The global power tool gears market is estimated to reach USD 5.63 Billionin 2022. Increasing usage of power tools for woodworking and metal fabrication operations across the building and construction sector is favoring the growth in the market.
| Attribute | Details |
|---|---|
| Power Tool Gears Market Estimated Size in 2022 | USD 5.63 Billion |
| Power Tool Gears Market Projected Size in 2030 | USD 8.38 Billion |
| Power Tool Gears Market Historical CAGR (2015 to 2021) | 3.0% |
| Power Tool Gears Market Value-based CAGR (2022 to 2030) | 5.1% |
As per Future Market Insights (FMI) states that the demand in the global power tool gears market is expected to top USD 8.38 Billionby 2030, expanding at a steady 5.1% CAGR during the forecast period.
Attributed to increasing demand and growing production of power tool gears in China and India, these two countries are estimated to collectively account for nearly 40% of the total market share over the assessment period. On the basis of gear type, the spur gear segment is projected to register robust growth, accounting for 1/3rd of the total sales through 2030.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 4.5% |
| H1,2022 Projected (P) | 4.8% |
| H1,2022 Outlook (O) | 4.7% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 9 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 24 ↑ |
FMI presents a half-yearly comparison analysis and key insights about the growth outlook of the Power Tool Gears market. Power tool usage is rising for woodworking and metal fabrication tasks across the building and construction industry. Also, power tool gears are being incorporated into unique equipment to control torque and speed, and the arrival of improved power tools is anticipated to support market expansion.
According to FMI analysis, the variation between the BPS values observed in the Power Tool Gears market in H1, 2022-Outlook over H1, 2022 projection reflects a fall of 9 units. Moreover, compared to H1, 2021, the market is expected to rise by 24 BPS in H1 2022.
Governments in these developing nations are investing more in construction projects to reinforce and develop their infrastructure as urbanization continues to make deeper inroads. Power tools, including electric screw drives, grinding machines, saws, and cutters, are widely utilized in building and construction operations, which is driving up demand for these items and expanding the market.
Due to their convenience in terms of portability and usability, power tools are becoming more and more common in the residential sector for usage in domestic settings. Additionally, the growing popularity of Do-It-Yourself (DIY) projects among the populace are fueling an increase in the demand for electric tools.
The sales in the global power tool gears market grew at a CAGR of 3.0% between 2015 and 2021. The demand for power tool gears is estimated to surge by 1.56x between 2022 to 2031.
Power tool gears are integral components of equipment such as drilling machines, saws, hammers, and grinding machines. They play an important role in adjusting the speed and torque of aforementioned equipment.
Hence, increasing applications of such equipment across industries such as automotive, woodworking, and metal fabrication are expected to drive the market. Backed by these factors, sales of power tool gears are anticipated to total USD 8.38 Billion by the end of 2030, in comparison to the USD 5.37 Billion revenue generated in 2021.
Rising consumer demand for advanced power tools with easy operations and high performance is compelling power tool manufacturers to launch advanced power tools. Thus, numerous industry players are aiming at launching novel electric tools to improve sales.
For instance, Bosch, a German multinational engineering and technology company, announced launching the X-Lock angle grinder lock interface. It provides a quick and easy way of switching angle grinder accessories and speed with just one click.
In addition to this, the development of advanced equipment and introduction of cordless power tools with high maneuverability is increasing end users’ proclivity towards these products.
As power tool gears are increasingly being installed in novel equipment to adjust the torque and speed, the introduction of advanced power tools is projected to favor the growth in the market.
As the trend of urbanization continues to create deeper inroads, especially across the developing economies, governments in these countries are increasingly investing in construction activities to develop and strengthen their infrastructure.
For instance, according to the India Brand Equity Foundation, the Government in India has stated that the construction sector will be the biggest area of focus between 2019 and 2023 and has announced investing USD 1.4 trillion in infrastructure development.
As power tools such as electric screw drives, grinding machines, saws, cutters, and others are extensively used in building and construction activities, demand for these products is increasing, which, in turn, is boosting the market.
Surging trend of DIY Activities to Accelerate the Power Tool Gears Sales
Germany is estimated to register growth at a robust CAGR during the assessment period. As per the report, the Europe power tool gears market is expected to account for more than 23.5% of the global sales in 2022.
