Power Tools Market: Key Growth Drivers, Trends, and Segment Insights

The global power tools market is projected to grow significantly, reaching $57.1 billion by 2031, with a CAGR of 5.6% from 2024 to 2031. This growth is fueled by advancements in battery technology, increased construction activities, and the rising use of power tools in automotive applications. The integration of IoT and sensor technologies for connected tools and the growing trend toward power tool applications for residential use further support this market expansion. In this dynamic environment, market players are leveraging innovations to meet diverse demands across industrial and residential segments.