Small size and ease in availability promoting its adoption in day-to-day lives and rise in prominence of cordless tools drive the growth of the global electric power tools market.
PORTLAND, Ore., Aug. 20, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Power Tools Market by Product Type (Corded and Cordless), and End-User Industry (Construction, Automotive, Aerospace, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global electric power tools industry garnered $23.60 billion in 2019, and is estimated to reach $39.14 billion by 2027, witnessing a CAGR of 8.5% from 2020 to 2027.
Drivers, restraints, and opportunities
Small size and ease in availability promoting its adoption in day-to-day lives, surge in implementation in the construction industry, and rise in prominence of cordless tools drive the growth of the global electric power tools market. However, high initial investment in high capacity batteries and brushless motors restrains the market growth. On the other hand, advancements in automation technologies create new opportunities in the coming years.
Covid-19 Scenario
- Manufacturing activities have faced a major roadblock due to lockdown in many countries during the Covid-19 pandemic. Moreover, supply chain has been disrupted.
- The demand from the construction sector has been declined significantly due to halt in construction activities in the commercial and residential sectors.
- Associations in the electrical equipment sector such as National Electrical Manufacturers Association (NEMA) have released cleaning and disinfecting guidelines for tools to maintain safety.
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The cordless segment to maintain its leadership status throughout the forecast period
Based on product type, the cordless segment contributed to the highest market share in 2019, accounting for more than two-thirds of the global electric power tools market, and is expected to maintain its leadership status throughout the forecast period. Moreover, this segment is expected to witness the largest CAGR of 8.9% from 2020 to 2027. This is attributed to advancements in the battery technologies that helped in improving productivity of cordless tools. The report also offers a detailed analysis of the cord segment.
The construction segment to continue its dominance during the forecast period
Based on end-use industry, the construction segment held more than one-third of the global electric power tools market in 2019, and is estimated to continue its dominance during the forecast period. Furthermore, this segment would register at the highest CAGR of 9.4% from 2020 to 2027. This is due to convenience, ease in functioning, and improved efficiency of different tasks in the sector. The research also analyzes segments including aerospace, automotive, and others.
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North America to maintain its highest contribution by 2027
Based on region, North America accounted for the highest share of more than one-third of the global electric power tools market in 2019, and is estimated to maintain its highest contribution by 2027. This is due to the widespread network of retailers and wholesalers that offer ease in availability. However, Asia-Pacific is estimated to maintain the highest CAGR of 10.0% from 2020 to 2027. This is attributed to surge in number of do-it-yourself (DIY) users.
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.
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