Fastening Power Tool Market

Fastening Power Tool Market Outlook (2024 to 2034)

Fact.MR, in its newly published study, says that the global fastening power tool market is likely to be pegged at US$ 3,502.1 million in 2024. Global demand for fastening power tool is forecasted to increase at 6.4% CAGR and reach a market value of US$ 6,512.5 million by the end of 2034.

The fastening power tool market is expected to experience growth opportunities in emerging economies, attributed to the product innovations, which play a crucial role in enhancing market competitiveness in the power tool industry. Ongoing advancements, especially in the development of lightweight, ergonomic, and user friendly power tools, contribute to improved efficiency, safety, and overall user satisfaction.

Lightweight power tools are easier for users to handle, contributing to improved maneuverability and reduced fatigue during prolonged use, which is particularly important in industries where users may be working for extended periods, such as construction or manufacturing.

Ergonomically designed power tools prioritize user comfort and reduce the risk of strain or injury. Comfortable grips, balanced weight distribution, and thoughtful design elements enhance the overall user experience, making the tools more user friendly.

Innovations in vibration dampening technologies help reduce the levels of vibration transmitted to the user during tool operation, which is especially critical in applications where prolonged use of power tools can lead to operator fatigue and discomfort.

Report Attributes	Details
Fastening Power Tool Market Size (2024E)	US$ 3,502.1 million
Forecasted Market Value (2034F)	US$ 6,512.5 million
Global Market Growth Rate (2024 to 2034)	6.4% CAGR
East Asia Market Share (2034F)	33.9%
Demand Growth in Japan (2024 to 2034)	6.2% CAGR
China Market Value (2034F)	US$ 1,238.5 million
Demand for Rebar Tier (2034F)	US$ 1,979.8 million
Revenue Share of Retailers Segment (2034F)	38.2%
Key Companies Profiled	C. and E. Fein GmbH DEWALT Hilti Corporation Hitachi Koki Co. Makita Corporation MAX Co. Ltd. Sumake Industrial Co. Techtronic Industries Co. Ltd. Wacker Neuson SE Xindalu Electronic Technology Co. Ltd.

Which Fastening Power Tool Market Trends are Opening New Opportunities for Manufacturers?

“Technological Advancements to Fuel the Market Growth”

Continued advancements in power tool technology, including the integration of smart features and IoT capabilities, are expected to drive market growth. The integration of smart features and IoT capabilities into power tools has been a significant driver of technological advancements in the power tool industry. The trend has several implications for both professionals and DIY enthusiasts, enhancing the efficiency, safety, and overall user experience.

IoT enabled power tools allow users to remotely monitor and control their tools, which means that users can check the status of their tools, monitor performance metrics, and even control certain features from a distance through a smartphone or other connected devices.

Smart power tools can incorporate sensors to detect unsafe conditions or improper usage. For instance, if a tool is being used at an angle that could lead to accidents, the tool might provide real time alerts to the user. Some smart tools can be integrated with wearable technology or PPE to enhance safety. For instance, a tool might automatically shut down if it detects that the user is not wearing the required safety gear.

“Industrial Automation to Accelerate the Market Growth”

Increasing industrial automation across various sectors is anticipated to boost the demand for fastening power tools, especially in manufacturing and construction. The anticipation of increasing industrial automation influencing the demand for fastening power tools in manufacturing and construction suggests a broader trend towards more efficient, precise, and automated processes in these sectors.

In manufacturing, automated assembly lines are becoming increasingly prevalent. Fastening power tools play a critical role in these lines by ensuring precision and consistency in the tightening of bolts, nuts, and other fasteners. Automated systems can use power tools to achieve a level of accuracy that may be challenging to replicate consistently with manual labor.

Fastening power tools designed for industrial automation are often capable of high-speed operations. The speed is crucial in modern manufacturing and construction settings where efficiency and quick turnaround times are essential. Automated systems can quickly and continuously perform fastening tasks, contributing to higher production rates.

Industries can reduce their reliance on manual labor for repetitive tasks, by incorporating fastening power tools into automated processes, which not only lowers labor costs but also minimizes the risk of human errors associated with manual fastening operations.

“Rise in Construction Activities to Contribute Significantly”

The growth of the construction industry has a direct and substantial impact on the demand for fastening power tools. The demand is driven by various factors associated with construction activities, especially in emerging economies.

Fastening power tools are crucial in the structural construction phase for tasks such as securing beams, columns, and other structural elements. The need for secure and efficient fastening drives the demand for power tools in these applications.

The construction of new housing projects, driven by population growth and urbanization, requires a variety of fastening applications. Fastening power tools are used for tasks such as framing, roofing, and installing fixtures in residential construction projects.

