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The portable power tools market size is forecast to increase by USD 7.74 billion at a CAGR of 4.9% between 2024 and 2028. The market is experiencing significant growth due to the increasing demand for DIY building projects and home improvements. This trend is driving the need for efficient and powerful tools, leading to an increased demand for portable power tools. One key component enhancing the functionality and convenience of these tools is the use of Li-ion batteries. Li-ion batteries offer several advantages over traditional batteries, including longer run times, faster charging, and greater power density. As a result, portable power tools equipped with Li-ion batteries are becoming increasingly popular among both professional contractors and DIY enthusiasts. This market is expected to continue its growth trajectory, with the integration of advanced technologies and the expanding application scope of portable power tools.
The market in North America experiences growth primarily due to the expansion of the construction, automotive, and aerospace, and defense industries. In the construction sector, significant drilling, cutting, and sawing tasks necessitate the use of these tools. Likewise, the automotive industry requires numerous assembly operations and metalwork, which are facilitated by these tools. In the aerospace and defense sector, portable power tools play a crucial role in manufacturing and maintaining complex machinery and structures. Overall, the growth trajectory of these industries directly influences the demand for these tools in North America.
Market Forecast 2023-2027
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In the current hobbyist and industrial landscape, the how-to content surrounding battery-powered portable power tools has experienced a surge in demand. This trend is particularly prominent in the automotive sector, where these tools offer convenience and reduced noise pollution during construction and building activities. Drill bits, a crucial component, are now often powered by lithium batteries, which provide superior performance and longer battery life compared to traditional raw materials like steel, plastic, and rubber. Fasteners, too, have benefited from this shift, as they can be easily and efficiently secured using these advanced tools. The market is thus witnessing significant growth, driven by the demand for eco-friendly, quieter, and more efficient tools. These tools are increasingly being replaced with battery-powered alternatives to reduce operational overheads and adhere to regulations regarding occupational safety and personal protective equipment. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The DIY trend is on the rise, particularly in developed markets, driven by labor scarcity and high handyman costs. The Internet and online retailing have expanded DIY building product accessibility, even in emerging economies. Home renovation projects, including woodwork, plumbing, electrical work, and HVAC utility repair, account for the largest segment of the global DIY market.
Furthermore, advances in cordless power tools, battery technology, and rechargeable batteries have made DIY projects more feasible and safe. Ergonomics and safety measures are increasingly prioritized. The aviation and military industries also utilize portable power tools, contributing to market growth. Infrastructure projects in emerging markets and compatibility/interoperability concerns are key considerations. However, heat generation and safety hazards are potential challenges. Thus, these will drive the growth of the global children's bicycle market during the forecast period.
The market is experiencing significant advances with the integration of web and digital connectivity. This innovation caters to various industries, including the aviation and military sectors, as well as DIY trends and home renovation projects. Brands like Stanley Black & Decker, DEWALT, Techtronic, and Bosch are leading this trend by introducing smart technologies. For instance, Bluetooth connectivity between portable power tools and smartphones enables real-time inventory management and safety measures.
Furthermore, DEWALT's Bluetooth-enabled batteries offer compatibility and interoperability, allowing users to track tool status, receive alerts for out-of-range situations, and disable batteries to prevent unauthorized use. Cordless power tools, driven by rechargeable battery technology, contribute to environmental awareness and improved ergonomics. However, safety hazards and heat generation remain concerns, necessitating ongoing research and development. Infrastructure projects in emerging markets also benefit from these technological advances. Thus, these factors will fuel the growth of the market during the forecast period.
The market is primarily driven by developed countries due to the higher wages of professionals and the affordability of advanced tools. These tools, including screwdrivers, saws, and wrenches, are more expensive than their manual counterparts. In industries such as aviation and military, where precision and productivity are crucial, portable power tools are indispensable. DIY trends and projects also contribute to the market's growth.
Furthermore, advances in battery technology and cordless power tools have made these tools increasingly popular. Environmental awareness has led to a focus on rechargeable batteries and safety measures. Ergonomics and compatibility are essential considerations for professionals in home renovation and infrastructure projects. Emerging markets offer significant potential for growth, but compatibility and interoperability issues may pose challenges. Heat generation and safety hazards are concerns that must be addressed to ensure the safe use of portable power tools. Thus, these factors will hinder the growth of the market during the forecast period.
The cordless tools segment will account for a major share of the market's growth during the forecast period.? In the market of 2022, corded tools held a significant share, particularly in manufacturing industries such as aviation and military, due to their powerful motors requiring consistent electricity. DIY trends and projects drove the demand for cordless power tools, driven by advances in battery technology and rechargeable batteries. Ergonomics and safety measures are essential considerations in both corded and cordless tools. The aviation and military industries, with their high-performance requirements, continue to favor corded tools.
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The cordless tools segment was valued at USD 17.13 billion in 2018. However, cordless power tools are gaining popularity in home renovation and DIY projects due to their portability and environmental awareness. Infrastructure projects in emerging markets also favor cordless tools for their compatibility and interoperability. Battery technology and rechargeable batteries have made cordless power tools more efficient, but they still face challenges such as heat generation and safety hazards. Cordless power tools are preferred for screw driving, fastening, and studding applications due to their energy efficiency. The market is expected to grow as advances in technology address the challenges of cordless power tools.
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North America is estimated to contribute 32% to the growth by 2027. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
Power tools, including battery-operated equipment like drills, impact wrenches, and impact drivers, are in high demand in developed economies, particularly North America. Manual labor in industries such as construction, automotive, aerospace and defense, and others, necessitates the use of these tools. Brushed motors and brushless motors are common motor types, while lithium-ion batteries and NiCd batteries are popular Li-ion battery types. DIY activities also contribute to the demand for power tools. Developing economies in Asia-Pacific are also significant markets for power tools. End-users in the industrial sector, including the automobile, aerospace, electronics, energy, and shipbuilding industries, rely on power tools like industrial heat guns, demolition tools, material removal tools, and routing tools. Retail outlets like Home Depot, hypermarkets, and supermarkets sell various power tool types and motor types to both the residential and industrial sectors. Key players in the market include Robert Bosch and its BAT414 battery. The growth of the market depends on the expansion of industries and disposable incomes in developed nations.
Companies 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 various power tools, including the 3M Perfect-it random orbital polisher, among others.
ANDREAS STIHL AG and Co. KG - The company offers an MSA 160 T arborist saw.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
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.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is witnessing significant growth in the residential segment, driven by the convenience of ecommerce and doorstep delivery. Ecommerce platforms catering to first-timers and target audiences in industrialized nations offer various cost-cutting measures, such as discounts and instructions, to attract customers.
Raw material costs and profit margins are key considerations for manufacturers in the market. Industrialized nations have been early adopters of automation and industrialized processes, leading to fragmentation in the market. Emerging nations, however, are showing an increasing preference for these tools due to the industrial revolution and the appeal of smart and connected power tools, such as power switches and video streaming sites, which offer operational efficiency and convenience.
Nickel cadmium batteries have traditionally been used in portable power tools, but mercury substitutes are gaining popularity due to their environmental benefits. The wind energy industry is also a significant consumer of portable power tools, contributing to the market's growth. In conclusion, the market is a dynamic and evolving industry, shaped by trends in ecommerce, doorstep delivery, and technological advancements. Manufacturers must stay informed of these trends and adapt to meet the changing needs and preferences of their customers.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.9% |
Market growth 2024-2028 |
USD 7.74 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.59 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market Forecasting, 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 the market forecast period |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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