Electric Power Tools Market at a CAGR of 6.8% during 2021-2031 | Apex Tool Group, LLC , Atlas Copco AB , Hilti India Pvt. Ltd. , Ingersoll Rand Inc

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.

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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.

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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Also, the global E&C sector has increased its investments in modern technologies, including modern tools & equipment and digitalization. These technologies will help the E&C sector in faster growth. Thus, the rapid expansion of the construction sector is a major factor driving the growth of the electric power tools market because key market players are manufacturing cord and cordless power tools that allow construction workers to use them.

Market Restraints and Challenges

Electric power tools, including assembly tools, are precision instruments requiring regular maintenance of their moving parts. Also, electric power tools need to be recalibrated at regular intervals for precise operations. Motors, power cords, batteries, carbon brushes, drive belts, and bearings wear out and fail over time when continuously used. In addition to the aforementioned electric power tool components, other components, including drill bits, power switches, and accessories, require high maintenance for proper functioning as these tools are frequently used in multiple industries. Thus, the need for regular repair and replacement of electric power tool parts costs higher for the user, which might act as a restraining factor for the electric power tools market.

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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COVID-19 Impact

In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, manufacturing and construction industries were severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of electric power tools worldwide. Thus, the COVID-19 pandemic had negatively affected the global electric power tools market in 2020.

However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of electric power tools. Further, in 2022, electric power tools will have a higher global demand due to the continued progress in the construction sector.

Global Electric Power Tools Market Segmentation

By Product Type

Corded Power Tools
Cordless Power Tools

By End-User Industry

Construction
Automotive
Aerospace
Others

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