Global Professional Power Tools

Report Overview

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This study examines global supply and demand for professional power tools. Historical data (2009, 2014, and 2019) and forecasts for 2024 are provided for power tool demand by product, market, and power source on a country-by-country basis.

Study Scope

Power tools are segmented into:

• electric tools
  • drills
  • saws (e.g., circular, reciprocating)
  • sanders, polishers, grinders
  • other electric tools, including hammers, impact wrenches, planers and routers, and screwdrivers
  • batteries, parts, and attachments (e.g., drill chucks, driver bits, sand belts)
• pneumatic tools (e.g., nailers, staplers, sanders, riveters, drills, screwdrivers, nutrunners, riveting hammers)
• tools powered by other energy sources, including:
  • hydraulic (e.g., automotive service tools, drills, impact wrenches, rotary hammers, saws, spreaders)
  • powder-actuated (e.g., nailers, staplers)
  • engine-driven tools (framing nailers, drills, saws)

Electric tool demand is also presented by power source (plug-in, cordless).

Excluded from the scope of this study are:

• air compressors
• chainsaws
• hand tools such as manual screwdrivers and saws
• machine tools such as CNC equipment
• nail and staple cartridges
• table and wall-mounted saws
• hydraulic jacks

Demand is presented in dollar terms. Demand in value terms is shown at the manufacturers’ level and excludes distributor and retailer markups.

Demand by Region

Global demand for power tools in professional markets is projected to rise 3.7% per year to $27.7 billion in 2024:

• The fastest growth will occur in the Asia/Pacific and Africa/Mideast regions, where rapid advances in industrialization and urbanization will promote fast growth in lower-income countries.
• Growth in high-income countries will be comparatively slow, reflecting market maturity and the slower recovery of losses incurred as a result of the COVID-19 pandemic.

The construction market accounts for the largest share of professional power tool demand in virtually every country. Due to the volatility typical of construction industries, professional power tool demand can fluctuate significantly from year to year.

Demand by Power Source

Cordless electric power tools are forecast to account for the largest share of sales gains, accounting for 51% of sales growth through 2024. While cordless products have been a significant part of the market for some time, plug-in electric products have continued to dominate in many niches requiring particularly high power or long run times. It is only recently that battery-powered tools have been able to more completely meet the performance requirements of professional users, and the proliferation of high-end cordless tools will drive rapid growth going forward.

All types of power tools find use in the professional market, but electric tools account for a far smaller share of demand here than they do in the consumer market. Pneumatic tools are concentrated in the professional market, since the majority of consumers do not have the required infrastructure (e.g., compressors and air hoses) to utilize these tools. In addition, if consumers need to, they can typically rent more niche tools, which is a significantly less expensive option.

Similarly, engine-driven, hydraulic, and powder-actuated tools find the majority of their use in the professional market. In general, these product types include a large share of high-performance, specialized tools targeted at professionals with intensive product requirements.

Professional users of power tools generally make purchase decisions based on different criteria than consumers. Since professionals rely on tools for their livelihood, they are less price-sensitive and prioritize higher quality, more durable products. The higher initial outlays for such purchases are offset over the long life of the product, particularly since professional applications cause considerable wear on tools.

Trends in professional tool demand include:

• an increasing emphasis on multifunctional products like hammer drills, which can be used in a variety of applications
• strong growth in high-voltage cordless products, as these units offer greater mobility and convenience than other tool types
• the development of ergonomically designed tools targeted largely at the professional market

Demand by Market

Global demand for power tools in professional markets is projected to rise 3.7% per year to $27.7 billion in 2024. Sales growth will be driven by:

• increased building construction activity
• expansion of the motor vehicle aftermarket as the number of vehicles in use rises worldwide
• increased manufacturing of durable goods, including motor vehicles

Construction will remain by far the largest segment of the professional market, accounting for 60% of professional power tool sales in 2024. However, the fastest growth will occur in the motor vehicle aftermarket, as the need for automotive maintenance is less dependent on economic conditions, and sales growth will thus be less effected by weak market environments in high-income nations.