The global power tools market was valued at approximately USD 31.08 billion in 2022 and is projected to experience a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. This anticipated growth is largely attributed to the ongoing infrastructure development projects initiated by governments worldwide, which are expected to increase the demand for power tools utilized in construction activities. These initiatives are likely to result in significant investments in non-residential construction projects, further driving the demand for power tools throughout the forecast period.
The COVID-19 pandemic severely impacted economies around the world, causing a slowdown in consumer spending and disrupting supply chains. During the initial quarter of 2020, the shutdown of production and manufacturing facilities led to a shortage of products, which in turn resulted in decreased revenues for companies operating within the market.
In 2022, the U.S. power tools market held a dominant position, accounting for a substantial market share of 86.01%. The demand for power tools in the U.S. has been steadily increasing over recent years, driven by several key factors, including growth in the construction industry, a rising interest in DIY projects, and the growing adoption of power tools in industrial and manufacturing environments. Overall, the outlook for the U.S. power tools market remains positive, with expectations of continued growth in the coming years, supported by a variety of factors across different industries and consumer segments.
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Product Segmentation Insights
In 2022, the drills segment led the power tools market with a notable revenue share of 31.72%, and this trend is expected to continue throughout the forecast period. Drills are favored for their ease of use, affordability compared to other power tools, and versatility in both industrial and household applications. They serve as essential tools for basic repairs and maintenance, contributing significantly to the growth of this segment. Besides drills, the product category also includes saws, wrenches, grinders, sanders, and other tools.
The wrenches segment is projected to grow at a robust compound annual growth rate (CAGR) of 8.4% during the forecast period. Power wrenches, in particular, offer advantages over traditional manual wrenches by significantly reducing the time and effort required for fastening tasks. These tools are widely utilized in production plants, where they enhance work efficiency. The ongoing automation of production facilities is a key factor driving the growth of the wrenches segment.
The saws segment reported a market value of USD 7,461.7 million in 2022. The construction industry is a primary consumer of saws, and its expansion has positively impacted the demand for these tools. Construction companies rely on saws for cutting and shaping a variety of materials, including concrete, metal, and wood. The continuous growth of the construction sector is a significant factor contributing to the sustained demand for saws in various applications.
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