Demand for Power Tools Positions Portable Tools Market to Surpass US$ 121.6 Bn

NEW YORK, Feb. 17, 2022 /PRNewswire/ -- The global portable tools market is estimated to reach US$ 80.4 Bn  by the end of 2022 and exhibit growth at 4.2% CAGR during the forecast period from 2022 to 2032, estimates Fact.MR.

Growing trend of DIY (do-it-yourself) across the globe due to the easy availability of portable tools through online sales channel is the primary factor underpinning the growth in the market. Besides this, rising penetration of social media coupled with free 'how-to' popular video streaming sites is propelling the demand for portable power tools.

On account of this, the overall sales of portable tools are expected to create an absolute $ opportunity of US$ 41.2 Bn during the assessment period of 2022-2032. As per Fact.MR, the portable tools market contributed nearly 15% of share in the global industrial machinery and equipment tools market in 2021.

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Further, burgeoning demand for powered portable tools such as drill machines, circular saws, and compressed air guns in industrial sector due to the lack of DIY will boost the market. Backed by this, Fact.MR estimates, the sales of power tools are anticipated to reach US$ 60.3 Bn by 2032.

Demand for lighting tools and hand tools across industrial and commercial tools, especially among DIY users is surging. Adoption of new and innovative technologies in these tools will create lucrative growth avenues for portable tools market players.

Moreover, growing awareness on the importance of personal protective equipment (PPE) along with stringent regulations pertaining to health safety will fuel the adoption of PPE. According to the study, the PPE segment is projected to be the most lucrative segment, followed by power tools.

Backed by these aforementioned factors, the global portable tools market is anticipated to exceed US$ 121.6 Bn by the end of 2032.

"Burgeoning DIY trend among millennials and availability of portable tools on e-commerce platforms are creating remunerative growth prospects in residential sector. To capitalize on this trend, key players are collaborating with e-commerce giants such as Amazon and eBay. This will bode well for the growth in the market," says a Fact.MR analyst.

Key Takeaways:

• Based on distribution channel, online sales channel will gain revenue 1.2X as compared to distributor sales channel during the forecast period.
• In terms of category, the power tools segment is estimated to create an absolute $ opportunity of US$ 24.3 Bn by the end of 2032.
• Sales of portable tools in the industrial sector are projected to surpass US$ 62.5 Bn by the end of 2032, registering 4.8% CAGR during 2022-2032.
• Germany portable tools market is estimated to reach a valuation of US$ 8 Bn by 2022 and will surpass US$ 14.7 Bn by the end of 2032.
• Europe is expected to dominate the global portable tools market, accounting for over ~31.6% of overall sales in 2032.

Growth Drivers:

• Growing demand for portable or fastening tools in wind energy and for other industrial application will propel the growth in the market.
• Rising application in construction industry will drive the sales of portable tools in the market.
• Surging demand for electric portable tools for DIY and household purpose will accelerate the demand for portable tools.
• Restraints:
• High repair and maintenance cost for parts of power tools might limit the sales in the portable tools market.
• Stringent regulatory compliances and safety standards imposed by several countries on these tools will hamper the growth in the market.
• Volatility in raw material prices of portable tools is likely to restrict the sales in the market.

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Competitive Landscape

The global portable tools market is highly fragmented and competitive in nature, opines Fact.MR. Leading players are focusing on product development to upscale their presence in the market and expand their global reach.

Meanwhile, some of the other players are adopting inorganic growth strategies such as mergers and acquisitions, expansion and collaboration to gain competitive edge and improve production capacity.

For instance,

• In January 2022, leading player Vtoman announced the launch of all-in-one cordless power tool and easy-to-use tool kit on the crowdfunding platform Indiegogo.
• In April 2021, Bosch Power Tools, a global leader for power tools and power tool accessories, announced the availability of its PROFACTOR SDS-max 18V hitman Rotoary Hammers. This tool delivers 5.2 Ft.-Lbs of impact energy to optimize for the use with CORE18V PROFACTOR batteries.

Key Players in the Portable Tools Market Include:

• Akar Tools Ltd.
• Apex Tools Group
• Atlas Copco AB
• Channellock, Inc.
• Danaher Corporation
• Emerson Electric Co. (RIDGID)
• Fiskars Group
• General Tools & Instruments LLC
• Makita Corporation
• JK Files (India) Limited
• Kennametal Inc.
• Klein Tools
• Robert Bosch GmbH
• Q.E.P. Co., Inc.
• Snap-On Inc.
• Stanley Black & Decker, Inc.
• Techtronic Industries Company Limited
• Wera Tools
• 3M Co.
• DowDuPont Inc
• Honeywell International Inc.
• Ansell Limited
• Avon Rubber Plc.
• Msa Safety Inc.
• Lakeland Industries Inc.
• Uvex Safety Group
• Alpha Pro Tech, Ltd
• Rock Fall Ltd.

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More Valuable Insights on Portable Tools Market

Fact.MR provides an unbiased analysis on the portable tools market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global portable tools market with a detailed segmentation on the basis of:

By End Use:

• Industrial
• Manufacturing Industry
• Constructional Industry
• Commercial
• Household & DIY

By Category

• Hand Tools
• Power Tools
• Garage Tools
• Lighting Tools
• Personal Protective Equipment (PPE)

By Sales Channel:

• Distributor Sales
• Retail Outlets
• Online Sales

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle Asia & Africa (MEA)

Key Questions Covered in Portable Tools Market Report

• The report offers insight into the portable tools market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for portable tools market between 2022 and 2032.
• Portable tools market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Portable tools market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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SOURCE Fact.MR