Power Tools Market Trends And Forecast Report During 2023 to 2030.

Power Tools Industry Overview

The global power tools market size was estimated at USD 31.08 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030.

As governments across the globe are undertaking infrastructure development projects, the demand for power tools used in construction activities is anticipated to grow in the coming years. Such initiatives are expected to lead to aggressive investments in non-residential construction projects, and subsequently drive the demand for power tools over the forecast period. The outbreak of the COVID-19 pandemic took a severe toll on economies across the globe, slowing down consumer spending and disrupting supply chains. The shutdown of production and manufacturing facilities in the first quarter of 2020 led to a shortage of products and resulted in declined revenues for companies operating in the market.

Gather more insights about the market drivers, restrains and growth of the Power Tools Market

The U.S. power tools market dominated the market and accounted for a market share of 86.01% in 2022. The demand for power tools in the U.S. has been increasing steadily over the past few years, driven by factors such as the growth in the construction industry, the popularity of DIY projects, and the increasing adoption of power tools in industrial and manufacturing settings. Overall, it seems that the demand for power tools in the US is expected to continue growing in the coming years, driven by a range of factors across various industries and consumer segments.

The popularity of cordless power tools is growing noticeably amongst consumers. Battery-operated, cordless power tools, such as crimpers, hammer drills, impact drivers, impact wrenches, and circular saws, are used in construction, repair, and maintenance applications as well as in sanding, metalworking, and welding, among other tasks, are widely being adopted across several end-use industries. Power tools powered by lithium-ion batteries are significantly gaining traction and are expected to replace power tools operating on conventional batteries, such as nickel-cadmium (Ni-Cd) batteries and nickel-metal hydride (Ni-MH) batteries.

Technological advancements are influencing the growth of the market. Companies are introducing technologically advanced products to enhance the efficiency of their products. For instance, the Flexvolt battery offered by Dewalt automatically switches battery voltage depending upon the tool you attached to it. An automatic switch of voltage helps in manually adjusting the power before using different corded power tools.

In addition to technological innovations, the increasing adoption of cordless tools that provide easy mobility and no external power source is driving market growth. The growing demand from household applications and the revival of industries in the near future is expected to upkeep the market growth over the forecast period.

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Power Tools Market Segmentation

Grand View Research has segmented the global power tools market based on product, mode of operation, application, and region:

Power Tools Product Outlook (Revenue, USD Million, 2018 - 2030)