PUBLISHER: Allied Market Research | PRODUCT CODE: 1140067
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140067
The global electric power tools market was valued at $70,164.7 million in 2021, and is projected to reach $124,425.37 million by 2031, registering a CAGR of 5.7% from 2022 to 2031. Electric power tools offer a diversified portfolio that could be used for any construction, manufacturing and material modification activity. In addition, the advancements in technology of electric power tools help in saving time of operation. Thus, this makes these tools suitable for applications in professional, residential and commercial establishments. These tools are available in corded and cordless platforms with varied power capacities. Initially, electric power tools were intended for small jobs, however, improved mechanisms and batteries have improved the functionality & penetration of use for large scale jobs. Further, electric power tools can be used for drilling, sawing, planning, cutting (metal, soft materials, wood, and others), grinding, compacting, hammering, and various other operations. Moreover lawn mowers that are used to cut and trim grass are also included in the scope as a customized part.
Surge in use of efficient power tools for various operations required during construction has led to increased penetration of electric power tools. Different operations such as cutting, chopping, drilling, hammering, and grinding can be easily completed with efficiency and ease with the usage of electric power tools. Thus, growth in adoption of electric power tools in the construction industry is expected to drive the growth of the electric power tools market. Moreover, the requirement of heavy-duty electric power tools has led to constant product development in terms of batteries, motors, and other technologies.
The surge in use of the technology has led to the integration of brushless motors in the electric power tools that led to the development in the electric power tools industry. Although brushless motor technology is not new, the adoption of brushless DC motors in both corded and cordless power tools has upgraded their capabilities to a large extent. Hence, the integration of brushless DC motors (BLDC) in electric power tools has revolutionized the electric power tools industry; thereby, propelling the growth of the electric power tools market. Furthermore, growth in popularity of cordless electric power tools, owing to its application in various remote locations, effortlessness of use, and portability are some of the factors that fuel the adoption of cordless tools. This increased adoption drives the growth of the overall electric power tools market globally.
Conversely, the high costs of manufacturing and maintaining the electric power tools are major restraining factors for the growth of the electric power tools market. The pneumatic power tools have been popular for a long time, owing to their high productive capacities and comparative lower costs than the electric counterparts. This is likely to negatively affect the growth of the electric power tools market.
The introduction of the automation technologies for controlling the operations performed by electric power tools has made it feasible for the operators to track, connect, and customize their tools on multiple jobsites and hence, attain more productivity through the same electric power tool. Such automation technologies are likely to assist in creating opportunities for the growth of electric power tools market during the forecast period. The electric power tools market is segmented on the basis of tool, motor type, application and region. By tool, the market is divided into drills, impact wrenches, hammers, saws, lawn mowers, vacuum cleaners and others. By motor type, the market is divided into brushed and brushless. By application, the market is divided into industrial and DIY.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The major players profiled in the electric power tools market include Apex Tool Group, Atlas Copco AB, C&E Fein GmbH, Hilti Corporation, Ingersoll Rand Inc., Koki Holding, Co., Ltd., Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc., Snap-on Incorporated and Techtronic Industries Co., Ltd. Major companies in the market have adopted product launch, business expansion, agreement and acquisition as their key developmental strategies to offer better products and services to customers in the electric power tools market.
Key Benefits For Stakeholders
Key Market Segments
By Tools
By Motor type
By Application
By Region