Electric Power Tools Market: Electric Power Tools Have Revolutionized the Construction, Automotive, and Other Industries

Electric Power Tools Market was valued at USD 31.87 Billion in 2023, and is expected to reach USD 56.42 Billion by 2030, exhibiting a CAGR of 8.5% during the forecast period (2024-2030)

Electric power tools have revolutionized the construction, automotive, and other industries, by saving the time and effort required for simple operations including screw driving to complicated operations such as sawing and breaking. The constant upgradations in these electric power tools also assist in boosting their demand. In addition, the ease of use provided by electric power tools has made them popular even for non-professional users mainly in household operations. The small sizes and easy availability of power tools promote their adoption even in normal day-to-day applications such as drilling, cutting, and others, which drives the electric power tools market growth.

In 2023, North America dominated the global electric power tools market in terms of revenue, followed by Europe. The key factors that drive the growth of the global electric power tools market include increased adoption of electric power tools in the construction industry, integration of brushless motors in electrically powered tools, and growth in popularity of cordless power tools. However, high initial costs of the electric power tools as compared to pneumatic power tools is expected to restraint the electric power tools market growth to a certain extent.

The construction industry is one of the major consumers of power tools. Hence, the introduction of electric power tools has benefitted the construction industry, by providing features such as portability, usability in remote locations, and high productivities. The major players in the global electric power tools industry, such as Apex Group, Atlas Copco, Hilti Corporation, Ingersoll Rand Inc., Koki Holding, Co., Ltd., Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc., Snap-on Incorporated, and Techtronic Industries Co., Ltd., are focusing on product developments and product launches to strengthen their electric power tools product portfolios in the global electric power tools market.To know about the Research Methodology :- Request Free Sample Report
Electric Power Tools Market Competitive Landscape
Stanley Black & Decker, Techtronic Industries, Robert Bosch, Hilti Corporation, Makita Corporation, Hikoki and Koki Holding, Co., Ltd. are the major players in the electric power tools market. Stanley Black & Decker is a leading player in the electric power tools market. It offers a diversified range of corded and cordless power tools for residential and industrial applications. It has a well-balanced product portfolio for electric power tools, comprising various brands, including, BOSTITCH, Black+Decker, Craftsman, Porter Cable, and DeWALT. Moreover, Techtronic Industries (TTI) has an extensive product portfolio related to the electric power tools market. TTI is continuously developing by being on the technology forefront with a cordless product portfolio.

Robert Bosch has an assorted product portfolio, including cordless and corded power tools. It heavily invests in R&D to offer innovative power tools in the market, especially in the fields of battery, networking, and sensor technology of power tools. It also has a strong geographic footprint with, sales offices, manufacturing plants, and distributors. Hilti Corporation has been continuously focusing on developing new cordless products to sustain the market demand for easy-to-use power tools for professionals as well as non-professional users. It has 11 manufacturing facilities located at different countries globally.Technological Innovations of Electric Power Tools

The penetration of automation technologies has made it possible to track the tool productivities from remote platforms such as mobile application platforms, computer software, and others. The automation technologies include inventory management solutions to conserve time and monetary expenses caused by mismanagement of tools and tool operations. The major tool manufacturers have already adopted these technologies to improve the tool performances. For example, the company, Robert Bosch GmbH based in Germany, offers BOSCH ToolBox App for its Bosch Power Tools. The app offers features such as project documentation, conversion tools, tracking of Bosch tools, service locators, and others.

Increase in Adoption of Electric Power Tools in the Construction Industry

The recent technological advancements have improved the productivities of electric power tools for heavy duty operations conducted during construction processes. The electric power tools aid in reducing manual labor by assisting in labor-oriented operations, which increases their popularity in the construction industry. In addition, the diverse products available in the electric power tools portfolio such as power drills, hammers, sanders, and others increase the dependency on these tools, as they are portable, light weight, and powerful to complete the tasks in less time.

The major manufacturers have developed specified products targeted for various construction activities. The electric tool manufacturers have also developed their products with technologies such as anti-vibration and dust control systems to assist in reducing hazards to the operators and provide ease during working. Such developments are propelling the adoption of electric power tools in the construction industry and, ultimately, driving the electric power tools market globally.

Integration of Brushless Motors in Electric Power Tools

The major players in the electric power tools industry have upgraded their tools with brushless DC technologies and have vastly recognized its benefits in electric power tools for long-term uses. For example, DeWALT, a brand of Stanley Black & Decker based in the U.S., has developed the 20V MAX* XR Lithium Ion Brushless Cordless Compact Hammer Drill, which features a 20V Lithium ion battery. DeWALT has specified that the brushless motor delivers up to 57% more runtime when compared to a brushed motor.