The construction of commercial buildings and industrial facilities involves extensive use of fastening power tools. The tools are employed for assembling steel structures, attaching cladding, and securing various components in the construction of factories and commercial complexes.

What is Hindrance Factor for the Demand for Fastening Power Tool?

“Cyclicality of End User Industries to Restrain the Market Growth”

The cyclicality of end-user industries, particularly construction and manufacturing, has a significant impact on the demand for fastening power tools. The industries are sensitive to economic conditions, and fluctuations in construction and manufacturing activities directly influence the need for tools used in fastening applications.

During economic downturns, there is often a decline in construction investment. Reduced spending on new construction projects, residential or commercial, leads to a decrease in the demand for fastening power tools used in construction applications.

Economic downturns can result in a slowdown in the housing market, affecting both residential and commercial construction. The demand for power tools used in fastening applications, such as those for framing and finishing work, tends to decrease, as the construction sector contracts.

Manufacturing industries are also susceptible to economic cycles. During downturns, manufacturers may scale back production, leading to decreased demand for power tools used in assembling and fastening manufacturing components.

What Strategy Should Start-ups Incorporate to Enhance Their Market Presence?

“Electric Vehicle Manufacturing is Key to Gaining Competitive Edge”

The growth of the electric vehicle industry has significant implications for various sectors, including manufacturing. Fastening power tools play a crucial role in the assembly processes of electric vehicles, and their demand is closely tied to the expansion of the EV manufacturing industry.

Electric vehicles have unique components, with one of the most critical being the battery pack. Assembling the battery pack requires precision and secure fastening to ensure safety and reliability. Fastening power tools are essential in securing the intricate components of the battery, such as cells, modules, and connectors.

Electric vehicles often incorporate lightweight materials and complex designs to optimize efficiency and range. Fastening power tools are used in the assembly of these intricate structures, including fastening components made from aluminum, carbon fiber, and other lightweight materials.

The assembly of electric motors, a key component in EVs, involves securing various parts with precision. Fastening power tools are employed to ensure the proper installation of motor components, contributing to the overall efficiency and performance of the electric vehicle.

Country-wise Insights

Fact.MR, a market research and competitive intelligence provider, asserts in its newly published study that East Asia is predicted to hold a 33.9% share of the global market by 2034. Urbanization trends and the subsequent rise in infrastructure development are anticipated to accelerate the demand for fastening tools in construction projects.

What is the Scenario of the Market in the United States?

“Construction and Infrastructure Development to Augment the Growth”

Attribute	The United States
Market Value (2024E)	US$ 617.1 million
Growth Rate (2024 to 2034)	6.5% CAGR
Projected Value (2034F)	US$ 1,153.6 million

The United States is predicted to account for 67.1% of the North American market by 2034. The ongoing growth in construction and infrastructure projects in the United States, including residential, commercial, and public infrastructure, is a significant driver for the demand for fastening power tools.

The trend of home renovation and remodeling projects continues to drive demand for fastening power tools among homeowners and contractors, contributing to market growth.

The industrial sector in the country, including manufacturing and assembly processes, relies heavily on fastening power tools for efficient and precise assembly. The growth of manufacturing activities contributes to increased demand for these tools.

What is projected to Propel Demand for Fastening Power Tool in China?

“Government Initiatives and Policies in China to Fuel the Demand”

Attribute	China
Market Value (2024E)	US$ 683.1 million
Growth Rate (2024 to 2034)	6.1% CAGR
Projected Value (2034F)	US$ 1,238.5 million

China is forecasted to hold a 56.1% share of East Asia market revenue by 2034. Government led initiatives, such as the Made in China 2025 plan, focus on upgrading the manufacturing sector through technological advancements. The policies can drive the adoption of advanced fastening power tools.

The production of EVs and associated components requires precision tools for assembly, with a growing emphasis on electric vehicles. Fastening power tools play a crucial role in the manufacturing processes of EVs.

The flourishing e-commerce sector in China provides consumers with easy access to a wide range of fastening power tools. Online retail platforms contribute significantly to the distribution and sales of these tools.

What is Projected to Propel Demand for Fastening Power Tool in Japan?

“Increasing Automotive Industry to Enhance Market Prospects”

Attribute	Japan
Market Value (2024E)	US$ 355.9 million
Growth Rate (2024 to 2034)	6.2% CAGR
Projected Value (2034F)	US$ 651.3 million

Japan is anticipated to hold a 29.5% share of East Asia market revenue by 2034. Japan is a leader in technological innovation. Ongoing advancements in power tool technology, including the integration of smart features and IoT capabilities, can drive the adoption of advanced fastening tools in the Japanese market.

