Power Tool Market

The global power tools market is anticipated to experience a positive growth trajectory from 2022 to 2030, with consumption volumes, market values, and import/export statistics all set to increase. Key countries driving market growth include China, the United States, and India. In-hand motor grinders, sanders, and planers represent the most significant type of power tool exported worldwide, while the United States and Germany lead in terms of market value. Stay informed on the latest developments shaping the global power tools market.

Market Forecast

Driven by increasing demand for power tools worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 722M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $47.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Power Tools

In 2022, after five years of growth, there was significant decline in consumption of power tools, when its volume decreased by -8.1% to 642M units. The total consumption volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak volume of 699M units, and then declined in the following year.

The global power tool market size reduced slightly to $35.9B in 2022, with a decrease of -4.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $37.5B, and then dropped modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (136M units), the United States (130M units) and India (61M units), with a combined 51% share of global consumption. Russia, Japan, Germany, France, Indonesia, Brazil, the UK, Canada and Belgium lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Belgium (with a CAGR of +19.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($7.9B), China ($4.5B) and Japan ($3.5B) constituted the countries with the highest levels of market value in 2022, with a combined 44% share of the global market. India, Germany, France, Canada, the UK, Russia, Indonesia, Belgium and Brazil lagged somewhat behind, together comprising a further 27%.

Belgium, with a CAGR of +14.1%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of power tool per capita consumption was registered in Belgium (902 units per 1000 persons), followed by the United States (388 units per 1000 persons), Canada (309 units per 1000 persons) and France (278 units per 1000 persons), while the world average per capita consumption of power tool was estimated at 82 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the power tool per capita consumption in Belgium amounted to +18.4%. In the other countries, the average annual rates were as follows: the United States (+3.2% per year) and Canada (+3.7% per year).

Production

World Production of Power Tools

After six years of growth, production of power tools decreased by -4.8% to 667M units in 2022. The total output volume increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2020 when the production volume increased by 8.5% against the previous year. Over the period under review, global production hit record highs at 701M units in 2021, and then dropped modestly in the following year.

In value terms, power tool production reduced slightly to $32.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 12%. Global production peaked at $34.2B in 2021, and then dropped in the following year.

Production By Country

China (439M units) constituted the country with the largest volume of power tool production, comprising approx. 66% of total volume. Moreover, power tool production in China exceeded the figures recorded by the second-largest producer, India (54M units), eightfold. The third position in this ranking was held by the United States (40M units), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +4.0%. The remaining producing countries recorded the following average annual rates of production growth: India (+3.3% per year) and the United States (+0.7% per year).

Imports

World Imports of Power Tools

In 2022, overseas purchases of power tools decreased by -15.3% to 446M units for the first time since 2014, thus ending a seven-year rising trend. In general, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2021 when imports increased by 29%. As a result, imports reached the peak of 527M units, and then fell remarkably in the following year.

In value terms, power tool imports shrank to $24.3B in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.9% against 2015 indices. The growth pace was the most rapid in 2021 when imports increased by 33%. As a result, imports attained the peak of $26B, and then contracted in the following year.

Imports By Country

In 2022, the United States (98M units), distantly followed by Germany (38M units), France (23M units), Russia (22M units) and the Netherlands (22M units) represented the major importers of power tools, together comprising 46% of total imports. Belgium (19M units), the UK (15M units), Spain (15M units), Austria (12M units), Poland (12M units), Brazil (11M units), Canada (9.1M units) and Italy (9M units) took a minor share of total imports.

Imports into the United States increased at an average annual rate of +5.8% from 2012 to 2022. At the same time, Spain (+16.7%), Austria (+13.5%), the Netherlands (+13.5%), Germany (+8.3%), Belgium (+8.3%), Poland (+7.9%), Italy (+6.8%), France (+5.0%), the UK (+4.9%), Brazil (+3.1%), Russia (+2.2%) and Canada (+2.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +16.7% from 2012-2022. The Netherlands (+2.4 p.p.), Spain (+2 p.p.) and Germany (+1.5 p.p.) significantly strengthened its position in terms of the global imports, while Russia saw its share reduced by -2.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($6.4B) constitutes the largest market for imported power tools worldwide, comprising 26% of global imports. The second position in the ranking was taken by Germany ($2.5B), with a 10% share of global imports. It was followed by France, with a 5.5% share.

In the United States, power tool imports expanded at an average annual rate of +8.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+5.8% per year) and France (+5.6% per year).

Imports By Type

In 2022, in-hand motor grinders, sanders and planers (281M units) represented the key type of power tools, committing 63% of total imports. Drills of all kinds for working in the hand, with self-contained electric motor (102M units) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by saws for working in the hand, with self-contained electric motor (14%).

In-hand motor grinders, sanders and planers was also the fastest-growing in terms of imports, with a CAGR of +7.5% from 2012 to 2022. At the same time, saws for working in the hand, with self-contained electric motor (+6.1%) and drills of all kinds for working in the hand, with self-contained electric motor (+3.3%) displayed positive paces of growth. From 2012 to 2022, the share of in-hand motor grinders, sanders and planers increased by +7.1 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, in-hand motor grinders, sanders and planers ($15.3B) constitutes the largest type of power tools imported worldwide, comprising 63% of global imports. The second position in the ranking was held by drills of all kinds for working in the hand, with self-contained electric motor ($5.2B), with a 22% share of global imports.

