The Power Tools market size was estimated at USD 45.65 billion in 2023 and is projected to reach USD 80.44 billion in 2030 at a CAGR of 8.43% during the forecast period 2023-2030.
Any equipment or gadget that draws energy from a source outside of itself, such as compressed air or electricity, is referred to as a power tool. Power tools are crucial in many sectors because they offer improved speed, strength, and efficiency compared to manual tools, which only rely on human labour. Power tools offer the durability, accuracy, and productivity required to finish a variety of jobs. Power tools increase productivity and professional outcomes on anything from building sites to workshops.
Due to their simplicity of use and portability, power tools are currently quite popular in residential applications. The popularity of DIY projects has increased demand for power tools among household users. Additionally, it is expected that the power tools market would grow significantly due to the rise in demand for power tools in the industrial and automotive industries. Additionally, assembly lines and the automobile industry make extensive use of power tools, supporting the operations with quicker outcomes. It also significantly reduces the overall time required to finish the entire activity within the allotted time.
However, the market for power tools is being constrained by a number of issues. High maintenance expenses for the moving parts are one of the key reasons limiting the expansion of power tools. Additionally, the total market expansion during the projection period is being hampered by changes in the cost of raw materials used to create power materials.
The COVID-19 Pandemic has had a significant impact on the power tools market. The market got negatively affected due to disruptions in the supply chains, labour shortages, and economic uncertainties, However, as restrictions were lifted and the industries resumed their operations, the market witnessed a rebound. The pandemic also aided the adoption of e-commerce platforms for power tool purchases.
The Power Tools market is expected to grow during the forecast period. This growth can be attributed to several factors. The demand for power tools is expected to increase in the future years as governments throughout the world start infrastructure development initiatives. During the forecast period, these measures are anticipated to fuel further expenditures in non-residential building projects, which in turn would fuel demand for power tools. However, the high cost for the moving parts and the fluctuating costs of raw materials might hamper the growth of the market during the forecast period.
North America to Dominate the Market
