The global tools market was valued at USD 42.50 billion in 2023 and is projected to reach USD 61.84 billion by 2030, growing at a CAGR of 5.7% from 2024 to 2030. This growth is driven by the expanding end-use industries, including automotive, aerospace, oil & gas, and construction, as well as the rising trend of do-it-yourself (DIY) activities among homeowners, which is increasing the adoption of cordless power tools worldwide.
Infrastructure development projects across the globe are fueling the demand for power equipment used in construction, leading to increased investments in non-residential construction. This, in turn, is boosting the market for both power and hand tools. The COVID-19 pandemic had a temporary negative impact on the market, slowing consumer spending and disrupting supply chains.
The first quarter of 2020 saw a shutdown of manufacturing facilities, resulting in product shortages and declining revenues for many companies. However, the market rebounded in the latter half of 2020, driven by higher demand for DIY tools, such as cordless power drills and hammers, and the growth of e-commerce sales. With people staying at home during lockdowns, home improvement projects gained popularity, prompting a surge in tool sales.
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Key Market Trends & Insights
- Asia Pacific led the global tools market in 2023, holding 41.9% of the total revenue share, and is expected to maintain this leadership through the forecast period. The region’s rapid industrialization and construction boom have contributed to a growing demand for tools. Manufacturers are increasingly establishing production facilities in this region due to the availability of affordable labor and raw materials, further driving market growth.
- Power tools dominated the market, accounting for 69.0% of global revenue in 2023. These tools, which include saws, drills, grinders, wrenches, sanders, and hot guns, are powered by batteries or motors and are more efficient than manual tools. The increasing demand for these tools across industries like oil & gas, automotive, rail, and aerospace & defense is expected to continue. Their ability to perform tasks with exceptional accuracy, particularly for repetitive actions like drilling and cutting, is fueling this growth.
- In terms of application, the construction segment led the market in 2023 with a share of 49.6%. Advancements in construction technologies have improved efficiency and precision, with power tools becoming essential for faster and more accurate project execution. Tools such as cordless drills, electric saws, and pneumatic nail guns are now standard in the industry. Ergonomically designed hand tools with improved durability also contribute to enhanced productivity and comfort on job sites.
Market Size & Forecast
- 2023 Market Size: USD 42.50 Billion
- 2030 Projected Market Size: USD 61.84 Billion
- CAGR (2024-2030): 5.7%
- Asia Pacific: Largest market in 2023
Key Companies & Market Share Insights
Several key players operate in the tools market, including Emerson Electric Co. and Hilti Corporation:
- Emerson Electric Co. provides products and services across multiple industries, including automotive, industrial energy, power, chemical, life sciences, and oil & gas. Their product offerings cater to a broad range of sectors, positioning them as a significant player in the tools market.
- Hilti Corporation focuses on the development, manufacturing, logistics, and servicing of advanced tools and technology equipment. The company’s product portfolio includes power tools, anchor systems, measuring systems, and fastening solutions.
Emerging companies like Zhejiang SALI Abrasive Technology Co., Ltd. and Apex Tool Group are also making strides in the market:
- Zhejiang SALI Abrasive Technology Co., Ltd. manufactures abrasive power tools and offers over 2,000 products across various regions, including Asia Pacific, South America, Africa, Europe, and the Middle East.
- Apex Tool Group produces hand and power tools for industries like energy, aerospace, electronics, and motor vehicles. Their products are marketed under well-known brands like GEARWRENCH, Crescent, and SATA.
Key Players
- 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
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Conclusion
The global tools market is set to continue its steady growth, driven by increasing demand from the automotive, aerospace, oil & gas, and construction industries. Additionally, the rise in DIY activities among homeowners is contributing significantly to the adoption of power tools. With Asia Pacific leading the market and power tools maintaining dominance, the market is expected to benefit from growing industrialization and infrastructure development worldwide. The ongoing technological advancements in tool design and functionality will further fuel this growth, making tools more efficient and accessible for both commercial and residential users. The recovery from the pandemic has also highlighted the importance of tools in both professional and DIY contexts, with the trend toward home improvement likely to continue. As governments and businesses continue to invest in infrastructure, the demand for advanced tools is projected to rise, offering significant opportunities for market participants.
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