Electric Power Tools Market Analysis and Global Forecast 2024-2034

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Electric Power Tools Market Overview

The Electric Power Tools Market size accounted for USD 35.12 Billion in 2023 and is estimated to account for 39.81 Billion in 2024. The Market is expected to reach USD 51.23 Billion by 2034 growing at a compound annual growth rate (CAGR) of 3.14% from 2024 to 2034. 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.

Global Electric Power Tools Market Synopsis

Electric Power Tools Market Dynamics

The major factors that have impacted the growth of Electric Power Tools Market are as follows:

Drivers:

Ø  Growth in Industrial & Manufacturing Sectors

Automation and precision tools are increasingly used in automotive, aerospace, and heavy machinery manufacturing. Expanding metalworking, electronics, and woodworking industries require high-performance power tools and adoption of robotics & AI-based tools improves efficiency in manufacturing plants. Lithium-ion batteries have revolutionized power tools by improving runtime, efficiency, and portability. Wireless and brushless motor technologies enhance durability and power output and development of fast-charging batteries reduces downtime in industrial applications.

Restraint:

• High Initial Cost of Advanced Power Tools

Premium electric power tools (especially cordless and smart tools) come with high upfront costs, limiting adoption among small businesses and individual users. Battery-powered tools and IoT-enabled smart tools are more expensive than traditional corded tools and professional-grade tools with high durability and precision have higher price tags, restricting accessibility in price-sensitive regions. Cordless electric power tools rely on lithium-ion batteries, which can be expensive and have limited runtime. Frequent recharging can disrupt workflow in industrial and construction sites and battery degradation over time reduces efficiency, increasing maintenance costs.

Opportunity:

⮚     Increasing Demand for Smart & IoT-Enabled Power Tools

Integration of IoT, AI, and Bluetooth allows users to track performance, automate settings, and improve efficiency. Cloud-based monitoring of power tools in industrial settings enhances productivity and predictive maintenance. Smart power tools with sensors can improve safety, accuracy, and real-time performance tracking. Consumers are increasingly investing in DIY home renovation, woodworking, and repair projects. The growth of e-commerce makes power tools more accessible to individual users and subscription-based power tool rental services offer an alternative to purchasing expensive tools.

Electric Power Tools Market Segment Overview

By Product Type

Based on Product Type, the market is segmented based on Corded and Cordless. The cordless segment dominant the market. The power outputs of cordless power tools have also evolved that has increased their adoption for professional as well as non-professional applications, thanks to the constant developments in battery technologies. The major driver for increase in demand for cordless power tools includes rise in development in battery technologies.

By Tool Type

Based on Tool Type, the market segment has been divided into Drilling & Fastening Tools, Demolition Tools, Sawing & Cutting Tools and Material Removing Tools. The Drilling & Fastening Tools segment dominant the market. The expansion of commercial and residential construction is driving demand for high-performance cordless drills, impact drivers, and hammer drills. Government investments in housing and smart city projects create a strong market for drilling and fastening tools.

By Motor Type

Based on Motor Type, the market segment has been divided into Brushed and Brushless. The Brushless segment dominant the market. Brushless motors enhance battery efficiency, allowing longer operation per charge. Growing demand for cordless drills, impact drivers, and saws in construction and manufacturing. Brushless motors are more expensive than brushed motors due to complex design and electronics and Small contractors and DIY users may hesitate to switch to premium brushless tools.

By Application

Based on Application, the market segment has been divided into Industrial and DIY. The Industrial segment dominant the market. Industrial power tools are essential for precision assembly, metalworking, and fabrication. Increasing adoption in automotive production lines for fastening, drilling, and cutting tasks. Industrial-grade power tools have a higher cost due to advanced technology and durability.

By End User

Based on End user, the market segment has been divided into Construction, Automotive, Aerospace, Others. The construction segment dominant the market. The construction industry is one of the major consumers of power tools, and as the convenience of electric power tools is recognized, the industry professionals are switching towards electric power tools over the fuel and pneumatically powered tools. Major electric power tool manufacturers have focused on developing tools to serve the demand of electric power tools especially for the construction industry.

Global Electric Power Tools Market Regional Analysis

Based on region, the global Electric Power Tools Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Electric Power Tools Market followed by the Asia-Pacific and Europe regions.

North America Global Electric Power Tools Market

North America holds a dominant position in the Electric Power Tools Market. 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. Ongoing infrastructure projects and residential renovations contribute to consistent demand and technological adoption is high, with a strong preference for advanced cordless tools.

Asia-Pacific Global Electric Power Tools Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Electric Power Tools Market industry. 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. The expanding construction and manufacturing sectors are fueling demand and increasing disposable incomes and a growing DIY culture are also contributing to market growth.

Competitive Landscape

The global Electric Power Tools Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• 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.
• Atlas Copco AB.

Scope of the Report

Global Electric Power Tools Market, by Product Type

• Corded
• Cordless

Global Electric Power Tools Market, by Tool Type

• Drilling & Fastening Tools
• Demolition Tools
• Sawing & Cutting Tools
• Material Removing Tools

Global Electric Power Tools Market, by Motor Type

• Brushed
• Brushless

Global Electric Power Tools Market, by Application

• Industrial
• DIY

Global Electric Power Tools Market, by End User

• Construction
• Automotive
• Aerospace
• Others

Global Electric Power Tools Market, by Region

• North America
  • US
  • Canada
  • Mexico

• Europe

• UK
• Germany
• France
• Italy
• Spain
• Benelux
• Nordic
• Rest of Europe

• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific

• South America

• Brazil
• Argentina
• Rest of South America

• Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2034: USD 51.23 Billion
CAGR (2024-2034)	3.14%
Base year	2022
Forecast Period	2024-2034
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Product Type, Tool Type, Motor Type, Application, End User.
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	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.
Key Market Opportunities	·       Increasing Demand for Smart & IoT-Enabled Power Tools ·       Rise in DIY & Home Improvement Culture
Key Market Drivers	·       Growth in Industrial & Manufacturing Sectors ·       Advancements in Cordless & Battery Technology

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Electric Power Tools Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Electric Power Tools Market historical market size for the year 2021, and forecast from 2023 to 2033
• Electric Power Tools Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Electric Power Tools Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

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