Global Electric Power Tool Market Overview
As per MRFR analysis, the Electric Power Tool Market Size was estimated at 30.03 (USD Billion) in 2022. The Electric Power Tool Industry is expected to grow from 31.75(USD Billion) in 2023 to 52.47 (USD Billion) by 2032. The Electric Power Tool Market CAGR (growth rate) is expected to be around 5.74% during the forecast period (2024 - 2032).
Key Electric Power Tool Market Trends Highlighted
The Electric Power Tool Market is witnessing a surge in demand driven by rapid urbanization, infrastructure development, and increasing DIY projects among homeowners. The growing adoption of cordless and brushless technologies is revolutionizing the industry, enabling portability and efficiency. Furthermore, the integration of advanced features such as tool tracking, data analytics, and remote monitoring is enhancing productivity and reducing downtime.
The market also presents opportunities for companies to explore sustainable solutions and cater to the growing eco-consciousness among consumers. Partnerships with construction companies and rental services offer avenues for growth, while the rise of e-commerce platforms is facilitating easy access to tools. Trends in recent times include the increasing popularity of multi-tool systems, the rise of autonomous and robotic power tools, and the growing use of AI in tool design and manufacturing. By understanding these key trends and drivers, companies can position themselves for success in this dynamic market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Tool Market Drivers
Rising Demand for Cordless Power Tools
One of the most substantial drivers contributing to the growth of the Electric Power Tool Market Industry is the accelerating demand for cordless tools. To be more specific, the increased usage of cordless tools can be explained by the range of benefits that they provide in comparison to corded variants. First and foremost, cordless tools are more portable and more convenient to transport due to having no cords controlling the power source. The built-in battery makes cordless tools more convenient and easier to use and poses fewer safety risks.
As such, cordless power tools are widely used in professional settings, as well as in varying DIY applications. The growing popularity of such tools among DIYers and contractors alike is anticipated to remain one of the drivers of the growing demand for cordless tools in the Electric Power Tool Market Industry. Other factors driving the demand for cordless tools include the increased popularity of DIY projects that enable people to implement home improvement repairs and renovations, ensuring a more convenient and efficient process with the help of cordless tools.
Similarly, the increased number of professional contractors using the latter tools also serves as one of the reasons because cordless tools provide them with the same power, performance, and functionality as corded tools. Finally, the growing number of new and innovative cordless tools, with their increased power and better battery life and durability, serves as one of the factors driving the demand.
Growing Construction Industry
The growing construction industry is another major driver of growth in the Electric Power Tool Market Industry. The construction industry is a major user of power tools, and the growth of the construction industry is expected to lead to increased demand for power tools. Some of the factors driving the growth of the construction industry include: The increasing population growth: The world's population is growing, and this is leading to increased demand for new housing and other buildings.
The growing urbanization: More and more people are moving to cities, and this is leading to increased demand for new urban infrastructure. The increasing investment in infrastructure: Governments are investing in infrastructure projects, such as roads, bridges, and airports. The growing construction industry is expected to continue to drive growth in the Electric Power Tool Market Industry in the coming years.
Technological Advancements
Besides innovation, technological advancements are also driving growth in the Electric Power Tool Market Industry. Manufacturers are kept busy wrestling with one another to come up with newer and intrusive technologies that make power tools even more powerful, efficient and durable in the wake of such developments. Some of the recent technological developments that are driving growth in the power tool industry include the Development of brushless motors: Brushless motors are more efficient and durable than traditional brushed motors.
As such, they are being increasingly used as power tools. Development of new battery technologies: New battery technologies are not only making power tools more powerful, but they are also helping enhance the lifespan of the tools. Development of new tool designs: General manufacturers are also coming up with newer tools that are not only easy to use and operate but also possess as much ergonomics as possible in their design features. The use of technological advancements is expected to pave the way for sustained growth in the Electric Power Tool Market Industry in the years to come.
Electric Power Tool Market Segment Insights
Electric Power Tool Market Tool Type Insights
The Electric Power Tool Market segmentation by Tool Type into Drills, Saws, Sanders, Wrenches, and Impact Drivers provides valuable insights into the market dynamics. In 2023, the Drills segment held the largest revenue share, accounting for approximately 37.5% of the overall market. This dominance can be attributed to the high demand for drills in various industrial, construction, and DIY applications. The Saws segment is projected to exhibit a significant growth rate during the forecast period, owing to the increasing adoption of cordless saws for outdoor cutting and trimming tasks.
