Portable Tools Market – Global Market Size, Strategic Growth Drivers, Risk Assessment Framework, Regulatory Landscape Review, Competitive Intensity Mapping & Long-Term Industry Outlook to 2029
Overview
Portable Tools Market was valued US$ 44.37 Bn in 2022 and is expected to reach US$ 76.54 Bn by 2029, at a CAGR of 8.1% during the forecast period.
Portable Tools Market Defination:
Portable power tools are designed for a wide variety of uses. Circular saws, jigsaws, drills, hammer drills, sanders, grinders, routers, and numerous other power tools, save time and effort on the job. The increased use of power tools heightens the need for awareness of the hazards they present if not operated properly. The market is witnessing steady growth due to expansion in manufacturing and availability of the tools.
To know about the Research Methodology :- Request Free Sample Report
Portable Tools Market Dynamics:
Major urbanization and infrastructural growth is being predominantly observed in some of the top countries from developing economies, including India and China. With increasing activities in construction and real estate industries, portable tools are expected to gain high demand in upcoming years. With a growing number of consumers ready to pay more for space with more gardening area, the demand for landscaping is rising in order to provide an aesthetic appeal to residential and commercial properties, which is in turn propelling the portable tools market.
Portable tools sales are significantly impacted by macroeconomic factors such as GDP, urbanization, economic growth, and industry value. According to the United Nations Department of Economics and Social Affairs, 68% of the world’s population will live in urban areas by 2050, up from 55% currently. The direct co-relation between macroeconomic growth and portable tools sales is expected to be positive for the stakeholders in this market.
DIY tools are helpful in performing several small activities such as decorating, building, and making repairs at home. One of the primary reasons for the increasing demand of portable tools is the high cost of labors such as plumbers, electricians, and mechanics especially in developed countries, Due to this people prefer to do these work by themselves rather than employing a professional.
Portable Tools Market Segment Analysis:
Online sales are consuming the revenue share of retail outlets and distributors, promoting it to invade the e-commerce segment. Online sales growth is likely to be xx% more than distributor sales. There are certain categories of products of online sales, which include portable tools, lighting tools, and power tools. Although online channels have been well-received by end-users in North America and Europe, emerging nations have significant growth potential.
The DIY trend is gaining momentum, thanks to a range of factors ranging from doorstep delivery through e-commerce and free how-to content on popular video streaming sites. Pursuing DIY projects as a hobby have also led to an increase in demand for portable tools in the residential segment.
Portable Tools Market Regional Insights
Europe has traditionally been a profitable market for portable tools manufacturers. Steady demand from the industrial sector, combined with growing adoption in landscaping and DIY projects has ensured a steady stream of opportunities. Demand for portable tools in Europe remains concentrated in EU5.
North America is expected to hold a majority of share in the portable tools market in the forecast period, owing to the rising penetration of the automation industry in the region. Apart from this, the high cost of the workers in the region is pushing people to adopt the portable tools for several DIY works. This is expected to offer a substantial boost to the global portable tools market in the region.
Portable Tools Market Report Scope: Inquire before buying
| Portable Tools Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2017 to 2022 | Market Size in 2022: | US $ 44.37 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 8.1% | Market Size in 2029: | US $ 76.54 Bn. |
| Segments Covered: | by Sales Channel | • Distributor Sales • Retail Outlets • Online Sales |
|
| by End Use | • Industrial • Commercial (Repair shops, etc.) • Household & DIY |
||
Portable Tools Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Portable Tools Market Key Players are:
• Akar Tools Ltd.
• Stanley Black & Decker, Inc.
• Robert Bosch GmbH
• 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
• Q.E.P. Co., Inc.
• Snap-On Inc.
• Techtronic Industries
• Hilti Corporation
• Ingersoll-Rand
• KOKI Holdings
• Stanley Black & Decker, Inc.
• Wera Tools
Frequently Asked Questions:
1. Which region has the largest share in Global Portable Tools Market?
Ans: Europe region held the highest share in 2022.
2. What is the growth rate of Global Portable Tools Market?
Ans: The Global Portable Tools Market is growing at a CAGR of 8.1% during forecasting period 2023-2029.
3. What is scope of the Global Portable Tools Market report?
Ans: Global Portable Tools Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Portable Tools Market?
Ans: The important key players in the Global Portable Tools Market are – Akar Tools Ltd., Robert Bosch GmbH, Apex Tools Group, Atlas Copco AB, Channellock, Inc., Danaher Corporation, Emerson Electric Co., Makita Corporation, JK Files (India) Limited, Kennametal Inc., Klein Tools, Q.E.P. Co., Inc., Snap-On Inc., Techtronic Industries, Hilti Corporation, Ingersoll-Rand, KOKI Holdings, Wera Tools.
5. What is the study period of this Market?
Ans: The Global Portable Tools Market is studied from 2022 to 2029.