the global electric power tools industry is expected to witness a significant growth from factors such as increase in adoption of electric power tools in the construction industry, integration of brushless motors in electric power tools, and growth in popularity of cordless power tools. However, high initial cost of the electric power tools is anticipated to restrain growth of the market. Moreover, the technological innovation in the electric power tools, are anticipated to provide lucrative opportunities for growth of the electric power tools market
The global electric power tools market is expected to generate revenue worth $24.1 billion in 2020 and is projected to reach $49.2 billion by 2030, registering a CAGR of 6.8% during the forecast period.
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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. Thus, the adoption of electric power tools has grown significantly; thereby, boosting the growth of the electric power tools market. Moreover, integration of brushless motors in the electric power tools has enhanced the productivities of the 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 the electric power tool. As a result, the introduction of brushless motors in electric power tools is propelling the use of electric power tools for professional heavy-duty operations; thereby, driving the electric power tools market growth globally. In addition, the battery efficiencies are improved considerably, in terms of battery life as well as power outputs, owing to the constant technological advancements.
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This is a major advantage for 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 market growth.
On the contrary, the high initial prices of electric power tools is 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 market growth.
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. Thus, the adoption of electric power tools has grown significantly; thereby, boosting the growth of the electric power tools market. Moreover, integration of brushless motors in the electric power tools has enhanced the productivities of the 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 the electric power tool. As a result, the introduction of brushless motors in electric power tools is propelling the use of electric power tools for professional heavy-duty operations; thereby, driving the electric power tools market growth globally. In addition, the battery efficiencies are improved considerably, in terms of battery life as well as power outputs, owing to the constant technological advancements.
Market players-
Apex Tool Group, Atlas Copco AB, 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.
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