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

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

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.

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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.

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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

There is an emerging preference for cordless electric power tools over conventional corded models due to their multipurpose conveniences like mobility, versatility, and ability to work without power supply. Advancements in battery technology have led to cordless tools with long functioning times, fast charging, and improved productivity output which makes them increasingly popular among both professionals and do it yourself enthusiasts. The development of lithium-ion batteries, which have a better energy density, longer runtimes, and faster charging, is now trending in battery technology. Thanks to these developments, cordless electric power tools now outperform corded counterparts in terms of performance and provide increased flexibility and mobility on the job site.

Electric Power Tools Market Analysis

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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.

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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. 

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North America electric power tools market revenue to cross USD 10.3 billion in 2023 and is projected to surpass USD 15 billion by 2032. The manufacturing sector is a huge consumer of electrical electricity gear in North America, driving the demand for tools such as drills, saws, and fastening equipment for diverse production activities, infrastructure improvement projects, and residential creation initiatives throughout the location. Continued investments in business and home construction, infrastructure upgrades, and urban development tasks has gained demand for electric powered tools in North America. Homeowners in North America engage in enhancing ambience of residing spaces and fulfilling renovation needs.

Canada is supposed to grow at a rate of 5.4% through 2032. Canada's growing manufacturing sector is rapidly driving the demand for electric powered power tools. Ongoing infrastructure tasks, residential growth, industrial construction projects, and renovations have contributed to the demand for a huge variety of electricity gear consisting of drills, saws, and sanders. The manufacturing sector in Canada relies on electric powered strength gear for various programs which also includes metalworking, woodworks and automotive production. Demand for power tools is pushed by means of the want for efficient and unique manufacturing tactics in industries which includes car, aerospace, and machinery production.

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.

India is set to grow at a CAGR of 5.2% which is the highest in the region. India's developing industrial activities, such as production of cars, aeronautical parts, and engineering industries, is based on electric powered electricity equipment for various applications which include metalworking, woodworking, assembly, and fabrication. The growth of producing centers and commercial clusters fuels call for energy tools and gadget. Government projects together with "Make in India," "Smart Cities Mission," and "Housing for All" sell domestic production, city development, and less costly housing tasks. These tasks power funding in infrastructure, production, and production sectors, spurring demand for electric power equipment and device.

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