Power tools are gaining popularity across the residential sector for household applications owing to the ease of mobility and easy operability. In addition to this, growing trend of Do-It-Yourself (DIY) activities amongst the population is further propelling the demand for electric tools.
Taking cues from this trend, leading companies are launching novel products with enhanced safety features to cater to the requirements of users that are not trained professionals. This is anticipated to spur the sales of power tool gears in the Germany market over the forthcoming years.
Growing Production and Sales of Automotive Vehicles to Fuel the Demand for Power Tool Gears
The USA is projected to emerge as the most lucrative market in the North America power tool gears market through 2030, with total sales in the region accounting for 23% of the global market share in 2022.
Increasing production and sales of automotive vehicles in the USA is a primary factor facilitating the growth in the market. According to a report by the Bureau of Transportation Statistics, around 2.51 million passenger cars and 8.38 million commercial vehicles were manufactured across the USA in 2019.
As power tools such as grinders, rotary brush, bolt fitting machine, and others are used in car assembly, accessory fittings, and other manufacturing operation, sales of these tools are accelerating at rapid pace. This will continue propelling the demand for power tools gears in the USA market.
Growing Adoption of Automated Tools to Bolster the Power Tool Gears Sales
China is projected to exhibit the fastest growth in the East Asia power tool gears market, with total sales in the region projected to account for 18.2% of the global market share in 2022.
Increasing adoption of automated technologies for enhancing productivity and precision in operations propelling the usage of power tools, thereby fueling the growth in the market.
Also, growing construction activities and surging demand for advanced power tools amongst metal fabricators and woodworking personnel across China are estimated to augment the sales of power tools gears over the assessment period.
Increasing Demand for High Power Transmission Efficiency Gear to Propel Spur Gear Demand
Based on the gear type, the spur gears segment is estimated to remain the most sought-after gear type in the market, accounting for nearly 1/3rd of the power tool gears demand over the assessment period.
Adoption of spur gears is rapidly increasing owing to the growing demand for gears with high power transmission efficiency and high reliability. In addition to this, spur gears offer constant velocity, reduce the lack of slippage, and improve the ease of installation, which is expected to continue driving sales in this segment.
Growing Application Across End-use Sectors Will Boost the Sales of Drill Gear
As per FMI, the drilling segment is projected to account for a dominant share in the power tool gears market between 2022 to 2030. Increasing applications of drilling machines across automotive, building & construction, and other industries are fueling the sales of drill gear.
Apart from this, the saw segment is forecast to register steady growth in the market through 2030. Rapidly growing wood working sector, owing to the surging demand for furniture items across the globe is estimated to favor the sales of saw gears in the forthcoming years.
Rising Adoption of Power Tool to Bolster the Growth in the Power Tool Gears Market
On the basis of end user, the global power tool gears market is segmented into professional and DIY (consumer). As per FMI, the professional segment is expected to account for a lion’s share in the market over the assessment period.
Surging adoption of power tools in metal fabrication operations across the construction sector and increasing number of automotive service centers across the USA, Germany, India are spurring the sales of electric tools, which is in turn, is fueling the demand for power tool gears in the segment.
Leading companies in the global power tool gears market are adopting expansion strategies such as new product launch, mergers, acquisitions, and collaborations to expand their global presence. Players are also investing in research and development to improve their product portfolios.
For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2030 |
| Historical Data Available for | 2015 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Segments Covered | Gear Type, Application, End User, and Region |
| Key Companies Profiled | Porite Group; hGears; Zhejiang Oliver manufacturing Gear Co. Ltd; P&F Industries; Zhejiang Fore Intelligent Technology Co., Ltd. |
| Report Coverage | Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The power tool gears market is expected to reach a valuation of USD 5.63 Billion in 2022.
The global power tool gears market grew at a 3.0% CAGR between 2015 to 2021.
The power tool gears market is expected to register steady growth, expanding at 5.1% CAGR between 2022 and 2030.
Europe currently leads the global power tool gears market, holding more than 23.5% of the total market share.
South Asia and Pacific power tool gears market will hold a significant share accounting for nearly 18.9% of the revenue share in 2022.
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Power Tool Gears Market
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