Portable Power Tools Market size to record USD 7.60 billion growth from 2023-2027, Portable power tools with smart technologies is one of the key market trends, Technavio

NEW YORK, May 9, 2024 /PRNewswire/ -- The global portable power tools market size is estimated to grow by USD 7.60 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 5.02% during the forecast period.

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Key Trends Fueling Growth

• Portable power tools with smart technologies: 
• The global portable power tools market is witnessing a new trend with the integration of web and digital connectivity. Brands like Stanley Black and Decker's DEWALT, Techtronic, and Bosch are leading this shift by introducing smart technologies in their product lines.
• For instance, DEWALT offers Bluetooth-enabled batteries that connect to smartphones, allowing owners to track tool status and ensure security. Milwaukee, a Techtronic brand, pioneered an embedded chip in tools, enabling users to operate at optimal settings for various applications, boosting efficiency and preventing misuse.
• These advancements in connectivity and functionality are expected to fuel market growth in the coming years.

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Major Challenges:

• Low penetration of portable power tools in developing and emerging countries 
• In the global market for portable power tools, developed nations dominate revenue generation. This is primarily due to the higher prices of these tools compared to manual alternatives. In developed countries, skilled professionals like plumbers and mechanics earn more, often on an hourly basis.
• This enables them to afford advanced power tools, boosting their productivity and income. Conversely, in developing nations, fixed job-based payments make such tools less accessible. While the Do-It-Yourself trend is growing worldwide, it mainly drives demand for manual tools in developing regions due to economic disparities.
• Consequently, the portable power tools market is hindered from realizing its full potential, overly reliant on developed nations. To counteract this, there's a need to develop affordable power tools tailored for emerging economies, which represent the majority of the global population. Addressing these challenges is crucial for unlocking growth opportunities in the portable power tools sector.

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Segmentation Overview

1. Product 
• 1.1 Cordless tools
• 1.2 Corded tools
2. Application 
• 2.1 Commercial
• 2.2 Consumer
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Cordless tools- The market for cordless tools is set to witness significant growth in the coming years. These tools offer enhanced mobility, making them preferred across various applications like drilling, grinding, polishing, sanding, and screw driving. Professionals such as electricians, plumbers, auto mechanics, and service engineers favor cordless equipment for its convenience sans the need for electricity.

• From 2017, when it was valued at USD 16.74 billion, this segment has steadily expanded till 2021. The evolution of cordless equipment has seen a shift from nickel-cadmium (NiCd) batteries to lithium-ion (Li-ion) batteries, providing extended runtime and improved charge storage. Moreover, the adoption of BLDC motors over brushed DC motors addresses concerns regarding heavy-duty performance. BLDC motors boast higher power density, delivering superior torque in a given size. These advancements are poised to drive further growth in the cordless tools segment during the forecast period.

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Analyst Review

The Portable Power Tools Market is witnessing a significant DIY trend, with doorstep delivery and e-commerce platforms catering to the target audience's needs. How-to content on video streaming sites provides instructions for first-timers. Cost-cutting measures include discounts on raw material costs and automation in operational models. Personal protective equipment ensures occupational safety, adhering to regulations.

Cordless power tools, including drill machines and circular saws, are in demand, with nickel cadmium and mercury substitutes enhancing profit margins. Fragmentation in the industrial sector leads to a preference for hand tools like screwdrivers and spanners. Lighting tools appeal to the residential segment for DIY projects and landscaping. In emerging nations, a lack of DIY ethic contrasts with industrialized nations' industrial revolution processes. The metal fabrication industry benefits from compressed air guns and axes, indicating a shift towards efficient, user-friendly tools.

Market Overview

The portable power tools market is experiencing a notable uptick in demand, especially in sectors like automotive and wind energy. Battery-powered tools, powered by lithium-ion batteries, are driving this trend. These tools offer smart and connected power solutions, reducing noise pollution and enhancing efficiency in construction and building activities. Drill bits and power switches are integral components of these tools, along with fasteners made from materials like steel, plastic, and rubber.

The lithium battery technology powering these tools is highly sought-after due to its reliability and performance. The market's growth is also fueled by the availability of raw materials essential for manufacturing these tools. With increasing focus on sustainability and efficiency, the portable power tools market is set to expand further, meeting the diverse needs of industries worldwide.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Product 
• Cordless Tools
• Corded Tools
• Application 
• Commercial
• Consumer
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio