What Is The Definition Of The Global Power And Hand Tools Market?
Power tools are mechanical devices powered by an external source such as electricity, batteries, or compressed air, designed to perform a variety of tasks more efficiently and with less manual effort compared to hand tools. Hand tools are devices that rely on manual effort and are fundamental for basic, everyday tasks.
Power And Hand Tools Global Market Report 2024 provides data on the global power and hand tools market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The power and hand tools market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Power And Hand Tools Market Size Expected To Change, And What Are The Growth Rate Projections?
The power and hand tools market has seen steady growth in recent years. It is projected to increase from $11.53 billion in 2023 to $11.99 billion in 2024, at a compound annual growth rate (CAGR) of 4%. Growth in the historical period is attributed to the increasing popularity of do-it-yourself (DIY) projects, expansion in the construction sector driving demand for power and hand tools, more accessible online sales, urbanization leading to higher construction activities, and the development of environmentally friendly tools. The market is expected to grow steadily, reaching $14.12 billion by 2028, with a CAGR of 4.2%. This growth is fueled by the demand for eco-friendly tools, automation and artificial intelligence enhancing functionality, more urbanization, e-commerce expansion, and demand for customizable tools. Major trends include smart, connected tools, advanced battery technologies, integration of automation and robotics, AI and machine learning, modular tools, and customization.
Which Drivers Are Accelerating Growth In The Power And Hand Tools Market?
The expanding construction industry is expected to drive growth in the power and hand tools market. The construction sector, which involves the development of buildings, infrastructure, and physical structures, is experiencing growth due to urbanization, population increases, infrastructure investments, technological advancements, and economic development. Power and hand tools play a critical role in enhancing efficiency, speed, and precision in construction projects, contributing to improved outcomes and quality. For example, in February 2023, ConstructConnect reported a 16.7% rise in U.S. construction activity in 2022, amounting to $912 billion. This growth in construction is fueling demand for power and hand tools.
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What Are The Core Segments Of The Global Power And Hand Tools Market?
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
Which Emerging Trends Are Reshaping The Power And Hand Tools Market Size?
Major players in the power and hand tools market are innovating with battery-powered tools that offer extended runtimes, integrated smart sensors, and ergonomic designs. These tools run on rechargeable batteries, enabling prolonged use without frequent recharging. For example, in January 2022, Germany-based Bosch Power Tools GmbH introduced the 18V REVOLVE 4000 green-beam rotary laser. This tool boasts a longer leveling range, increased visibility with a green beam up to four times brighter than traditional red beams, and advanced ADS settings for superior performance during demanding tasks.
What Is The Largest Region In The Power And Hand Tools Market?
North America was the largest region in the power and hand tools market in 2023. The regions covered in the power and hand tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
