The power and hand tools market has experienced steady growth, with its size expected to increase from $11.53 billion in 2023 to $11.99 billion in 2024, reflecting a CAGR of 4%. This growth is driven by the popularity of do-it-yourself (DIY) projects and home improvement activities, expansion in the construction sector, increased accessibility through online sales channels, and urbanization leading to more residential and commercial construction. Additionally, the development of environmentally friendly tools has contributed to this trend. The market is projected to reach $14.12 billion by 2028, with a CAGR of 4.2%. Future growth is supported by rising demand for eco-friendly and sustainable tools, incorporation of automation and AI, ongoing urbanization and infrastructure development, e-commerce growth, and a demand for customizable and personalized tools. Key trends include the development of smart and connected tools, advanced battery technologies, automation and robotics, AI and machine learning, and modular, multi-functional tools.
Major Driver In The Power And Hand Tools Market
The rise in postnatal depression cases is expected to drive the growth of the postnatal health supplements market. Postnatal depression affects women after childbirth, influenced by societal pressures and physiological changes. Health supplements provide essential nutrients for recovery and mood stabilization. The National Health Service reported that over 57,000 new and expectant mothers received treatment for postnatal depression in 2023, a 19.3% increase from 2022. This rise in postnatal depression cases is fueling the growth of the postnatal health supplements market through 2024 and 2028.
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Power And Hand Tools Market Competitive Landscape
The Bosch Limited, Danaher Corporation, Stanley Black & Decker Inc., Atlas Copco AB, Emerson Electric Co., Techtronic Industries Co. Ltd., Milwaukee Electric Tool Corporation, Makita Corporation, Ingersoll-Rand Plc, Snap-On Incorporated, MISUMI Group Inc., Chervon Holdings Limited, Apex Tool Group LLC, Fluke Corporation, Enerpac Tool Group, Chicago Pneumatic Tool, The Ames Companies In., Alberta Investment Management Corporation (AIMCo), Daniels Manufacturing Corporation, Alltrade Tools LLC, AnCor Inc., Taparia Tools
Key Power And Hand Tools Market Trend
In the power and hand tools market, the development of battery-powered tools with longer runtimes and integrated smart sensors is a key trend. These tools offer extended operational periods and enhanced real-time monitoring. In January 2022, Bosch Power Tools GmbH, a Germany-based manufacturer, launched the 18V REVOLVE 4000 green-beam rotary laser. This tool features an extended leveling range, increased visibility, and additional ADS settings, providing superior performance and user experience during heavy-duty tasks.
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Power And Hand Tools Market Segmentation
The power and hand tools market covered in this report is segmented –
1) By Type: Secateurs, Hammers, Spanners, Other Types
2) By Technology: Engine Driver, Hydraulic And Powder-Actuated, Pneumatic, Electric
3) By Application: Electronics, Construction, Aerospace, Automobiles, Other Applications
By Geography:The regions covered in the power and hand tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the power and hand tools market in 2023.
The Power And Hand Tools Global Market Report 2024 furnishes information about the global power and hand tools market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