The Japanese automotive industry is a significant consumer of fastening power tools. The demand for specialized fastening tools is expected to grow, with a focus on electric vehicles and advanced technologies, as the industry continues to evolve.

Infrastructure projects, both domestic and international, contribute to the demand for fastening power tools in construction and development activities. The involvement of Japan in various infrastructure initiatives can drive market growth.

Category-wise Insights

Based on product type, global demand for fastening power tool is projected to rise significantly in the rebar tier segment, driven by ongoing advancements in the technology of rebar tier tools, such as the development of lightweight and portable models, improved battery life, and enhanced tying capabilities.

Which Product Type to Contribute Significantly in the Sales of Fastening Power Tools?

“Rebar Tier is expected to Accelerate the Demand for Fastening Power Tools”

Attribute	Rebar Tier
Segment Value (2024E)	US$ 1,092.7 million
Growth Rate (2024 to 2034)	6.1% CAGR
Projected Value (2034F)	US$ 1,979.8 million

The rebar tier of fastening power tool is forecasted to hold 30.4% of the market share by 2034. The growth of the construction industry, particularly in infrastructure projects such as bridges, highways, and high rise buildings, is a significant driver for the rebar tier segment. The tools are essential for efficiently tying and securing rebars in concrete structures.

Rebar tiers offer significant time and labor savings compared to manual tying methods. The automation of the tying process enhances efficiency on construction sites, allowing for faster completion of projects. The trend toward precast construction methods, where components are manufactured off site and assembled on-site, has increased the demand for fast and efficient rebar tying tools. Rebar tiers play a crucial role in securing rebars in precast elements.

Rebar tiers contribute to improved worker safety by reducing the physical strain associated with manual tying. The ergonomic design of these tools minimizes the risk of musculoskeletal injuries and repetitive strain.

Which Mode of Sales of Fastening Power Tool is Set to Occupy a Leading Market Share?

“Retailers Segment is Expected to be the Dominant Mode of Sales”

Attribute	Retailers
Segment Value (2024E)	US$ 1,397.3 million
Growth Rate (2024 to 2034)	5.9% CAGR
Projected Value (2034F)	US$ 2,487.8 million

The retailers segment is predicted to occupy a 38.2% share of the global market by 2034. Retailers provide a convenient and accessible channel for consumers to purchase fastening power tools. The presence of retail outlets, both physical stores and online platforms, makes it easier for customers to browse and buy tools as needed.

Retailers often offer a wide range of fastening power tools, catering to various needs and preferences of consumers. The variety allows customers to choose tools that align with their specific applications. Retailers also provide educational resources, product demonstrations, and knowledgeable staff who can assist customers in making informed decisions about the right fastening power tools for their needs.

Retailers frequently run promotions, discounts, and special offers, which can attract price sensitive consumers. The marketing strategies contribute to increased sales of fastening power tools through retail channels.

Competitive Landscape

Key suppliers in the fastening power tool industry are employing a variety of strategies to achieve their goals. The strategies include embracing innovation, implementing stringent product quality control measures, forming strategic partnerships, optimizing supply chain management systems, and consistently advancing their products and technologies.

For instance,

• In 2022, Bosch Power Tools, a global leader in power tools and accessories, unveiled an impressive product pairing designed to conquer challenging surfaces. The GBH18V-28DC 18V Brushless Connected Ready SDS-plus® Bulldog™1-1/8-inch Rotary Hammer, along with the GDE28D SDS-plus® Dust Collection Attachment, enhances Bosch's extensive rotary hammer technology lineup.
• Boasting superior impact energy, precise drilling capabilities, and an integrated dust extractor to minimize airborne particles, the GBH18V-28DC hammer and GDE28D attachment deliver the additional power necessary for efficient work at any job site, prioritizing safety with advanced product features.

C. and E. Fein GmbH, DEWALT, Hilti Corporation, Hitachi Koki Co., Makita Corporation, MAX Co., Ltd., Sumake Industrial Co., Techtronic Industries Co. Ltd., Wacker Neuson SE, and Xindalu Electronic Technology Co., Ltd. are key players in the fastening power tool market.

Segmentation of Fastening Power Tool Market Report

• By Product Type:

  • Rebar Tier
  • Corrugated Fasteners
  • Nailer Machine
  • Screw System
  • Hog Ring Tool
  • Stapler

• By Mode of Sales:

  • Retailers
  • Distributors
  • Online

• By Region:

  • North America
  • Europe
  • East Asia
  • Latin America
  • Middle East & Africa
  • South Asia & Oceania