Electric Power Tools Market Size - By Product (Drills and Fastening Tools, Hammers, Saws, Lawn Mowers, Vacuum cleaners, Others), By Type (Corded, Cordless), By Application, Regional Outlook & Forecast, 2024 - 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationElectric Power Tools Market Size - By Product (Drills and Fastening Tools, Hammers, Saws, Lawn Mowers, Vacuum cleaners, Others), By Type (Corded, Cordless), By Application, Regional Outlook & Forecast, 2024 - 2032
Electric Power Tools Market Size
Electric Power Tools Market was valued at USD 46.4 billion in 2023 and is estimated to grow at a CAGR of 4.1% during 2024 to 2032. The manufacturing industry is a major consumer of electric power tools, which drives the demand for equipment like drills, saws, hammers, and fastening tools. Rapid urbanization and infrastructure improvement initiatives which includes production activities worldwide also the demand for electric power tools for responsibilities like drilling, slicing, grinding, and fastening in construction websites, residential projects, and infrastructure improvement initiatives.
To get key market trends
DIY is becoming popular among homeowners and DIY enthusiasts which is driving the demand for power tools for housekeeping, maintenance systems, and other purposes. The growing enthusiastic approach of do-it-yourself (DIY) projects among homeowners fuels demand for electric power tools. Customers in this segment seek affordable, user-friendly tools that enable them to improving their homes, basic repairing and woodworking with ease and efficiency, driving sales of entry-level and mid-range power tools.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Electric Power Tools Market Size in 2023 | USD 46.4 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 4.1% |
| 2032 Value Projection | USD 66.7 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 487 |
| Tables, Charts & Figures | 428 |
| Segments covered | Product, Type, Application, Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Ensuring product quality and safety is necessary factor in the electric power tools market. Manufacturers must stick to adherent quality standards and regulatory requirements to neutralize the risk of product defects, malfunctions, and safety hazards that could harm users and damage brand reputation. The electric power tools industry relies on complicated global supply chains for sourcing components, and manufacturing processes. Disruptions and interventions in the supply chain due to factors such as environmental disasters, geopolitical tensions between countries, trade tariffs, and logistical challenges can impact production capacities, can lead to an increased costs structure, and disrupt product availability.
Electric Power Tools Market Trends
Imagine a world where you could banish those pesky cords and enjoy the freedom of cordless power tools. Well, that world is now a reality! These cordless wonders are taking over because they're like having a superpower for your projects. They give you the freedom to roam around, tackle any angle, and work wherever the job takes you, without being chained to a power outlet. Plus, thanks to the latest battery tech, these cordless tools are no longer wimpy; they pack a punch! The new lithium-ion batteries last way longer, charge faster, and give you all the power you need to get the job done right. So, whether you're a seasoned pro or just someone who loves DIY, you'll want to ditch the cords and embrace the flexibility and efficiency of cordless electric power tools.
Electric Power Tools Market Analysis
Learn more about the key segments shaping this market
Based on product, the drills and fastening tools segment was exceeded USD 17 billion in 2023 and is expected to reach USD 25.7 billion by 2032. Demand for drills and fastening tools is driven by using the usage of ongoing creation initiatives, renovations, and infrastructure development sports activities, requiring drilling, screwing, and fastening operations in residential, business, and industrial settings. Demand for drills and fastening equipment is pushed via ongoing production renovations, infrastructure development on sports, requiring drilling, screwing, and fastening operations in residential, enterprise, and commercial settings.
Learn more about the key segments shaping this market
Based on type, the corded segment held approximately 56% share of the electric power tools market in 2023. Corded electric powered electricity tools offer better output from an electrical outlet, making them appropriate for extended use in commercial, production, and manufacturing settings where uninterrupted power is crucial. Corded equipment often offers better electricity output in comparison to cordless opposite numbers, making them preferred for heavy-obligation packages including drilling, cutting, and grinding tasks that require most torque and overall performance.
Looking for region specific data?
The popularity of electric power tools in North America is soaring, and it's expected to keep growing in the coming years. By the end of 2023, experts predict that the market will be worth over $10.3 billion. And by 2032, that number is projected to jump to a whopping $15 billion. One of the biggest drivers of this growth is the manufacturing industry. Businesses in North America rely heavily on electric power tools, such as drills, saws, and fastening equipment, to keep their production lines running smoothly. These tools are also essential for construction and home improvement projects, which are always in high demand. Another factor contributing to the growth of the electric power tools market is the increasing popularity of DIY projects among homeowners. More and more people are looking for ways to save money and improve their homes themselves. And with the help of electric power tools, they can easily handle tasks that used to require professional help. Whether it's a new construction project, a home renovation, or a DIY weekend warrior, electric power tools are becoming increasingly indispensable in North America. And as the market continues to grow, we can expect to see even more innovative and user-friendly tools on the market in the years to come.
