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Electric Power Tools Market Trends

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

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Electric Power Tools Market Trends

There is an emerging preference for cordless electric power tools over conventional corded models due to their multipurpose conveniences like mobility, versatility, and ability to work without power supply. Advancements in battery technology have led to cordless tools with long functioning times, fast charging, and improved productivity output which makes them increasingly popular among both professionals and do it yourself enthusiasts. The development of lithium-ion batteries, which have a better energy density, longer runtimes, and faster charging, is now trending in battery technology. Thanks to these developments, cordless electric power tools now outperform corded counterparts in terms of performance and provide increased flexibility and mobility on the job site.

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.