Introduction
The electric power tools market has seen significant growth and is estimated to maintain an optimistic progression until 2032. Key trends include the growing preference for sustainable and eco-friendly products and the integration of technology to enhance product quality and efficiency. This article aims to provide a comprehensive analysis of the current state and future prospects of the electric power tools market, including key statistics, trends, and suggestions for industry players and consumers.
Market Analysis
Growth Drivers
- Growing construction and infrastructure development
- Expanding DIY (Do-It-Yourself) market
- Advancements in battery technology
- Demand for high-performance and specialty tools
The market size of the electric power tools market was valued at USD 46.4 billion in 2023 and is expected to register a 4.1% CAGR from 2024 to 2032. The manufacturing industry is a major consumer of electric power tools, driving the demand for equipment like drills, saws, hammers, and fastening tools. Rapid urbanization and infrastructure improvement initiatives worldwide also contribute to the demand for electric power tools for various applications.
Key Market Trends
- DIY becoming popular among homeowners and DIY enthusiasts is driving the demand for power tools for housekeeping, maintenance systems, and other purposes.
- Customers seek affordable, user-friendly tools for home improvement, basic repairing, and woodworking, driving sales of entry-level and mid-range power tools.
- Technological advancements and innovations are reshaping the electric power tools market, with a focus on sustainability, efficiency, and user-friendliness.
Statistics of Electrical Market and Details
- The global power tool market is forecasted to exceed 20 billion U.S. dollars in sales by 2024, up from 16.1 billion U.S. dollars in 2019 (Resource).
- The market size of the electric power tools market was valued at USD 46.4 billion in 2023 and is expected to grow at a CAGR of 4.1% from 2024 to 2032, indicating a steady upward trend in the industry (Resource).
- DIY projects are driving the demand for power tools among homeowners and enthusiasts, leading to increased sales of entry-level and mid-range power tools (Resource).
- Greenwork Tools, EcoTeq, John Deere, and CRAFTSMAN® are among the companies introducing innovative electric power tools, indicating a dynamic market with continuous product developments (Resource).
- The electric power tools market research report indicates that the market is expected to reach a value of USD 66.7 billion by 2032, showing significant growth potential (Resource).
- The revenue from the drills and fastening tools segment of the electric power tools industry reached USD 17 billion in 2023, demonstrating the segment’s substantial contribution to overall sales (Resource).
- North America was the largest market for power tools in 2019, with sales amounting to 7.6 billion U.S. dollars. By 2024, sales in this market are forecasted to exceed 10 billion U.S. dollars, indicating a steady growth trajectory (Resource).
- The drills and fastening tools segment is expected to reach USD 25.7 billion by 2032, reflecting the increasing demand for these tools in construction, renovations, and infrastructure development activities (Resource).
- Corded electric power tools held approximately 56% share of the market in 2023, indicating the continued popularity of corded tools for applications requiring uninterrupted power and higher torque (Resource).
- The North America electric power tools market revenue is projected to surpass USD 15 billion by 2032, driven by the manufacturing sector’s demand for tools such as drills, saws, and fastening equipment (Resource).
- Sales of electric power tools worldwide are expected to cross USD 20 billion in 2024, reflecting a robust market outlook (Resource).
- The electric power tools market is witnessing growth due to the increasing usage of power tools in construction, renovations, and infrastructure development activities (Resource).
- The manufacturing industry’s significant consumption of electric power tools is driving the demand for equipment such as drills, saws, hammers, and fastening tools (Resource).
- The market size of the electric power tools market is expected to register a CAGR of 4.1% from 2024 to 2032, indicating sustained growth over the forecast period (Resource).
- The electric power tools market report covers in-depth industry analysis with estimates and forecasts in terms of revenue (USD Billion) from 2021 to 2032, providing comprehensive insights into the market dynamics (Resource).
- The electric power tools market report attributes the growth of the industry to factors such as growing construction and infrastructure development, expanding DIY market, advancements in battery technology, and the demand for high-performance and specialty tools (Resource).
- The electric power tools market’s historical data from 2021 to 2023 indicates a steady growth trajectory, laying the foundation for future market expansion (Resource).
- The growing enthusiasm for do-it-yourself (DIY) projects among homeowners is fueling the demand for electric power tools, particularly affordable and user-friendly tools suitable for home improvement and woodworking (Resource).
- The market for electric power tools is witnessing technological advancements and innovations, indicating a dynamic and evolving industry landscape (Resource).
- The electric power tools market is projected to offer growth opportunities driven by the increasing demand for high-performance and user-friendly tools, alongside the growing construction and infrastructure development activities worldwide (Resource).
Suggestions for Industry Players and Consumers
- Industry players should focus on offering innovative and high-performance products, taking advantage of advancements in technology.
- Expanding distribution channels and strategic partnerships can help industry players target new customers and strengthen their market presence.
- Consumers should consider the affordability, user-friendliness, and sustainability of power tools when making purchasing decisions.
Tools Suggestions in the Electric Power Tools Market
The electric power tools market is witnessing rapid technological advancements and innovations, offering a diverse range of products to meet the evolving needs of consumers and professionals. Here are some notable tools and developments in the market:
- Greenwork Tools Facilities Expansion:
- In February 2024, Greenwork Tools opened two state-of-the-art facilities in Nevada and Ontario, Canada. These facilities, comprising a warehouse, office, and creative studio space, enable the company to enhance its operations, expedite West Coast deliveries, and provide superior customer service.
- EcoTeq’s Mean Green Fury 32:
- In January 2024, EcoTeq introduced the Mean Green Fury 32, boasting up to seven hours of continuous operation on a single charge. This twin-blade mower with a 32″ cutting width is an attractive option for lawn-care professionals seeking efficiency and productivity.
- John Deere’s QuikTrak Stand-On Mower Models:
- In September 2023, John Deere unveiled six new commercial-grade QuikTrak Stand-On Mower models. The Q800 Series models offer compact designs, delivering enhanced visibility, maneuverability, and ease of operation.
- CRAFTSMAN®’s Electric Outdoor Products:
- In April 2023, CRAFTSMAN® brand launched several new electric outdoor products, from battery-powered mowers to cordless lawn and garden tools, catering to diverse yard care needs and marking the company’s entry into the electric mower business.
- Toro’s Strategic Retail Partnership:
- On September 7th, 2023, The Toro Company and Lowe’s Companies, Inc. announced a strategic retail partnership, with Lowe’s carrying Toro zero-turn riding mowers, walk mowers, portable power equipment, and snow blowers.
- SCAG Power Equipment’s EVZ:
- In 2023, SCAG Power Equipment introduced EVZ, the first electric-powered unit in SCAG’s industry-leading lawn mower lineup, reflecting the brand’s commitment to innovation and sustainability.
These developments highlight the industry’s focus on delivering innovative, high-performance, and sustainable electric power tools to meet the diverse needs of professionals and consumers in construction, landscaping, and other related fields.
Conclusion
The electric power tools market is poised for continued expansion, driven by the increasing demand for sustainable and innovative products, as well as the widespread adoption of technology. Industry players and consumers alike have the opportunity to benefit from this growth by embracing technological advancements and sustainability in the electric power tools market.
In conclusion, the electric power tools market presents a promising outlook, with ample room for innovation, growth, and sustainable practices.
