The Latest Power Tools Industry Statistics Explained
The global power tools market size was valued at USD 32.9 billion in 2019.
The statistic indicates that in the year 2019, the global power tools market had a total value of USD 32.9 billion. This figure represents the total economic value of power tools sold worldwide during that year. It reflects the significant size and importance of the power tools industry on a global scale. The market size gives insights into the overall demand for power tools, the level of competition among manufacturers, and the potential for growth and investment within the industry. This statistic serves as a useful metric for understanding the overall economic significance and performance of the power tools market in a specific period.
It is projected to register a CAGR of 3.9% from 2020 to 2027.
This statistic indicates that a particular variable is expected to experience a Compound Annual Growth Rate (CAGR) of 3.9% from the year 2020 to the year 2027. CAGR is a measure that represents the annual growth rate of an investment over a specified period of time, assuming the growth happens at a steady rate. In this context, it suggests that the variable in question is anticipated to increase by 3.9% every year on average for the 7-year period between 2020 and 2027. This projection can be useful for forecasting future trends and making strategic decisions based on the expected growth rate.
As per 2018 data, North America accounted for the largest market share of 34%.
The statistic indicates that, based on data from 2018, the North American region held the highest market share compared to other regions, with a percentage of 34%. This suggests that North America was the most dominant market in terms of sales, revenue, or another relevant metric in 2018. This information is valuable for companies, investors, and policymakers as it highlights the importance and potential opportunities present in the North American market. Understanding regional market shares helps businesses formulate strategies, make informed decisions, and allocate resources effectively to capitalize on the identified market dynamics.
The cordless segment of power tools dominated the market with a share of over 59% in 2019.
In 2019, the cordless segment of power tools held a significant portion of the market share, accounting for over 59%. This statistic indicates that cordless power tools were the preferred choice among consumers during that time period, likely due to their convenience, portability, and ease of use. The dominance of cordless power tools in the market suggests a shift towards wireless technology and a trend towards greater mobility and flexibility in power tool usage. This statistic highlights the importance of cordless power tools in the market and demonstrates a strong preference for this segment over corded power tools among consumers.
Manufacturing industry uses approximately 54% of the power tools produced.
The statistic “Manufacturing industry uses approximately 54% of the power tools produced” indicates that a significant portion of power tools manufactured are utilized within the manufacturing sector. This suggests that manufacturing operations heavily rely on power tools for various tasks such as cutting, shaping, drilling, and assembly. The high percentage highlights the importance of power tools in enhancing efficiency and productivity within manufacturing processes. It also indicates a strong demand for power tools from the manufacturing industry, reflecting the sector’s scale of operations and investment in equipment to support production activities.
The industrial power tools segment was worth around $9.97 billion in 2018.
The statistic that states the industrial power tools segment was worth around $9.97 billion in 2018 indicates the total market value of industrial power tools within that specific industry for the specified year. This figure reflects the cumulative sales revenue generated by companies producing and selling industrial power tools, such as drills, saws, and grinders, to various sectors like construction, manufacturing, and automotive. The value of $9.97 billion highlights the significance of the industrial power tools market in 2018 and underscores the substantial demand and economic activity associated with these tools during that period. This statistic is essential for industry stakeholders, investors, and policymakers to understand the market size and trends within the industrial power tools segment for informed decision-making and strategic planning.
China is the largest producer of power tools, making over 80% of the global total in 2019.
This statistic indicates that China significantly dominates the global power tools market as the largest producer, accounting for more than 80% of the total production in 2019. The substantial market share held by China underscores its strong foothold in the power tools industry, showcasing its manufacturing capabilities, cost efficiencies, and competitive advantages over other countries. This level of production indicates that China plays a crucial role in meeting the demand for power tools worldwide and likely has a significant impact on pricing, market dynamics, and international trade in the industry.
Electric power tools account for about 60% of all power tool sales.
This statistic indicates that electric power tools are a dominant category within the power tool market, constituting approximately 60% of all sales. This information suggests that consumers have a strong preference for electric power tools over other types of power tools, such as pneumatic or fuel-powered tools. The high market share of electric power tools may be attributed to factors such as ease of use, convenience, availability of power sources, and technological advancements in electric tool designs. Manufacturers and retailers in the power tool industry may prioritize the production and marketing of electric tools to meet the apparent demand reflected in this statistic.
Professional segment applications dominated the power tools market with a share of over 60% in 2019.
In 2019, the power tools market was largely driven by the professional segment applications, which accounted for more than 60% of the total market share. This suggests that professionals, such as carpenters, electricians, and construction workers, were the primary consumers of power tools during that period. The dominance of professional segment applications indicates a strong demand from industries and businesses that rely heavily on power tools for various tasks and projects. This statistic highlights the significance of professionals in driving the growth and performance of the power tools market in 2019.
By 2025, the power tools market is forecasted to exceed $35 billion.
The statistic states that the power tools market is estimated to surpass $35 billion by the year 2025. This forecast implies a substantial growth in the market value of power tools, reflecting increasing consumer demand and industry investments. Factors driving this anticipated growth could include technological advancements in power tools, widespread adoption of DIY culture, and expansion of construction and manufacturing sectors. The projected figure serves as a benchmark for stakeholders in the power tools industry to plan and strategize for the anticipated market landscape in the near future, indicating promising opportunities for businesses to capitalize on the growing market potential.
In 2018, the construction industry accounted for a 40% share in the power tools market.
The statistic that the construction industry accounted for a 40% share in the power tools market in 2018 indicates the significant presence and influence of construction activities on the demand and consumption of power tools during that year. This suggests that a sizeable portion of all power tools sold were used within the construction sector, reflecting the industry’s reliance on such equipment for various tasks like drilling, cutting, and shaping materials. The statistic highlights the construction industry as a key player in driving market trends and shaping product development within the power tools market, showcasing its importance in the overall economy and its strong connection to the manufacturing and sales of these tools.
In 2020, the demand for drills & fastening tools constituted a major share of over 15% of the global power tools market.
The statistic “In 2020, the demand for drills & fastening tools constituted a major share of over 15% of the global power tools market” indicates that drills and fastening tools were a significant contributor to the overall power tools market in 2020. This suggests that these specific tools were in high demand and played a crucial role in driving the market’s growth and revenue. A share of over 15% signifies that drills and fastening tools held a substantial portion of the market, highlighting their importance within the industry. This statistic could also imply that there was a strong need for these tools in various sectors such as construction, manufacturing, and DIY projects, further underlining their prominence in the global power tools market during that year.
DIYers account for approximately 30-40% of all power tool sales.
This statistic indicates that do-it-yourself enthusiasts, commonly referred to as DIYers, comprise a significant portion of the market for power tools, with their purchases accounting for around 30-40% of all sales within this product category. The term DIYers typically refers to individuals who engage in various home improvement, repair, or crafting projects on their own, rather than hiring professionals. The statistic suggests that this segment of consumers plays a substantial role in driving demand for power tools, highlighting the importance of targeting and catering to the specific needs and preferences of DIYers within the power tool industry to effectively capture this market share.
Conclusion
As evidenced by the comprehensive statistics presented, the power tools industry is a dynamic and thriving sector with significant growth potential. From the robust market size to the increasing demand for innovative products, it is clear that the industry is poised for continued success in the coming years. Understanding these statistics can help businesses and consumers make informed decisions and stay competitive in this rapidly evolving market.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.gminsights.com
2. – https://www.www.globenewswire.com
3. – https://www.www.ien.com
4. – https://www.www.mordorintelligence.com