Sanders, on the other hand, is expected to witness a steady growth rate, driven by their versatility in sanding, polishing, and finishing applications. Wrenches, including both manual and electric models, are anticipated to maintain a substantial market share, catering to the need for tightening and loosening bolts and nuts. Impact Drivers, known for their high torque and efficiency, are projected to gain traction in the market, particularly in automotive repair and assembly operations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Tool Market Power Source Insights
The Electric Power Tool Market is segmented by Power Source into Corded Electric, Cordless Electric, and Pneumatic. Among these, the Cordless Electric segment is projected to witness the highest growth over the forecast period (2024-2032). The Electric Power Tool Market revenue for the Cordless Electric segment is expected to reach USD 20.87 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period. The growth of this segment can be attributed to the increasing demand for portable and cordless power tools due to their convenience and ease of use.
In 2023, the Corded Electric segment held the largest market share of 55.4%. Corded Electric power tools are preferred by professional users and DIY enthusiasts due to their higher power output and longer runtime. However, the market share of this segment is expected to decline over the forecast period as cordless power tools become more powerful and efficient. Pneumatic power tools are expected to account for a relatively small market share over the forecast period. These tools are powered by compressed air and are primarily used in industrial applications where high power output and durability are required.
Electric Power Tool Market Battery Type (applicable to Cordless Electric tools) Insights
The Battery Type segment is a crucial aspect of the Electric Power Tool Market segmentation, influencing market growth and industry dynamics. Lithium-ion batteries dominate the market with a significant market share, attributed to their superior energy density, longer lifespan, and faster charging capabilities. As of 2023, Lithium-Ion batteries accounted for approximately 65% of the Electric Power Tool Market revenue. The market for Nickel-Cadmium batteries is gradually declining due to environmental concerns and the availability of more efficient alternatives.
Nickel-metal hydride batteries hold a small but stable market share, offering a balance between cost and performance. The Electric Power Tool Market data indicates that the demand for cordless electric tools with advanced battery technology is expected to drive the growth of the Battery Type segment in the coming years.
Electric Power Tool Market End-Use Sector Insights
The Electric Power Tool Market segmentation by End-Use Sector offers crucial insights into the market dynamics. The construction sector is projected to dominate the market with a significant revenue share, driven by the increasing demand for electric power tools in residential and commercial construction projects. The manufacturing sector is another key end-use sector, where electric power tools are used in production lines and assembly processes. The home improvement sector is witnessing steady growth as consumers opt for DIY projects and renovations using electric power tools.
The automotive repair sector is also a growing segment, as electric power tools are essential for vehicle maintenance and repairs. Overall, the segmentation by End-Use Sector provides a comprehensive understanding of the market dynamics and the potential growth opportunities for electric power tool manufacturers.
Electric Power Tool Market Professional vs DIY/Consumer Use Insights
The Professional vs DIY/Consumer Use segment is a crucial division within the Electric Power Tool Market. Professional-grade tools are designed to withstand the demands of heavy-duty applications and are typically used by contractors, construction workers, and other professionals. DIY/consumer-grade tools, on the other hand, are designed for occasional use by homeowners and hobbyists. In 2023, the professional-grade tools segment held the larger market share, accounting for over 60% of the Electric Power Tool Market revenue. This dominance is attributed to the increasing demand for high-performance and durable tools in the construction and industrial sectors.
The DIY/consumer-grade tools segment is expected to experience steady growth in the coming years, driven by the rising popularity of home improvement projects and the growing adoption of power tools for personal use. Market data suggests that the DIY/consumer-grade tools segment is projected to reach a valuation of USD 15.24 billion by 2024, representing a CAGR of 5.2%. The growth of this segment is expected to be supported by the increasing availability of affordable and user-friendly power tools, as well as the growing trend of do-it-yourself home repairs and renovations.
Electric Power Tool Market Regional Insights
The Electric Power Tool Market is segmented by region into North America, Europe, APAC, South America, and MEA. North America is the largest regional market for electric power tools, accounting for 35.6% of the global market in 2023. The region's strong construction and automotive industries are major drivers of growth for the electric power tool market. Europe is the second-largest regional market, with a share of 28.4% in 2023. The region's mature construction industry and growing demand for cordless power tools are contributing to market growth.
APAC is the third-largest regional market, with a share of 22.3% in 2023. The region's rapidly developing construction industry and increasing urbanization are driving demand for electric power tools. South America and MEA are smaller regional markets, but they are expected to experience strong growth over the forecast period. The Electric Power Tool Market is expected to reach USD 42.23 billion by 2032, growing at a CAGR of 5.2% from 2024 to 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Tool Market Key Players And Competitive Insights:
Major players in the Electric Power Tool Market industry are continuously developing and launching innovative products in order to stay ahead of the competition. Leading Electric Power Tool Market players are leveraging strategic partnerships with other players in the ecosystem to expand their product portfolio and reach new markets. The Electric Power Tool Market's competitive landscape is expected to remain competitive with the entry of new players and the expansion of existing players in the market. Companies are focusing on research and development to introduce new and advanced products, which is expected to fuel the Electric Power Tool Market development.