In addition, the Li-Ion batteries provide up to 60% increased autonomy, thanks to integration of brushless DC motor. Such elevations in the productivities due to adoption of brushless DC motors in electrically powered tools make them suitable for professional and industrial applications. Thereby, the integration of brushless motors in electric power tools fuels the demand for more productive and efficient tools; thereby, driving the growth of the electric power tools market globally.High Initial Costs of the Electric Power Tools

Although the electric power tools provide more productivity and efficient operations, the technologies employed during manufacturing lead to bolster in their initial prices. The pneumatic power tools have been in the market for a long time, and have gained popularity in terms of their performance as well as lower prices. For example, a DeWALT 20V Cordless 1/2-inch Impact Wrench Kit along with a battery socket kit costs around USD219.0 on online retail platforms. However, a DeWALT ½-inch Impact Wrench for heavy duty operations costs only USD140.0 on the same platform. This clearly shows the price difference between pneumatic tool and electric tool, which restraints the adoption of electric power tools; thereby, restraining its market growth.
Electric Power Tools Market Segment Analysis
Based on product type, the global electric power tools market is segmented into corded and cordless. The cordless segment is the largest in terms of revenue generated in 2023, and it is expected to register a CAGR of 8.9% during the forecast period. 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. The lithium ion battery packs produced for these cordless power tools have revolutionized the power tool quality, operating life, productivity, and efficiency.

Based on end user industry, the global electric power tools market is segmented into construction, automotive, aerospace, energy, and others. The construction segment registered the highest revenue share in 2023, registering a CAGR of 9.4% during the forecast period. 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.
Electric Power Tools Market Regional Insights
Based on region, the global electric power tools market is analyzed across North America, Europe, Asia Pacific, South America and Middle East and Africa. North America accounted for the highest market share in the global electric power tools market in 2023 and is expected to maintain its dominance during the forecast period. Asia-Pacific region is expected to emerge as a lucrative area with maximum growth potential.

The major electric power tools manufacturers are focused on the North American market, mainly due to the high adoption rates. The U.S. is a major manufacturing hub of electric power tools for many major companies such as Stanley Black & Decker, Techtronic Industries Co., Ltd., and others. Stanley Black & Decker manufactures most of its tools through its production locations in various states of the U.S. Moreover, Robert Bosch GmbH based in Germany through its consumer goods segment, consisting of power tools and home appliances, in North America, aims to provide an extensive range of electric power tools for non-professional operations.

Electric power tools are primarily used in the construction and industrial segments in the Europe. The implementation of electric power tools in production and assembly processes assist in saving time as well as providing higher efficiencies at the same time. The major countries in the region such as Germany, the UK, France, and others are major developmental hubs for automotive, aerospace, and defense industries, which further creates demand for electric power tools in these countries.

In addition, the major players such as Robert Bosch GmbH, Hilti Corporation, AEG Powertools (now a part of Techtronic Industries Co., Ltd.), and Panasonic Electric Works Europe AG are headquartered in Europe, thereby, having a strong foothold in the region. Such factors positively affect the growth of the electric power tools market in Europe.
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Electric Power Tools Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 31.87 Bn.


Forecast Period 2024 to 2030 CAGR:
8.5%
Market Size in 2030:
US $ 56.42 Bn.


 Segments Covered:
by Product Type
Corded
Cordless


by End User Industry
Construction
Automotive
Aerospace
Others


by Tool Type
Drilling & Fastening Tools
Demolition Tools
Sawing & Cutting Tools
Material Removing Tools


by Motor Type
Brushed
Brushless


by Application
Industrial
DIY



Electric Power Tools Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
 South America (Brazil, Argentina Rest of South America)
Electric Power Tools Market, Key Players are
1. Apex Tool Group
2. Atlas Copco AB
3. Hilti Corporation
4. Bostitch
5. Ingersoll Rand Inc.
6. Koki Holding, Co., Ltd.
7. Irwin
8. Lenox
9. Makita Corporation
10. Robert Bosch GmbH
11. DeWalt
12. Craftsman
13. Stanley Black & Decker, Inc.
14. Snap-on Incorporated
15. Vidmar
16. Techtronic Industries Co., Ltd.
17. Emerson Electric Co.
18. Hitachi Koki Holdings Co., Ltd.
19. Enerpac Tool Group
20. Mac Tools

Frequently Asked Questions:

1] What is the growth rate of the Global Electric Power Tools Market?
Ans. The Global Electric Power Tools Market is growing at a significant rate of 8.5% during the forecast period.

2] Which region is expected to have the highest growth rate in the Global Electric Power Tools Market?
Ans. The North America region is expected to hold the highest growth rate in the Electric Power Tools Market during the forecast period.

3] What is the market size of the Global Electric Power Tools Market by 2030?
Ans. The market size of the Electric Power Tools Market by 2030 is expected to reach USD 56.42 Bn.

4] What are the major key players of the Global Electric Power Tools Market?
Ans. The major key players of the Global Electric Power Tools Market are Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll Rand Inc., Koki Holding, Co., Ltd., Makita Corporation, and Robert Bosch GmbH.

5] What factors are driving the growth of the Global Electric Power Tools Market in 2023?
Ans. Increase adoption of electric power tools in construction industry and growth in popularity of cordless power tools are the major factors expected to drive the Global Electric Power Tools Market during the forecast period.