Electric Power Tools Market Size - By Product (Drills and Fastening Tools, Hammers, Saws, Lawn Mowers, Vacuum cleaners), By Type (Corded, Cordless), By Application (Industrial [Construction, Automotive, Aerospace], DIY), Competitive Landscape & Forecast, 2023 - 2032

Industry Statistics

Electric Power Tools Market size surpassed USD 42 billion in 2022 and is anticipated to exhibit 3.5% CAGR from 2023 to 2032.
 

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Rapid industrialization is expected to foster lucrative demand for electric power tools. Due to extensive urbanization and the growing need for economic development, several nations worldwide are ramping up efforts to boost industrial growth, thus proliferating the demand for necessary tools & equipment. They can effectively handle rigid materials such as concrete and metals without consuming as much energy as handheld tools. Recent advancements in portable and cordless power tools are providing a versatile and flexible system for faster operation, which may further fuel product consumption.

High initial costs associated with the product procurement could restrain electric power tools market growth. Advanced power tools powered by electric sources tend to be more expensive than handheld tools. Outdoor tools require significant investments in modern battery systems. Furthermore, the surging electricity bills and volatile energy prices are adding to the overall operational costs associated with electrically-charged industrial tools. The high pricing model may this limit product demand by 2023.
 

Rising demand for eco-friendly equipment to drive electric lawn mower usage

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The industry valuation from the lawn mowers product segment is estimated to reach over USD 12.5 billion by 2032. Lawn mowers are being used across an array of landscaping applications due to the growing popularity of DIY lawn care. In February 2023, John Deere, an equipment manufacturer, announced the expansion of its product portfolio with the introduction of its new Z370R Electric ZTrak Residential Zero Turn Mower.
 

Stable power output & affordability to boost adoption of corded electric power tools

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The corded electric power tools market is projected to witness 3.5% growth during 2023-2032. The flourishing demand for corded electric power tools can be attributed to the myriad of advantages associated with the tool such as consistent power output. Moreover, these tools do not rely on batteries and can be run for a longer period, making them an ideal fit for heavy-duty applications. Furthermore, corded tools are not as expensive as cordless power tools and offer an extended shelf life, efficiency, and performance. High customer preference for corded power tools can also be credited to their easier maneuverability as compared to handheld tools.
 

Robust construction sector to augment APAC industry development

Asia Pacific electric power tools industry size is estimated to amass USD 20.5 billion by 2032. The region is set to emerge as a major industrial hub offering lucrative business prospects for the manufacturers of electric power tools. Asian countries such as India, and China are experiencing an upsurge in demand for automobiles including passenger cars, two-wheelers, and commercial vehicles.
 

Furthermore, the region is home to an expanding construction sector with massive private investments and infrastructure development initiatives. Devices such as circular saws, hammer drills, and impact wrenches are being used extensively for cutting, sanding, metalworking, welding, and other construction applications, which may, in turn, bolster the regional electric power tools market outlook.
 

Strategic partnerships in industry’s competitive landscape

Some of the leading companies in the global market electric power tools  include Stanely Black & Decker, Bosch, DeWalt, Hitachi, Makita, Milwaukee Tool, Ryobi, SKIL, TTI Group, and Atlas Copco.
 

Recent Market Developments:

• October 2021 - Stanley Black & Decker unveiled the next-generation cordless power tool dubbed DEWALT POWERSTACK 20V MAX Compact Battery.
   
• June 2022 – Schneider Electric announced a collaboration with Hitachi Energy to boost their customers’ sustainability efforts and facilitate decarbonization in the industrial and energy sectors. The companies are leveraging Hitachi’s medium-voltage power tools and Schneider’s high-voltage power tools to present a more comprehensive portfolio .
   

This market research report on electric power tools includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Units and revenue in USD Million from 2018 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

• Polyester
• Cotton
• Nylon
• Wool
• Others

Market, By Waste

• Corded
• Cordless

Market, By Application

• Industrial
  • Construction
  • Automotive
  • Aerospace
  • Others
• DIY

Market, By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Indonesia
  • South Korea
  • Malaysia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • South Africa
  • Saudi Arabia