Electric Power Tools Market Size - By Product (Drills and Fastening Tools, Hammers, Saws, Lawn Mowers, Vacuum cleaners), By Type (Corded, Cordless), By Application (Industrial [Construction, Automotive, Aerospace], DIY), Competitive Landscape & Forecast,

Electric Power Tools Market Size - By Product (Drills and Fastening Tools, Hammers, Saws, Lawn Mowers, Vacuum cleaners), By Type (Corded, Cordless), By Application (Industrial [Construction, Automotive, Aerospace], DIY), Competitive Landscape & Forecast, 2023 - 2032

Global Electric Power Tools Market is projected to witness lucrative growth from 2023 to 2032, owing to rising automobile production.

The electric power tools market is experiencing significant growth, driven by the increasing production of automobiles. As the automotive industry continues to expand, there is a growing demand for electric power tools in various manufacturing processes. Electric power tools offer advantages such as higher efficiency, improved precision, and reduced labor costs compared to traditional tools.

With the rise in automobile production, including electric vehicles, the need for electric power tools for performing tasks like assembly, welding, and fabrication has surged. This trend is fueling the growth of the electric power tools market as manufacturers invest in advanced and innovative tools to meet the industry's requirements efficiently.

The electric power tools market is segregated based on product, type, application, and region.

The market size from the drills and fastening tools product segment is poised to grow at over 3% CAGR from 2023 to 2032. The electric power tools market is expanding rapidly, especially in the drills and fastening tools product segment. Drills and fastening tools are essential equipment in a variety of sectors, including construction, manufacturing, and do-it-yourself tasks.

Drills and fastening equipment are in high demand due to increased building activity, infrastructure development, and renovation projects. Compared to manual tools, electric power drills have advantages such as speed, accuracy, and convenience of use. Electric fastening instruments, such as electric screwdrivers and impact drivers, also provide efficient and dependable fastening solutions.

By type, the cordless electric power tools market is set to gain tremendous traction between 2023 and 2032 owing to its several advantages. Cordless power tools eliminate the requirement for a constant power supply, providing ease, portability, and flexibility in a variety of applications. These are becoming increasingly popular due to their mobility, ease of use, and adaptability, resulting in increasing product uptake.

Furthermore, battery technology developments including longer runtimes and faster charging have considerably enhanced the performance and efficiency of cordless power tools. As a result, the cordless segment is expanding rapidly, catering to the demands of both professionals and DIY enthusiasts across a wide range of industries.

The electric power tools market from the industrial application segment is expected to generate significant revenue between 2023 and 2032. The industrial sector extensively uses electric power tools for various applications such as production, building, maintenance, and repair. The widespread use of electric power tools in the industrial sector, ranging from simple hand-held instruments such as drills and grinders to more complicated tools including industrial robots and automated systems, is likely to support market growth.

The North America electric power tools market size is anticipated to reach USD 18.7 billion by the end of 2032 driven by the booming construction industry in the region. Additionally, the growing trend of automation and technological advancements in power tool design and functionality are further fueling market growth. The presence of key manufacturers and a strong distribution network in North America will also contribute to market expansion through 2032.