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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