Power Tools Market Key Driving Factors and Challenges, Opportunities and Forecast Insights

The power tools market is set to register exponential growth by 2027 owing to rapid industrialization across key regions. In addition, surging demand for power tools in residential and industrial applications is likely to augment market expansion through the forecast period.
Power tools are extensively utilized for construction and repair tasks in the construction & building and automotive & transportation industries, as well as in a variety of residential applications. These are indispensable equipment that enhance the precision and reduce operation time. Growing technological advancements in the designing and manufacturing of power tools has fostered industry expansion.
To capitalize on developing market trends, key industry participants are engaging in strategic initiatives by launching products, establishing partnerships, and so on, which has impacted the overall business landscape.
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For instance, in September 2021, Stanley Black & Decker, an industrial tools and residential hardware specialist, announced the acquisition of Excel Industries, a major manufacturer of residential and commercial turf-care equipment. The addition of Excel’s premium range of outdoor and commercial grade turf-care equipment, expertise, and dealers’ network strengthened Stanley Black & Decker’s position in the market for outdoor products.
To cite another instance, in July 2021, Enerpac Tool Group, a leading industrial company, launched a lightweight railway maintenance equipment for rail stressing. The Enerpac RP-70A hydraulic rail stressor can be installed and assembled on site and has been designed for easy mobility and use. The Enerpac RP-70A, along with the Enerpac ZC3-Series stressing pump, offers a cordless, emission-free alternative for rail track thermite welding.
The power tools market has been segregated based on application, mode, tool type, and region. With respect to mode, the market has been bifurcated into pneumatic, electric corded, and electric cordless. The pneumatic sub-segment is estimated to amass substantial gains by 2027, progressing at a CAGR of around 5.3% over the review period.
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In terms of tool type, the market has been classified into material removal, wrenches, sawing & cutting, demolition, drilling & fastening, and others. The power tools market from the material removal sub-segment exceeded a valuation of USD 8.5 billion in 2020 and is speculated to expand at a steady pace over 2021-2027.
Based on application, the market has been segmented into electronics, energy, aerospace, construction, DIY, automotive, and others. In 2020, the automotive sub-segment held a notable share of more than 12.5% in the market and is expected to witness robust growth over the stipulated timeframe. Meanwhile, the aerospace sub-segment is projected to expand at a CAGR of approximately 6% over the forecast period.
From the regional point of view, the Middle East & Africa power tools market is slated to showcase profitable growth, registering above 4.6% CAGR over the analysis period.