The global electric power tools market was valued at US$ 25.8 billion in 2021 and it is anticipated to grow up to US$ 50.3 billion by 2031, at a CAGR of 6.8% during the forecast period.
Electric power tools are used in several industries, including in construction, manufacturing, or material modification activities. The advancements in electric power tools have provided ease and saved operation time. Thus, the multiple functionalities of electric power tools make them suitable for use in various applications, including residential and commercial establishments. Moreover, various power capacities offer electric power tools in both corded and cordless platforms. In the beginning, electric power tools were intended for small-scale jobs, however, the enhanced mechanisms and batteries have enhanced the functionality and penetration of use for large-scale jobs. Further, electric power tools are used for sawing, drilling, planning, grinding, cutting (metal, wood, soft materials, and others), hammering, and compacting operations.
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Market Drivers and Trends
The impact of the 2020 recession has been observed across the global economy and the global engineering and construction (E&C) industry. In 2022, the E&C sector will have a big role in supporting any nation’s growth plan. According to the Infrastructure Investment and Jobs Act (IIJA), with increasing investments across healthcare, public safety, and other public infrastructure are expected to bode well for the E&C firms and are likely to accelerate recovery across the non-residential segment. Furthermore, the residential segment is expected to stay strong and exhibit similar activity as it did in 2021. Further, in India, according to Invest India website, the Indian government continuously focuses on the development of infrastructure and construction services through multiple policies such as open foreign direct investment (FDI) norms, large budget allocation to the infrastructure sector, and the smart cities mission. In FY21, infrastructure activities accounted for a 13% share of the total FDI inflows of US$ 81.7 billion, according to Invest India website. Moreover, according to Invest India website, India aims to become the third largest construction market globally by 2025.
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Global Electric Power Tools Market Segmentation
By Product Type
- Corded Power Tools
- Cordless Power Tools
By End-User Industry
- Construction
- Automotive
- Aerospace
- Others
Major Players in the Global Electric Power Tools Market
The key players studied in the global electric power tools market are Apex Tool Group, LLC (US), Atlas Copco AB (Sweden), Hilti India Pvt. Ltd. (India), Ingersoll Rand Inc. (US), Koki Holdings Co., Ltd. (Japan), Makita Power Tools India Pvt. Ltd. (India), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (US), Snap-on Incorporated (US), and Techtronic Industries Co. Ltd. (Hong Kong).
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