes that cause wear and friction loss. These are typically required in brush motors for mechanical commutation. Relatively low friction losses and wear mean that these motors emit very little heat, making them more energy efficient than brushed DC motors. This extends the life of your portable power tools and gives you better performance on a single charge.
Therefore, there is an increasing trend of using BLDC motors in portable power tools, such as cordless screwdrivers and drills, as these motors are more compact than brushed DC motors because of the high-power density of the former. Multiple established power tools brands such as Makita and Stanley Black and Decker have launched portable power tools with BLDC motors in recent years. Thus, increasing the use of brushless DC motors in portable power tools will drive the growth of the global portable power tools market during the forecast period.
The limitation of performance is a major challenge impeding the growth of the global portable power tools market. The use of portable power tools is advantageous due to their lightweight, portability, and cordless operation in the case of cordless tools. However, due to the high cost of portable power tools, they have not fully replaced traditional power tools, such as stationary or handheld tools. Other reasons are battery limitations and lack of high power. Unlike traditional power tools, portable power tools do not have large or very powerful motors, as they are a compromise between power and size.
This problem complicates even further in the case of cordless tools, as batteries have limitations as far as storing electricity is concerned. Large batteries compromise portability and mobility. Thus, limitations on the size of the battery and motor also affect the performance of portable power tools adversely, therefore hindering the growth of the global portable power tools market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers portable power tools such as 3M perfect-it random orbital polisher.
Atlas Copco AB: The company offers portable power tools such as pneumatic hammers and pneumatic breakers.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The cordless tools segment will account for a major share of the market's growth during the forecast period. Cordless portable power tools are used in applications where the freedom of movement of power tools is very important. Cordless tools can perform most tasks performed by corded tools. These tasks include drilling, grinding, polishing and sanding, and screw driving. Cordless tools are increasingly being used by professionals such as electricians, plumbers, auto mechanics, and service engineers due to the ease of use without having to depend on a source of electricity.
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The cordless tools segment was valued at USD 16,742.49 million in 2017 and continued to grow until 2021. Cordless power tools have evolved considerably since their inception. Li-ion batteries have almost replaced nickel-cadmium (NiCd) batteries that were traditionally used in cordless power tools. Li-ion batteries provide cordless tools with more runtime and have more charge storage capacity than NiCd batteries. Similarly, cordless tools have had concerns about heavy-duty performances in the past. These concerns have been addressed by the use of BLDC motors instead of brushed DC motors. BLDC motors have higher power density than brushed DC motors and can provide better torque than a brushed DC motor of a given size. Such factors will increase segment growth during the forecast period.
Based on application, the market has been segmented into commercial and consumer. The commercial segment will account for the largest share of this segment. Commercial uses for power tools include construction, manufacturing assembly, woodworking and metalworking, automotive repair, plumbing, and electrical work. The growth of the global portable power tools market hinges on the growth of the construction industry, one of the essential end-user industries for mobile power tools. Such factors will increase segment growth during the forecast period.
North America is estimated to contribute 33% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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The growth of the construction sector will propel the demand for portable power tools in the North American region during the forecast period. The growth of the infrastructure sector and the rise in construction activities by companies that use machinery tools will boost the growth of the portable power tools market in the US. In Canada, the manufacturing industry, which is one of the major contributors to the economy, accounted for a share of around USD 170 million in 2020. It is more than 10% of Canada's GDP. Similarly, in November 2021, Samsung Electronics, an advanced semiconductor technology company, announced the expansion of its manufacturing in Taylor, Texas. Such large large-scale construction of high-rise buildings will increase the demand for portable power tools during the forecast period.
In 2020, the portable power tools market in the region witnessed a significant decline in its growth owing to the outbreak of COVID-19. However, in 2021, the initiation of vaccination drives in various countries such as the US, Canada, and Mexico led to the lifting of lockdown restrictions which further led to the reopening and recovery of the manufacturing, automotive, and construction sectors 2021. These sectors registered significant growth in North America in 2022, which is expected to continue between 2023-2027 and drive the growth of the market in focus during the forecast period.
The portable power tools market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Portable Power Tools Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.02% |
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Market growth 2023-2027 |
USD 7,608.62 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.45 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 33% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., ANDREAS STIHL AG and Co. KG, Atlas Copco AB, C. and E. Fein GmbH, Draper Tools Ltd., Emerson Electric Co., Festool GmbH, Hilti AG, Husqvarna AB, Ingersoll Rand Inc., J C Bamford Excavators Ltd., Koki Holdings Co. Ltd., Makita Corp., Panasonic Holdings Corp., PATTA International Ltd. Taiwan, Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and YAMABIKO CORP. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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