From 2012 to 2022, the average annual growth rate of the value of in-hand motor grinders, sanders and planers imports amounted to +7.8%. For the other products, the average annual rates were as follows: drills of all kinds for working in the hand, with self-contained electric motor (+2.4% per year) and saws for working in the hand, with self-contained electric motor (+7.7% per year).

Import Prices By Type

In 2022, the average power tool import price amounted to $55 per unit, surging by 10% against the previous year. In general, the import price showed a relatively flat trend pattern. Global import price peaked at $58 per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was saws for working in the hand, with self-contained electric motor ($61 per unit), while the price for drills of all kinds for working in the hand, with self-contained electric motor ($51 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by saws for working in the hand, with self-contained electric motor (+1.4%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

In 2022, the average power tool import price amounted to $55 per unit, picking up by 10% against the previous year. In general, the import price saw a relatively flat trend pattern. Global import price peaked at $58 per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($104 per unit), while Brazil ($25 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+4.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Power Tools

In 2022, shipments abroad of power tools decreased by -10.9% to 472M units for the first time since 2015, thus ending a six-year rising trend. Overall, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +62.2% against 2012 indices. The most prominent rate of growth was recorded in 2020 with an increase of 15% against the previous year. The global exports peaked at 529M units in 2021, and then shrank in the following year.

In value terms, power tool exports declined to $22.9B in 2022. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +70.7% against 2015 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 33%. As a result, the exports attained the peak of $25.6B, and then declined in the following year.

Exports By Country

China dominates exports structure, reaching 305M units, which was approx. 65% of total exports in 2022. Germany (26M units) held the second position in the ranking, followed by Mexico (24M units). All these countries together took near 11% share of total exports. The Netherlands (17M units), Spain (14M units), Austria (11M units), Belgium (8.9M units), the United States (8.8M units), Malaysia (8.3M units) and Hungary (7.7M units) took a little share of total exports.

Exports from China increased at an average annual rate of +4.8% from 2012 to 2022. At the same time, Spain (+32.3%), the Netherlands (+18.5%), Austria (+14.1%), Mexico (+8.6%), the United States (+7.2%), Belgium (+2.5%), Malaysia (+2.4%) and Germany (+1.3%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +32.3% from 2012-2022. Hungary experienced a relatively flat trend pattern. Spain (+2.6 p.p.) and the Netherlands (+2.6 p.p.) significantly strengthened its position in terms of the global exports, while Germany saw its share reduced by -2.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($10.5B) remains the largest power tool supplier worldwide, comprising 46% of global exports. The second position in the ranking was held by Germany ($2.6B), with a 12% share of global exports. It was followed by Mexico, with a 5.3% share.

In China, power tool exports increased at an average annual rate of +6.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+2.6% per year) and Mexico (+7.5% per year).

Exports By Type

In-hand motor grinders, sanders and planers was the major type of power tools in the world, with the volume of exports accounting for 285M units, which was near 61% of total exports in 2022. It was distantly followed by drills of all kinds for working in the hand, with self-contained electric motor (114M units) and saws for working in the hand, with self-contained electric motor (72M units), together committing a 39% share of total exports.

Exports of in-hand motor grinders, sanders and planers increased at an average annual rate of +5.7% from 2012 to 2022. At the same time, saws for working in the hand, with self-contained electric motor (+6.9%) and drills of all kinds for working in the hand, with self-contained electric motor (+2.4%) displayed positive paces of growth. Moreover, saws for working in the hand, with self-contained electric motor emerged as the fastest-growing type exported in the world, with a CAGR of +6.9% from 2012-2022. From 2012 to 2022, the share of in-hand motor grinders, sanders and planers and saws for working in the hand, with self-contained electric motor increased by +4.2 and +2.5 percentage points, respectively.

In value terms, in-hand motor grinders, sanders and planers ($13.5B) remains the largest type of power tools supplied worldwide, comprising 59% of global exports. The second position in the ranking was held by drills of all kinds for working in the hand, with self-contained electric motor ($5.4B), with a 24% share of global exports.

For in-hand motor grinders, sanders and planers, exports increased at an average annual rate of +7.3% over the period from 2012-2022. With regard to the other exported products, the following average annual rates of growth were recorded: drills of all kinds for working in the hand, with self-contained electric motor (+2.1% per year) and saws for working in the hand, with self-contained electric motor (+9.0% per year).

Export Prices By Type

The average power tool export price stood at $49 per unit in 2022, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2021 when the average export price increased by 18%. The global export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was saws for working in the hand, with self-contained electric motor ($55 per unit), while the average price for exports of in-hand motor grinders, sanders and planers ($47 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by saws for working in the hand, with self-contained electric motor (+2.0%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

The average power tool export price stood at $49 per unit in 2022, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2021 an increase of 18% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($109 per unit), while Spain ($32 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+6.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform