Tools Market To Reach $61.84 Billion By 2030 | CAGR: 5.7%

Tools Market Growth & Trends

The global tools market size is expected to reach USD 61.84 billion by 2030, registering a CAGR of 5.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is attributed to increasing construction spending in developing countries around the world. Manufacturers are continuously introducing new and improved tools equipped with advanced features, such as enhanced performance, durability, and user-friendly designs. For instance, power tools now come with brushless motors for increased efficiency, lithium-ion batteries for longer runtime, and ergonomic designs for improved comfort during prolonged use. These technological advancements make power and hand tools more attractive to both professionals and DIY enthusiasts, leading to increased demand. The construction & infrastructure sectors are experiencing significant growth worldwide, driven by urbanization, population growth, and government investments in infrastructure development.

These projects require a wide range of power tools and hand tools for tasks, such as excavation, concrete work, carpentry, plumbing, and electrical installations. As construction activity intensifies, the demand for tools used in building, renovation, and maintenance projects increases, contributing to the overall market growth. The growing preference for DIY is particularly prompting power tool vendors to introduce affordable and easy-to-use power tools featuring long-lasting batteries for household usage. Home improvement activities typically call for power tools, such as power drills, circular saws, impact wrenches, hammer drills, and grinders. These power tools are available in the market in a diverse range and can be used for various applications, such as roofing, kitchen and bathroom remodeling, and landscaping, among others. As the trend of undertaking these activities is expected to continue over the next few years, the demand for power tools is also anticipated to gain traction over the forecast period.

At the same time, an upsurge in technical jobs, particularly at professional contractors undertaking home improvement and remodeling projects, has also paved the way for the growth of the power tools market. In various industries, such as construction, manufacturing, and automotive, there is a growing emphasis on improving productivity and efficiency. Power tools and hand tools play a crucial role in achieving these goals by enabling workers to complete tasks more quickly and accurately. For instance, power drills, saws, and impact drivers allow for faster assembly, cutting, and fastening, while hand tools like wrenches and pliers facilitate precise adjustments and repairs. As businesses seek to streamline their operations and meet tight deadlines, the demand for tools that enhance productivity continues to rise.

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Tools Market Report Highlights

• The power tool segment led the market with a share of 69.0 in 2023. Power tools are generally more efficient than hand tools, allowing users to complete tasks more quickly and with less physical effort. For instance, a power drill can quickly bore holes through various materials with precision and ease, whereas using a manual drill requires more time and effort. This efficiency is particularly important in industries, such as construction, manufacturing, and woodworking. This increases the adoption of power tools over hand tools

• The construction application segment led the market with a share of 48.6% in 2023. The increasing complexity of construction projects, particularly in commercial developments, necessitates the use of specialized tools and equipment. As construction projects become more complex, the demand for specialized tools grows to meet the evolving needs of builders and contractors

• The aerospace & defense segment is expected to register the fastest CAGR from 2024 to 2030. Globalization of the aerospace & defense industry has led to increased competition and collaboration among manufacturers, suppliers, and service providers worldwide. As companies seek to gain a competitive edge & access new markets, they are investing in cutting-edge technologies and innovative tools to improve efficiency, reduce costs, and enhance capabilities

• Collaborative partnerships and joint ventures between aerospace & defense companies further accelerate technology development and adoption, driving innovation and fueling demand for advanced tools

• The market is highly competitive on account of the presence of many large-scale manufacturers, functioning at a regional or global level with extensive product portfolios. To gain a competitive advantage, these companies undertake strategies, such as expansions, product launches, collaborations, M&As, and R&D

Tools Market Segmentation

Grand View Research has segmented the global tools market based on product, application, and region:

Tools Product Outlook (Revenue, USD Million, 2018 - 2030)

• Power Tools

• Hand Tools

Tools Application Outlook (Revenue, USD Million, 2018 - 2030)

• Oil & Gas

• Automotive

• Rail

• Aerospace & Defense

• Construction

• Others

Tools Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

List of Key Players in Tools Market

• Emerson Electric Co.

• Hilti Corporation

• Zhejiang SALI Abrasive Technology Co., Ltd.

• Apex Tool Group

• Makita Corporation

• Stanley Black and Decker Inc.

• Robert Bosch GmbH.

• Husqvarna AB

• Snap-on Incorporated

• KOKI HOLDINGS Co., Ltd.

• Armstrong Tools Inc,

• Falcon Garden Tools Ltd.

• Bully Tools