Power Tools Market Size, Share & Trends Analysis Report By Product (Drills, Saws, Wrenches, Grinders, Sanders), By Mode Of Operation (Electric, Pneumatic), By Application, By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the power tools market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for power tools market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of power tools market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Power Tools Market Categorization:

The power tools market was categorized into four segments, namely product (Drills, Saws, Wrenches, Grinders, Sanders), mode of operation (Electric, Pneumatic), application (Industrial, Residential), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The power tools market was segmented into product, mode of operation, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The power tools market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S.; Canada; the UK.; Germany; France; China; India; Japan; Brazil; and Mexico.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Power tools market companies & financials:

The power tools market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• APEX TOOL GROUP, LLC - Apex Tool Group, LLC is engaged in the production of hand tools, power tools, and electronic tools. Currently, it offers power tools under the brand names Weller, Cleco, and APEX. The company offers power tools with electric and pneumatic support in addition to high-performance bits, torque measurement software, metal cutting, and drilling solutions. Cleco manufactures assembly tools and heavy-duty material removal tools for industries such as automotive & aerospace; appliances, electronic & industrial assembly; agriculture & off-road machinery, and, oil, gas & petrochemicals.

• ATLAS COPCO AB - Atlas Copco AB is a manufacturer of power equipment compressors and industrial machines. It specializes in research, production, and services focused on the following business areas - Compressor, Vacuum, Industrial, and Power Technique. The company offers air compressors (products, parts & services), vacuum solutions, industrial tools & assembly systems, and mobile construction & power equipment. The company’s major brands involved in power tools technology include Atlas Copco, Desoutter, and Seti-Tec Line.

• EMERSON ELECTRIC CO. - Emerson Electric Co. designs and manufactures products and delivers services for industrial, commercial, and consumer markets. The company is involved in product development and services via its two major divisions, Automation Solutions and Commercial & Residential Solutions. The company’s Commercial & Residential Solutions business segment comprises the Climate Technologies and Tools & Home Products segments. This business segment provides products and solutions that help improve energy efficiency and enhance household and commercial comfort through professional tools, mechanical and electrical equipment, and utility and DIY solutions.

• Hilti Corporation - Hilti Corporation is a technology company focused on product development and manufacturing, logistics, sales, and servicing of technological equipment. The company is chiefly associated with the construction sector, to which it provides products, systems, software, and services according to the client’s requirements. The company’s major business areas include anchor systems, power tools & systems, measuring systems, tool services, fastening solutions, and firestop systems. Construction-related operations like drilling, sawing, and grinding are covered by its power tools business for construction applications like rebar grouting, interior finishing, and installations.

• Ingersoll Rand - Ingersoll Rand provides technological services and solutions for end-use markets such as industrial, medical, and energy. Ingersoll Rand operates via four business divisions, namely Industrial Technologies and Services, Precision and Science Technologies, Specialty Vehicle Technologies, and High Pressure Solutions. The company’s Industrial Technologies and Services business segment includes power tools, compressor systems, and material handling solutions. The company manufactures and services power tools in categories, such as assembly tools, industrial tools, cordless tools, and vehicle service tools through brands, such as Ingersoll Rand, Ingersoll Rand Power Tools, and Champion Air Tech.

• Koki Holdings Co., Ltd. - Koki Holdings Co., Ltd. is involved in manufacturing and selling power tools. Major brands under the company include HIKOKI, Metabo HPT, and Metabo. These brands offer metalwork and woodwork-based power tools, construction power tools, pneumatic tools, outdoor power and gardening equipment, residential power tools, and other tools, such as dust collectors, measurement laser tools, and related accessories. Metabo HPT is a Koki Holdings America Ltd brand, which is the North American subsidiary of Koki Holdings Co, Ltd.

• Makita Corporation - Makita Corporation is involved in the production and sales of electric power tools. The company provides battery charging/discharging technologies and motor technologies with cordless and engineless designs. The company has offerings across a diverse range of product categories such as gardening equipment, pneumatic tools, and household equipment. The company also offers industrial tools and assembly solutions for applications ranging across construction, plumbing, and lighting to home repair & maintenance.

• Robert Bosch Group - Robert Bosch Group is a global supplier of technologies and solutions. The company’s business operations are divided into four sectors, namely Mobility Solutions, Industrial Technology, Consumer Goods, and Energy & Building Technology. Robert Bosch Group offers solutions for smart homes, smart cities, connected mobility, and smart manufacturing. It uses its expertise in sensor technology, software development, and IoT cloud for its consumers to be connected across domain solutions from a single source.

• Stanley Black & Decker - Stanley Black & Decker is a provider of hand and power tools with related accessories, fastening systems and products, services, and equipment for various industries, such as oil & gas and infrastructure, security systems, and healthcare solutions. Stanley Black & Decker Inc. is involved in product development and offers services for a variety of tools. The company operates via three major divisions, namely Tools & Storage, Industrial, and Security. The power tools equipment segment under the Tools & Storage business division offers both professional and consumer products.

• Techtronic Industries Co. Ltd. - Techtronic Industries Co. Ltd. specializes in the manufacture and supply of power equipment, garden equipment, and floor care products. It is involved in the production and sales of power tools, accessories, hand tools, outdoor power equipment, and floor care products for DIY as well as industrial use. The company’s Power Equipment division offers industrial power tools, accessories, hand tools, storage, measuring tools, outdoor machines, and professional, consumer, and trade power tools. These find direct applications in household, building, and infrastructure projects. The Floor Care and Appliance Division comprises vacuums, canisters, vacuums, and a range of carpet and floor cleaners. Each product segment contains equipment for both home and commercial use.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Power Tools Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Power Tools Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.