The value of the global market for Power Tools was US$ 27,680.9 Mn in 2022, and it is anticipated to rise at a CAGR of 8.36% from 2023 to 2030.
Power tool usage has greatly increased recently all across the world. This is because cordless instruments are more portable, lighter, and require less equipment to carry than corded tools. Because they are linked to a power source and are so unwieldy to handle, users find it challenging to manoeuvre corded power tools. Furthermore, because corded power tools are attached to an electric source, they cannot be utilised if there is no electricity available. This can present a significant challenge once building starts. Furthermore, since defective cords may provide a possible risk to users' safety, corded power equipment frequently need to have their cords replaced.
Leading Companies in the Power Tools Industry:
1. Apex Tool Group LLC: Tool and associated product producer with a focus on the industrial market. Industrial hand and power tools, tool storage, drill chucks, chain, and electronic soldering products are among the company's offerings. These products give the aerospace, electronics, and construction industries access to end-user data, market research, and customer insight, which helps them make decisions about inventory, display, and promotion. Created in 2010. United States headquarters. The Home Depot awarded Apex Tool Group the distinguished title of "Partner of the Year" at its annual Supplier Partnership conference in Atlanta, Georgia. Apex Tool Group is happy to announce that it received top tool category honours from the DIY retailer.
2. Atlas Copco AB: A leader in air compression technology with 140 years of experience is Atlas Copco, a Swedish corporation. With a market share of almost 25%, the firm is still the top producer of air compressors in the world today. Power tools and hoover pumps are included in the company's product line. The vacuum pump demand is significantly influenced by the semiconductor chip cycle. Initial equipment sales, the sale of spare parts, and maintenance are the three areas where the business makes money. 180 nations are served by its operations. Built in 1872. Swedish headquarters are in Stockholm.
3. Emerson Electric: Emerson Electric sells automation equipment and services under two segments: intelligent devices and software control. Within software and control, it also holds a majority interest in AspenTech, an industrial software business. Intelligent devices also holds Emerson's tools business, which boasts several household brands, like Ridgid. Founded in 1890. Headquarters at United States. Emerson Announces Premium, All-Cash Proposal to Acquire National Instruments for $53 Per Share.
4. Hilti Corporation: Manufacturer of diamond tools for the international diamond-service contractor market and mainstream markets. Cutting discs, big blades, cup wheels, and core bits are among the company's diamond tool options. These products are created using powder mixing and compaction, free-sintering, laser, and CD-welding technologies and adhere to ISO 9001:2015 and ISO 14001:2015 standards. Head office in Gujarat. Established in 1971. Fieldwire, a top platform for managing jobsites in the construction industry, will be purchased by Hilti.
5. Stanley Black & Decker: The company Stanley Black & Decker Inc. produces both hand and power tools. The business is divided into two distinct reportable segments: Tools and Outdoor and Industrial. The segment that brings in the most money is Tools and Outdoor. The Power Tools Group (PTG), Hand Tools, Accessories and Storage (HTAS), and Outdoor Power Equipment (Outdoor) businesses make up the Tools and Outdoor segment. Geographically, the United States is where it gets the majority of its income. Built in 1842. United States headquarters. For $1.6 billion, Stanley Black & Decker will purchase the remaining 80% of MTD Holdings, establishing it as the world leader in outdoor products.
6. Ingersoll-Rand plc: The industrial division of Ingersoll Rand and Gardner Denver were combined to form Ingersoll Rand. Precision and science technologies and industrial technologies and services make up the firm's two business segments. Industrial, medical, and energy are just a few of the end markets that Ingersoll Rand supplies. Established in 1958. United States headquarters. Gardner Denver and Ingersoll Rand Industrial Segment complete their merger to create a world leader in industrial technologies and mission-critical flow creation.
7. Makita Corporation: Makita is one of the biggest producers of power tools in the world with a concentration on professional users, such as contractors and factory workers. Makita was first established in Nagoya, Japan, in 1915 as a sales and service shop for motors. In Japan, Makita and Hitachi Koki hold a combined market share of over 70%, and Makita ranks #2 in Europe behind Robert Bosch. Head office in Japan.
*Definition: A power tool is a tool that is driven by an additional power source and mechanism other than manual labor.
