Electric Power Tools Market Forecast to Reach USD 51.23 Billion by 2034

Evolve Business Intelligence has published a research report on the Global Electric Power Tools Market, 2024–2034. The global Electric Power Tools Market is projected to exhibit a CAGR of around 3.14% during the forecast period of 2024 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the global Electric Power Tools Market: Techtronic Industries Co. Ltd., Milwaukee Electric Tool Corporation, Ridgid Tool Company, Robert Bosch GmbH, Makita Corporation, Ingersoll Rand Inc., DeWalt, Hilti Corporation, Emerson Electric Co. and Atlas Copco AB.

Market Highlights

The Global Electric Power Tools Market is projected to be valued at USD 51.23 Billion by 2034, recording a CAGR of around 3.14% during the forecast period. The Electric Power Tools Market is a rapidly growing sector driven by increasing demand from construction, manufacturing, automotive, and DIY (Do-It-Yourself) applications. Electric power tools offer advantages such as higher efficiency, reduced manual effort, and improved precision compared to traditional hand tools.

The Electric Power Tools Market is a significant and growing sector that provides essential tools for a wide range of industries and consumers.

Segmental Analysis

The global Electric Power Tools Market has been segmented based on Product Type, Tool Type, Motor Type, Application and End User.

Based on Product Type, the Electric Power Tools Market is segmented into Corded and Cordless. The Cordless segment is anticipated to dominate the market.

Based on Tool Type, the global Electric Power Tools Market has been divided into Drilling & Fastening Tools, Demolition Tools, Sawing & Cutting Tools and Material Removing Tools. The Drilling & Fastening Tools  segment is anticipated to dominate the market.

Based on Motor type, the global Electric Power Tools Market has been divided into Brushed and Brushless. The Brushless segment is anticipated to dominate the market.

Based on Application, the global Electric Power Tools Market has been divided into Industrial and DIY. The Industrial segment is anticipated to dominate the market.

Based on End User, the global Electric Power Tools Market has been divided into Construction, Automotive, Aerospace and Others. The Construction segment is anticipated to dominate the market.

Regional Analysis

The Electric Power Tools Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America is a mature market with a strong presence of key manufacturers and a well-established construction and industrial sector. The U.S. leads the region due to high demand from professional contractors, DIY enthusiasts, and industrial users and technological adoption is high, with a strong preference for advanced cordless tools. Europe has a strong presence of industrial and manufacturing industries, which drives demand for electric power tools. Germany, the UK, and France are key markets, benefiting from high safety standards and automation trends. Stringent quality standards and a focus on innovation drive demand for advanced tools. Asia-Pacific is the fastest-growing market, driven by rapid industrialization, urbanization, and infrastructure development. Countries like China, India, and Japan are key players in this expansion. Latin America is an emerging market with increasing demand for electric power tools, primarily driven by construction and repair industries. Brazil and Mexico lead the region due to growing urbanization and increasing investments in construction and infrastructure projects are expected to drive future growth. MEA is witnessing steady growth in the electric power tools market due to ongoing infrastructure projects, especially in the UAE, Saudi Arabia, and South Africa.