Electric power tools have become a ubiquitous presence in the modern workshop and construction site. With the advent of cordless power tools, these versatile tools have become even more convenient and accessible. The electric power tool market has been growing steadily in recent years, and it is expected to continue to do so in the years to come. In this blog, we will examine the electric power tools market, including its growth, trends, and future prospects.
The global electric power tools market size was valued at $70.2 billion in 2021, and is projected to reach $124.4 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031. An electric power tool is a tool that runs by an additional power source and mechanism other than the solely manual labor used with hand tools. The most common types of electric power tools use electric motors. Internal combustion engines and compressed air are also commonly used.
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Market Overview:
The electric power tools market is expected to grow at a CAGR of over 6% during the forecast period (2021-2026). The market is primarily driven by the growing demand for cordless power tools, as they offer the convenience of portability and ease of use. Additionally, the increasing adoption of electric power tools in the construction and automotive industries is also contributing to the growth of the market.
Cordless power tools are expected to dominate the market during the forecast period, owing to their portability, convenience, and ease of use. These tools are powered by rechargeable batteries, which eliminates the need for cords and outlets, making them ideal for use in remote locations.
The construction industry is the largest end-user of electric power tools, accounting for over 40% of the market share. This is primarily due to the increasing demand for power tools in construction activities, such as drilling, sawing, and fastening. The automotive industry is also expected to be a significant end-user of electric power tools, owing to the increasing adoption of power tools for maintenance and repair activities.
Key Players:
The electric power tools market is highly competitive, with several players operating in the market. Some of the key players in the market include Stanley Black & Decker, Inc., Makita Corporation, Robert Bosch GmbH, Techtronic Industries Co. Ltd., and Hilti Corporation.
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Trends:
The electric power tools market is witnessing several trends, which are expected to shape the market in the years to come. Some of the key trends in the market include:
- Increasing adoption of brushless motors: Brushless motors are gaining popularity in the electric power tools market, owing to their efficiency and durability. These motors offer several advantages over traditional brushed motors, such as higher power output, longer lifespan, and reduced maintenance requirements.
- Growing demand for IoT-enabled power tools: With the increasing adoption of IoT in various industries, the demand for IoT-enabled power tools is also growing. These tools are equipped with sensors and wireless connectivity, which enable them to collect and transmit data to a central system. This data can then be used to monitor the performance of the tools and optimize their use.
- Rising popularity of multi-functional power tools: Multi-functional power tools, which combine several functions into a single tool, are gaining popularity in the market. These tools offer several advantages over traditional single-function tools, such as increased efficiency, reduced cost, and improved versatility.
Future Prospects:
The electric power tools market is expected to continue to grow in the years to come, owing to several factors, such as the increasing adoption of cordless power tools, the growing demand for electric power tools in the construction and automotive industries, and the increasing popularity of brushless motors and multi-functional power tools.
The Asia-Pacific region is expected to be the fastest-growing region in the electric power tools market during the forecast period, owing to the increasing demand for power tools in construction and manufacturing activities in countries such as China and India. Additionally, the growing focus on infrastructure development in the region is also expected to contribute to the growth of the market.
The key players profiled in the electric power tools market overview report 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, partnership, agreement and acquisition as their key developmental strategies to offer better products and services to customers in the market.
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The electric power tools market is a dynamic and rapidly growing market, driven by several factors, such as the increasing adoption of cordless power tools and the growing demand for power tools in the construction and automotive industries. With the increasing popularity of brushless motors