Power tools market size: Asia-Pacific imports outpace domestic production growth

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The power tools market is expected to reach 45.2 billion by 2026 growing at a CAGR of 5.7%. Get instant access to our in-depth research on the size of the global power tools market.

What is the power tools market?

Power tools are a type of hand tool that can be used for various purposes. They are usually powered by an electric motor and can be used for carpentry, construction, and other DIY tasks.

The global power tools market is expected to grow USD 45.2 billion by 2026, growing at a CAGR of 5.7% during the forecast period 2021-2026. This growth can be mainly attributed to the increasing demand from developing countries such as China and India. Population growth, increase in construction activity and increasing industrialization are some of the major factors driving this market.

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How are Asia-Pacific markets affected by domestic production growth?

Asia-Pacific is the fastest growing region for power tools, with domestic production growing faster than imports. In 2022, the Asia-Pacific region accounted for 30% of global power tool imports and is expected to account for 38% of global power tool imports in 2026. This is due to strong growth in China and other Asian countries. The Chinese market is responsible for more than half of the growth in the Asia-Pacific region over the past five years. However, this growth is not evenly distributed across the region. Some countries, such as Indonesia and Thailand, are experiencing slower domestic production growth, meaning their power tool markets are increasingly dominated by imports. This has led to a narrowing of the price gap between domestic and imported products in these countries, which is good news for consumers but bad news for manufacturers.

Power tools market key drivers

In the power tools market, a few key factors play a role in purchasing decisions. These include price, brand, and reliability. Imports of power tools in Asia-Pacific have exceeded domestic production in recent years, which is likely due to the growing popularity of home improvement and DIY projects. This trend is expected to continue as the region’s population grows and incomes increase.

Price is a major factor in the power tool market. More expensive tools tend to be of higher quality, while cheaper tools may not be as reliable. The brand also plays a role in decision-making; consumers may prefer brands they know or trust. Reliability is another important factor; consumers will generally spend more money on tools that are durable and easy to use.

Tools and accessories vs drills and impact drivers

Rising demand for construction and mining activities is expected to drive the growth of this market

The main drivers of this growing demand are population growth and increased disposable income in these regions. In recent years, power tools have become an essential part of every household, thanks to their versatility and ease of use. Hence, major players in the power tools market are investing in research and development (R&D) initiatives to develop new products that meet consumer needs.

The APAC region is expected to witness significant growth in the sale of accessories such as batteries, chargers and wrenches during the forecast period.

Growth in the construction industry is contributing to the rise in demand for power tools in the APAC region. Other factors such as rising levels of prosperity and growing preference for DIY projects are also propelling the growth of this market.

Some of the key players in this market include Stanley Black & Decker, Inc. (USA), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan) and Hilti Corporation (Liechtenstein).

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