A hand-held power tool includes a motor having a stator and a rotor, the motor being configured to rotate the rotor at a speed of at least 40,000 rpm, an output shaft directly driven by the rotor, a tool accessory shaft configured to support a tool accessory, and a two-stage speed reducing transmission operably connecting the output shaft to the tool accessory shaft. The two-stage speed reducing transmission is configured to drive the tool accessory shaft at a rate less than the rotor speed, for example, at a rate less than or equal to 37.5% of the rotor speed.