Press release
Growth Trajectory of the Global Electric Power Tools Market: Empowering Progress 2032
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The market's expansion is propelled by the small size and easy availability of electric power tools, making them an integral part of daily lives. Additionally, the increasing adoption of cordless tools is further fueling market growth.
Drivers, Restraints, and Opportunities: The market's growth is driven by factors such as the small size and easy availability of power tools in daily life, their surge in implementation in the construction industry, and the rising prominence of cordless tools. However, challenges such as the high initial investment in high-capacity batteries and brushless motors hinder market growth. On a positive note, opportunities arise from advancements in automation technologies.
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Covid-19 Scenario: The Covid-19 pandemic posed challenges with disruptions in manufacturing activities due to lockdowns in several countries. The construction sector witnessed a significant decline in demand due to halts in commercial and residential construction activities. Associations in the electrical equipment sector, including the National Electrical Manufacturers Association (NEMA), released guidelines for cleaning and disinfecting tools to maintain safety protocols.
Key Market Segments:
1. Cordless Segment:
Maintained its leadership status in 2019, contributing over two-thirds of the global electric power tools market.
Expected to continue its dominance, with a projected CAGR of 8.9% from 2020 to 2027.
Advancements in battery technologies enhance the productivity of cordless tools.
2. Construction Segment:
Held more than one-third of the market in 2019, expected to maintain dominance with the highest CAGR of 9.4% from 2020 to 2027.
Attributes include convenience, ease of functioning, and improved efficiency in various tasks.
3. Regional Contributions:
North America led with over one-third of the market share in 2019, expected to maintain its highest contribution by 2027.
Asia-Pacific is anticipated to exhibit the highest CAGR of 10.0% from 2020 to 2027, fueled by a surge in do-it-yourself (DIY) users.
4. Leading Market Players:
Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll Rand Inc., Koki Holding, Co., Ltd., Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc., Snap-on Incorporated, Techtronic Industries Co., Ltd.
For a detailed COVID-19 impact analysis on the Electric Power Tools Market, click here.
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This report provides an in-depth exploration of the current and future trends, offering valuable insights for industry participants and stakeholders. As the electric power tools market continues its upward trajectory, these findings serve as a roadmap for navigating the evolving landscape.
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