Electric Power Tools Market Expected to Reach $124.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Power Tools Market," The electric power tools market size was valued at $70.2 billion in 2021, and is estimated to reach $124.4 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031. Surge in adoption of electric power tools in the construction industry is one of the major factor driving the growth of the global market.

In addition, growth in popularity of cordless power tools and integration of brushless motors in electrically powered tools drive the growth of the market. However, high initial costs of the electric power tools in comparison with the pneumatic power tools are expected to hamper the electric power tools market growth to a certain extent.

The power tools find its applications for the construction applications; hence, the introduction of electric power tools has benefitted the construction industry, by providing features such as portability, usability in remote locations, and high productivity. Thus, the adoption of electric power tools has grown significantly, which boosts the electric power tools market share.

Moreover, use of brushless motors for the electric power tools has enhanced the productivity of electric power tools to a high extent. Brushless motors eliminate the generation of friction; thereby, providing more power in same input voltage. This ultimately improves the performance of electric power tool. As a result, the introduction of brushless motors in electric power tools has propelled the use of electric power tools for professional heavy-duty operations; thereby, driving the growth of the electric power tools market globally. In addition, the efficiencies are improved considerably, in terms of life as well as power outputs, owing to constant technological advancements.

This is a major advantage of the use of cordless power tools in remote areas where constant power supply may not be available. In addition, the cordless power tools offer built-in batteries that eliminate the need of carrying extra baggage of compressed air or fuel tanks when compared to pneumatic and fuel powered tools. Hence, growth in popularity of cordless power tools drives the electric power tools market.

On the contrary, high initial prices of electric power tools are likely to restrain the market growth. The brushless motors and high capacity batteries surge the manufacturing costs of the overall electric power tools; thereby, hampering the electric power tools industry growth.

The electric power tools market is segmented on the basis of, tool, motor type, application and region. By tool, the market is divided into drills, impact wrenches, hammers, saws, lawn mowers, vacuum cleaners and others. By motor type, the market is divided into brushed and brushless. By application, the market is divided into industrial and DIY. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

The major players profiled in the electric power tools market overview include Apex Tool Group, Atlas Copco AB, C&E Fein GmbH, 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. Major companies in the market have adopted product launch, business expansion, agreement and acquisition as their key developmental strategies to offer better products and services to customers in the market.

KEY FINDINGS of THE STUDY

• The report provides an extensive analysis of the current and emerging global electric power tools market trends and dynamics. 
• By tool, the lawn mowers segment was the largest revenue generator in 2021.
• By motor type, the brushless segment generated the highest revenue in 2021.
• By application, the industrial segment generated the highest revenue in 2021.
• Region wise, North America is anticipated to dominate the global electric power tools market throughout the study period.
• The report provides an extensive electric power tools market anlaysis. 
• The global electric power tools market forecast analysis from 2022 to 2031 is included in the report.