This growth is being driven by the increasing demand for cordless and battery-powered tools, which are becoming more popular due to their convenience and safety features. This is also being driven by the rise in the number of DIY projects, as well as the need for professional tradespeople to have more efficient tools that can complete projects faster. The increasing demand for professional grade tools and the increasing purchasing power of consumers is also contributing to the growth of the power tools market.

Power tools market segmentation

The power tools market can be segmented according to product type, application, end-user and geography.

By product type, the market can be segmented into cordless tools, corded tools, pneumatic tools and hand tools. Cordless tools are the most popular, with a market share of around 50%. This is due to the convenience and portability of cordless tools, as well as their increasing availability and affordability.

By application, the market can be segmented into residential, commercial and industrial. The residential segment is the largest, accounting for around 45% of the market. This is due to the increasing demand for DIY projects.

By end-user, the market can be segmented into individual users and professional users. The professional users segment is the largest and is expected to grow at a faster rate due to the increasing demand for professional grade tools.

By geography, the market can be segmented into North America, Europe, Asia Pacific and Rest of World. North America is the largest market, accounting for around 40% of the global market. This is due to the presence of major power tools manufacturers in the region, as well as the large number of DIY projects being undertaken.

Power tool market company profiles

Some of the major players in the power tools market include Bosch, Makita, Black & Decker, Hitachi, DeWalt, Metabo, and Stanley Black & Decker.