The Portable Power Tools Market to grow at a CAGR of 5.02% from 2022 to 2027

News provided by

31 Jul, 2023, 05:00 ET

Share this article

NEW YORK, July 31, 2023 /PRNewswire/ -- The portable power tools market is forecast to increase by USD 7,608.62 million from 2022 to 2027, at a CAGR of 5.02%, according to the recent market study by Technavio. The growth of the market will be driven by the Demand for DIY building products, Increasing demand for power tools, and the Use of Li-ion batteries. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Portable Power Tools Market – Vendor Scope

Technavio has extensively analyzed 15 major vendors, including 3M Co., ANDREAS STIHL AG and Co. KG, Atlas Copco AB, C. and E. Fein GmbH, Draper Tools Ltd., Emerson Electric Co., Festool GmbH, Hilti AG, Husqvarna AB, Ingersoll Rand Inc., J C Bamford Excavators Ltd., Koki Holdings Co. Ltd., Makita Corp., Panasonic Holdings Corp., PATTA International Ltd. Taiwan, Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and YAMABIKO CORP.

Key Benefits for Industry Players & Stakeholders –

Expand operations in the future - To get requisite details, ask for a custom report.

Portable Power Tools Market - Segmentation Assessment

The market is segmented by product (cordless tools and corded tools), application (commercial and consumer), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

To get detailed insights about inclusions and exclusions, buy the report

Portable Power Tools Market – Market Dynamics

Key Drivers

The use of Li-ion batteries is the key factor driving the market growth. Portable power tools find applications for both personal and commercial purposes due to their lightweight nature, providing users with freedom of movement. Li-ion batteries have largely replaced Ni-MH or NiCd batteries in cordless power tools. This is because Li-ion batteries offer higher power density and can store more energy within a given size compared to NiCd batteries. Additionally, Li-ion batteries have the advantage of lower self-discharge rates and utilize fewer toxic materials. As a result, power tools powered by Li-ion batteries can accomplish more work on a single charge. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

Increasing use of brushless DC motors in portable power tools is a major trend in the market. The primary requirements for portable power tools are reliability, low maintenance, long life, and compactness. BLDC motors meet these requirements effectively due to their brushless design, eliminating wear and friction loss caused by brushes in conventional motors with mechanical commutation. Furthermore, the reduced friction and wear in BLDC motors result in minimal heat generation, making them more energy-efficient compared to brushed DC motors. This improved efficiency extends the lifespan of portable power tools and improves their performance on a single charge. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges

The limitation of performance is a significant challenge restricting market growth. Portable power tools offer numerous advantages, such as their lightweight, portability, and cordless operation in the case of cordless tools. However, their widespread adoption is hindered by their high cost, preventing them from fully replacing traditional power tools like stationary or handheld tools. In addition, battery limitations and the lack of high power are other factors influencing their usage. Unlike traditional power tools, portable power tools do not feature large or extremely powerful motors, as they strike a balance between power and size. Thus, these factors are expected to restrict market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Portable Power Tools Market report?

Gain instant access to 17,000+ market research reports.Technavio's SUBSCRIPTION platform

Related Reports

The metal machining market is estimated to grow at a CAGR of 3.86% between 2022 and 2027 and the size of the market is forecast to increase by USD 17.17 billion. Furthermore, this report extensively covers market segmentation by application (automotive, construction, aerospace, and others), product (laser cutting machine, plasma cutting machine, flame cutting machine, and waterjet cutting machine), and geography (APAC, North America, Europe, and South America). The increased investment in infrastructure is a key factor driving the market growth during the forecast period.

The robotic simulator market is estimated to grow at a CAGR of 18.04% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,126.58 million. Furthermore, this report extensively covers market segmentation by application (robotic production, robotic maintenance, and others), deployment (on-premises and cloud-based), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The growing need for robotic simulation is a key factor driving the market growth during the forecast period.

Portable Power Tools Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.02%

Market growth 2023-2027

USD 7,608.62 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.45

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 33%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

3M Co., ANDREAS STIHL AG and Co. KG, Atlas Copco AB, C. and E. Fein GmbH, Draper Tools Ltd., Emerson Electric Co., Festool GmbH, Hilti AG, Husqvarna AB, Ingersoll Rand Inc., J C Bamford Excavators Ltd., Koki Holdings Co. Ltd., Makita Corp., Panasonic Holdings Corp., PATTA International Ltd. Taiwan, Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and YAMABIKO CORP.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio