Growing trend of DIY (do-it-yourself) across the globe due to the easy availability of portable tools through online sales channel is the primary factor underpinning the growth in the market. Besides this, rising penetration of social media coupled with free ‘how-to’ popular video streaming sites is propelling the demand for portable power tools.
On account of this, the overall sales of portable tools are expected to create an absolute $ opportunity of US$ 41.2 Bn during the assessment period of 2022-2032. As per Fact.MR, the portable tools market contributed nearly 15% of share in the global industrial machinery and equipment tools market in 2021.
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Further, burgeoning demand for powered portable tools such as drill machines, circular saws, and compressed air guns in industrial sector due to the lack of DIY will boost the market. Backed by this, Fact.MR estimates, the sales of power tools are anticipated to reach US$ 60.3 Bn by 2032.
Demand for lighting tools and hand tools across industrial and commercial tools, especially among DIY users is surging. Adoption of new and innovative technologies in these tools will create lucrative growth avenues for portable tools market players.
Moreover, growing awareness on the importance of personal protective equipment (PPE) along with stringent regulations pertaining to health safety will fuel the adoption of PPE. According to the study, the PPE segment is projected to be the most lucrative segment, followed by power tools.
Backed by these aforementioned factors, the global portable tools market is anticipated to exceed US$ 121.6 Bn by the end of 2032.
“Burgeoning DIY trend among millennials and availability of portable tools on e-commerce platforms are creating remunerative growth prospects in residential sector. To capitalize on this trend, key players are collaborating with e-commerce giants such as Amazon and eBay. This will bode well for the growth in the market,” says a Fact.MR analyst.
- Based on distribution channel, online sales channel will gain revenue 1.2X as compared to distributor sales channel during the forecast period.
- In terms of category, the power tools segment is estimated to create an absolute $ opportunity of US$ 24.3 Bn by the end of 2032.
- Sales of portable tools in the industrial sector are projected to surpass US$ 62.5 Bn by the end of 2032, registering 4.8% CAGR during 2022-2032.
- Germany portable tools market is estimated to reach a valuation of US$ 8 Bn by 2022 and will surpass US$ 14.7 Bn by the end of 2032.
- Europe is expected to dominate the global portable tools market, accounting for over ~31.6% of overall sales in 2032.
- Growing demand for portable or fastening tools in wind energy and for other industrial application will propel the growth in the market.
- Rising application in construction industry will drive the sales of portable tools in the market.
- Surging demand for electric portable tools for DIY and household purpose will accelerate the demand for portable tools.
- High repair and maintenance cost for parts of power tools might limit the sales in the portable tools market.
- Stringent regulatory compliances and safety standards imposed by several countries on these tools will hamper the growth in the market.
- Volatility in raw material prices of portable tools is likely to restrict the sales in the market.