Electric Power Tools Market to Grow with a CAGR of 5.09% through 2028

Increasing awareness of the environmental benefits of electric power tools and rising adoption of cordless and battery-powered electric power tools are likely to drive the market in the forecast period.

According to TechSci Research report, “Electric Power Tools Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Electric Power Tools Market stood at USD 22.08 billion in 2022 and is anticipated to grow with a CAGR of 6.19% in the forecast period.

In the construction industry, electric power tools such as drills, saws, and concrete mixers are indispensable for tasks like drilling, cutting, and concrete work. With urban populations on the rise, there is a continuous need for residential and commercial buildings, roads, bridges, and other infrastructure projects. This sustained construction activity fuels the demand for electric power tools. Infrastructure development also extends to sectors like energy generation and transmission. Power plants, renewable energy installations, and electrical grid expansion projects rely heavily on power tools for installation, maintenance, and repair. As the world increasingly adopts renewable energy sources, such as solar and wind, electric power tool manufacturers find new opportunities in these expanding markets. As developing and emerging economies invest in building and upgrading their infrastructure, the electric power tools market experiences a substantial boost in demand. Manufacturers are continuously innovating to meet the specific needs of these industries, driving growth and market expansion.

The global electric power tools market is significantly influenced by the growing popularity of do-it-yourself (DIY) and home improvement trends. A combination of factors, including easy access to information online, changing consumer lifestyles, and the desire for personalized living spaces, has fueled this trend. Consumers are increasingly turning to DIY projects for various reasons, including cost savings, creative expression, and a sense of accomplishment. Electric power tools are essential for tasks such as woodworking, home renovation, landscaping, and crafting. These tools empower individuals to take on a wide range of projects, from building custom furniture to installing energy-efficient appliances. Online platforms, including video tutorials and social media, have made it easier than ever for people to access DIY guides and inspiration. Consumers can find step-by-step instructions and ideas for home improvement projects, encouraging them to invest in electric power tools to achieve their goals. The COVID-19 pandemic also accelerated the DIY trend, as more people spent time at home and sought ways to enhance their living spaces. Home offices, outdoor entertainment areas, and home gyms became popular projects, all of which often require electric power tools for construction and customization. Manufacturers in the electric power tools market are responding to this trend by designing user-friendly tools with ergonomic features, improved safety mechanisms, and easy-to-follow instructions. They are also expanding their product lines to cater to the specific needs of DIY enthusiasts, further driving market growth.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Electric Power Tools Market.” 

The Global Electric Power Tools Market is segmented into machine type, mode of operation, mobility, application and region.

Based on type, The Drilling Tools segment had the largest market share in 2022 & expected to maintain it in the forecast period. Drilling tools are incredibly versatile and find applications across a wide range of industries and tasks. They are used for creating holes in various materials, including wood, metal, concrete, and masonry. Whether it's drilling holes for electrical wiring, plumbing, construction, or DIY projects, drilling tools are indispensable. Drilling is a fundamental operation in many industries and projects. It is often one of the first steps in building, construction, or assembly processes. As such, the demand for drilling tools remains consistent, making them a staple in the toolkits of professionals and DIY enthusiasts alike. Drilling tools cater to a broad user base, including professionals in construction, woodworking, metalworking, and manufacturing, as well as homeowners and DIYers. This wide appeal ensures a steady demand for drilling tools globally. The drilling tool segment has witnessed continuous innovation, leading to the development of more advanced and efficient tools. Features like cordless operation, variable speed settings, ergonomic designs, and brushless motors have made drilling tools more user-friendly and capable of handling a variety of drilling tasks. Advances in battery technology, such as the use of lithium-ion batteries, have greatly improved the performance and runtime of cordless drilling tools. This has made cordless drills increasingly popular in both professional and consumer markets. Beyond new construction, drilling tools are essential for maintenance and repair tasks. This ensures ongoing demand for drilling tools even in mature markets.

Based on application, The Commercial segment had the largest market share in 2022 and are projected to experience rapid growth during the forecast period. Commercial projects, including those in the construction, infrastructure, and commercial real estate sectors, are often larger and more extensive than residential projects. These projects require a wide range of Electric Power Tools for various tasks, such as drilling, cutting, fastening, and finishing. As a result, the sheer volume of power tool usage in the commercial sector is substantial, contributing to its dominance in the market. Professional Demand: Commercial applications rely heavily on professional tradespeople, contractors, and skilled workers who depend on high-quality, reliable Electric Power Tools to perform their tasks efficiently and accurately. These professionals require robust, durable tools to meet the demands of their projects, leading to a consistent market for power tool manufacturers. Specialized Tools: The commercial sector often requires specialized Electric Power Tools designed to meet industry-specific needs. For example, the construction industry demands heavy-duty rotary hammers, concrete saws, and demolition tools, while the automotive sector requires precision torque wrenches and pneumatic tools. This need for specialized tools enhances the market's depth and diversity. Commercial users are more likely to adopt advanced and high-performance Electric Power Tools that incorporate the latest technological innovations. Manufacturers frequently develop innovative tools tailored to the specific demands of the commercial sector, including smart tools with connectivity features, ergonomic designs, and enhanced safety features. These advancements are well-received by professionals seeking efficiency and productivity gains. Beyond new construction projects, commercial settings often involve ongoing maintenance and repairs of infrastructure, machinery, and equipment. Electric Power Tools are crucial for these tasks, ensuring that commercial properties and facilities remain in good working condition. The consistent need for maintenance further drives the demand for Electric Power Tools in the commercial sector. The growth of the commercial sector is closely linked to economic development and urbanization.

Major companies operating in the Global Electric Power Tools Market are:

• Stanley Black & Decker, Inc
• Robert Bosch GmbH
• Techtronic Industries Company Limited
• Makita Electric Power Tools India Pvt. Ltd
• Hilti Corporation
• Koki Holdings Co., Ltd
• Snap-on Incorporated
• Husqvarna Motorcycles GmbH
• Emerson Electric Co.
• Milwaukee Electric Tool Corporation

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“The Global Electric Power Tools market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The global electric power tools market is expected to witness significant growth during the forecast period, driven by the increasing demand from the construction, automotive, and manufacturing industries. The Asia Pacific region is expected to remain the largest market for electric power tools, followed by North America and Europe. The increasing demand for cordless and battery-powered electric power tools, the rising adoption of electric power tools in DIY projects, and the growing demand for electric power tools from emerging markets are some of the key trends that are shaping the global electric power tools market. In addition to the above trends, the global electric power tools market is also being driven by the increasing awareness of the environmental benefits of electric power tools. Electric power tools are more energy-efficient and produce fewer emissions than traditional gas-powered power tools. This is making them a more attractive option for businesses and consumers who are looking to reduce their environmental impact.. Therefore, the market of Electric Power Tools is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Electric Power Tools Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Machine Type (Drilling Tools, Cutting/Sawing Tools, Fastening Tools, Breaker Tools, Others),  By Motor Type (Brushed, Brushless), By Mobility (Stationery, and Portable), By Application (Residential, Commercial, and Industrial), By Region, By Competition”, has evaluated the future growth potential of Global Electric Power Tools Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Electric Power Tools Market.

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