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Electric Power Tools Market by Product (Drills and Fastening Tools, Hammers, Saws, Lawn Mowers, Vacuum cleaners, Others), by Type (Corded, Cordless), by Application (Industrial, DIY), by North America (U.S., Canada), by Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), by Asia Pacific (China, India, Japan, South Korea, Australia, Rest of Asia Pacific), by Latin America (Brazil, Mexico, Rest of Latin America), by MEA (UAE, Saudi Arabia, South Africa, Rest of MEA) Forecast 2025-2033
The size of the Electric Power Tools Market was valued at USD 46.4 Billion in 2024 and is projected to reach USD 61.47 Billion by 2033, with an expected CAGR of 4.1% during the forecast period. The electric power tools market is growing very robustly due to several factors. Demand for cordless tools is rising, and technology in batteries is improving. Do-it-yourself projects are also gaining popularity. Electric power tools are becoming more widely accepted because they offer many benefits, such as quieter operation, less maintenance, and greater safety. The demand in the market is also augmented by government programs supporting energy efficient products and expanding environmental awareness. Besides, developments of brushless motors and more smart integration for tools enhance further its performance efficiency.
The Electric Power Tools Market is characterized by a moderate level of concentration, with leading players holding a significant market share. The industry is characterized by innovation, with companies investing in research and development to introduce new technologies and features. Regulations play a significant role in shaping the market, with environmental standards and safety requirements affecting product design and manufacturing practices. The market also faces competition from product substitutes, such as manual tools and pneumatic tools. The end-user base is diverse, ranging from industrial and professional users to DIY enthusiasts. The level of mergers and acquisitions is relatively high, as companies seek to expand their product portfolio and market presence.
Increasing Demand for Cordless Tools: Cordless electric power tools are gaining popularity due to their convenience and portability. Advancements in battery technology have extended the runtime and power of cordless tools, making them suitable for a wider range of applications.
Smart and Connected Features: Electric power tools are becoming increasingly smart and connected, offering features such as Bluetooth and Wi-Fi connectivity. These features allow users to monitor tool performance, receive notifications, and customize settings.
Expansion into New Applications: Electric power tools are finding applications in new areas, such as automotive repair, landscaping, and construction. The development of specialized tools for these industries is driving growth.
North America: North America is the largest market for electric power tools, driven by the presence of major manufacturers and a high demand for cordless tools.
Industrial Segment: The industrial segment is expected to dominate the market, as electric power tools are used extensively in construction, automotive, and manufacturing applications.
Drills and Fastening Tools: Drills and fastening tools are the largest segment within the Electric Power Tools Market, accounting for a significant share of revenue.
The Electric Power Tools Market is estimated to be valued at USD 46.4 billion in 2023 and is projected to reach USD 63.2 billion by 2029, exhibiting a CAGR of 4.1% during the forecast period.
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 4.1% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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