Canada's economy is projected to surge by 5.4% by 2032, fueled by a thriving manufacturing industry that's creating a surge in demand for electric power tools. Our cities and towns are undergoing a transformation. New homes are going up, infrastructure is being improved, and factories are expanding, all of which need the help of reliable power tools. Drills, saws, and sanders are in high demand as businesses seek to increase their efficiency and precision. Electric power tools are essential for Canadian manufacturers, who rely on them for a wide range of tasks, such as metalworking, woodworking, and automotive production. As industries like automotive, aerospace, and machinery manufacturing strive for innovation and efficiency, the demand for these tools continues to rise.
Germany is slated to register at a CAGR of 4.8% up to 2032. Germany is renowned for its robust industrial region, together with automotive manufacturing, equipment, and engineering. Electric power equipment play a crucial position in diverse commercial tactics which includes metalworking, woodworking, assembly, and fabrication. The demand for strength equipment in Germany is driven by way of the need for green and specific production approaches.
Get ready for India's impressive growth of 5.2% per year, leading the way in the region. Our industries are booming, especially in car manufacturing, making airplane parts, and engineering. And guess what powers all this activity? Electric-powered machinery like drills, saws, and assembly lines. As businesses and cities in India expand, the need for electricity-powered tools and gadgets is skyrocketing. Government initiatives like "Make in India" and "Smart Cities Mission" are pushing for growth in manufacturing, urban development, and affordable housing. All this activity creates a huge demand for equipment and machinery that use electricity. So, buckle up as India's industries continue to electrify and drive our economy to new heights!
Electric Power Tools Market Share
Electric power tools industry seem to be fragmented in nature due to presence of local and global players across the globe. In 2023, the market players such as Stanley Black & Decker, Inc., Robert Bosch GmbH, Makita Corporation, Hilti Corporation, Hitachi Koki Co., Ltd., Techtronic Industries Co. Ltd., Milwaukee Electric Tool Corporation, DeWalt collectively held around 30%-40% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.
Electric Power Tools Market Companies
Major players operating in the electric power tools industry are
- Atlas Copco AB
- DeWalt
- Emerson Electric Co.
- Fein Power Tools Inc.
- Festool Group
- Hilti Corporation
- Hitachi Koki Co., Ltd.
- Makita Corporation
- Milwaukee Electric Tool Corporation
- Panasonic Corporation
- Robert Bosch GmbH
- Ryobi Limited
- Snap-on Incorporated
- Stanley Black & Decker, Inc.
- Techtronic Industries Co. Ltd.
Electric Power Tools Market Industry News
- In February 2024, Green work Tools opened two leading-edge facilities in Nevada and Ontario, Canada. These world-class buildings encompass a warehouse, office, and creative studio space, enabling the company to strengthen its operations, provide faster delivery on the West Coast, and offer enhanced customer service.
- In January 2024, EcoTeq launched Mean Green Fury 32, which offers up to seven hours of continuous operation on a single charge. A twin-blade of 32″ cutting width makes this mower an attractive standup option for lawn-care professionals.
- In September 2023, John Deere debuted six new commercial-grade QuikTrak Stand-On Mower models. The Q800 Series models offer compact designs that provide visibility, maneuverability, and ease of operation.
- In April 2023, CRAFTSMAN® brand launched several new electric outdoor products designed to help doers tackle their lawn and garden chores with ease and efficiency. New products ranged from battery-powered mowers to cordless lawn and garden tools providing power and runtime to meet yard care needs. On this date the company entered into the electric mower business.
- On September 7th 2023, The Toro Company (NYSETTC) and Lowe’s Companies, Inc. (NYSELOW) announced a strategic retail partnership through which Lowe’s will carry Toro zero-turn riding mowers, walk mowers, portable power equipment and snow blowers in both the gas and rapidly expanding battery categories.
- In 2023, the SCAG Power Equipment launched EVZ, the first electric-powered unit in SCAG’s industry-leading lawn mower lineup.
This electric power tools market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion)(Million Units) from 2021 to 2032, for the following segments
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Market, By Product
- Drills and Fastening Tools
- Hammers
- Saws
- Lawn Mowers
- Vacuum cleaners
- Others
Market, By Type
- Corded
- Cordless
Market, By Application
- Industrial
- Construction
- Automotive
- Aerospace
- Others
- DIY
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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