Makita Corporation, headquartered in Japan, is a leading Electric Power Tool Market player with a global presence. The company offers a wide range of electric power tools, including cordless power tools, corded power tools, and outdoor power tools. Makita Corporation has a strong distribution network across the globe, which allows it to reach a large customer base. The company has been investing in research and development to develop new and innovative products, which has helped it maintain its position as one of the leading players in the Electric Power Tool Market.
Bosch, headquartered in Germany, is another major player in the Electric Power Tool Market. The company offers a comprehensive range of electric power tools, including cordless power tools, corded power tools, and pneumatic power tools. Bosch has a strong presence in both developed and emerging markets, and it operates through a network of subsidiaries and distributors. The company has been focusing on expanding its product portfolio and investing in research and development to maintain its competitive position.
Key Companies in the Electric Power Tool Market Include:
- 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
- Stanley Black Decker, Inc.
- Festool GmbH
- Snapon Incorporated
- Hitachi Koki Co., Ltd.
Electric Power Tool Industry Developments
The Electric Power Tool market is projected to reach USD 52.47 billion by 2032, exhibiting a CAGR of 5.74% during the forecast period. Rising demand for cordless power tools, increasing adoption of advanced technologies, and growing construction activities are driving market expansion. Furthermore, the increasing popularity of DIY projects and home renovations is contributing to the demand for electric power tools. Major players in the market include Bosch, Makita, Stanley Black Decker, and Techtronic Industries.
Recent developments include the launch of new products with enhanced features, such as brushless motors and extended battery life. Additionally, the growing adoption of robotics and automation in manufacturing is expected to create opportunities for the electric power tool market in the coming years.
Electric Power Tool Market Segmentation Insights
Electric Power Tool Market Tool Type Outlook
- Drills
- Saws
- Sanders
- Wrenches
- Impact Drivers
Electric Power Tool Market Power Source Outlook
- Corded Electric
- Cordless Electric
- Pneumatic
Electric Power Tool Market Battery Type (applicable to Cordless Electric tools) Outlook
- Lithium-Ion
- Nickel-Cadmium
- Nickel-Metal Hydride
Electric Power Tool Market End-Use Sector Outlook
- Construction
- Manufacturing
- Home Improvement
- Automotive Repair
Electric Power Tool Market Professional vs DIY/Consumer Use Outlook
- Professional-Grade Tools
- DIY/Consumer-Grade Tools
Electric Power Tool Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
30.03(USD Billion) |
| Market Size 2023 |
31.75(USD Billion) |
| Market Size 2032 |
52.47(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.74% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
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, Stanley Black Decker, Inc., Festool GmbH, Snapon Incorporated, Hitachi Koki Co., Ltd. |
| Segments Covered |
Tool Type, Power Source, Battery Type (applicable to Cordless Electric tools), End-Use Sector, Professional vs DIY/Consumer Use, Regional |
| Key Market Opportunities |
Cordless technology growing construction industry home improvement trend, advanced technology adoption e-commerce platforms. |
| Key Market Dynamics |
Expanding professional segment Growing DIY applications Technological advancements Increased e-commerce sales Environmental regulations. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Electric Power Tool Market is expected to reach a valuation of 31.75 Billion USD in 2023.
The Electric Power Tool Market is projected to grow at a CAGR of 5.74% from 2024 to 2032.
The Electric Power Tool Market is expected to reach a valuation of 52.47 Billion USD in 2032.
North America is expected to hold the largest market share in the Electric Power Tool Market in 2023.
Electric power tools are used in a wide range of applications, including construction, manufacturing, automotive repair, and home improvement.
Some of the key competitors in the Electric Power Tool Market include Bosch, Makita, Hilti, and Stanley Black Decker.
The growth of the Electric Power Tool Market is being driven by factors such as the increasing demand for cordless power tools, the growing construction industry, and the rising popularity of DIY projects.
Some of the challenges facing the Electric Power Tool Market include the rising cost of raw materials, the increasing competition from low-cost manufacturers, and the fluctuating exchange rates.
Some of the latest trends in the Electric Power Tool Market include the increasing adoption of brushless motors, the growing popularity of cordless power tools, and the rising demand for power tools with advanced features.
The outlook for the Electric Power Tool Market is positive, with the market expected to continue to grow in the coming years.
