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Electric Power Tools Market Size

Report ID: GMI5579
Published Date: Apr 2024
Report Format: PDF

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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.

Electric Power Tools Market Report Attributes
Report Attribute	Details
Base Year:	2023
Electric Power Tools Market Size in 2023:	USD 46.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.1%
2032 Value Projection:	USD 66.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	487
Tables, Charts & Figures:	428
Segments covered:	Product, Type, Application, Region
Growth Drivers:	Growing construction and infrastructure development Expanding DIY (Do-It-Yourself) market Advancements in battery technology Demand for high-performance and specialty tools
Pitfalls & Challenges:	Technological disruption Supply chain disruptions

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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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of electric power tools market was reached USD 46.4 billion in 2023 and is expected to register 4.1% CAGR from 2024 to 2032, owing to the rapid urbanization and infrastructure improvement initiatives which includes production activities worldwide.

Electric power tools industry from the drills and fastening tools segment recorded USD 17 billion in 2023 due to its rising usage in ongoing creation initiatives, renovations, and infrastructure development sports activities, requiring drilling, screwing, and fastening operations.

North America electric power tools industry is expected to reach USD 15 billion by 2032 due to continued investments in business and home construction, infrastructure upgrades, and urban development tasks in the region.

Hitachi Koki Co., Ltd., Makita Corporation, Milwaukee Electric Tool Corporation, Panasonic Corporation, Robert Bosch GmbH, Ryobi Limited, Snap-on Incorporated, Stanley Black & Decker, Inc., and Techtronic Industries Co. Ltd., are some of the major electric power tools companies worldwide.