Portland,OR, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric power tools market garnered $70.2 billion in 2021, and is estimated to generate $124.4 billion by 2031, manifesting a CAGR of 5.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $70.2 billion |
| Market Size in 2031 | $124.4 billion |
| CAGR | 5.7% |
| No. of Pages in Report | 300 |
| Segments covered | Tools, Motor type, Application, and Region. |
| Drivers | Surge in adoption of technology for electric power tools The use of brushless motors for corded and cordless power tools Its adaptability in different remote locations |
| Opportunities | The penetration of automation in electric power tools |
| Restraints | High initial cost of electric power tools |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global electric power tools market, owing to factors like disruptions in the supply chain, unavailability of raw materials, and shortage of labor force.
- During the pandemic, all industries including construction, manufacturing, hotel, and tourism were majorly affected. Manufacturing activities were halted or restricted. This led to decline in production of various equipment used for electric power tools as well as their demand in the market, thereby restraining the growth of the market.
- Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of electric power tools companies at their full-scale capacities, thereby helping the electric power tools market to recover soon in the post-pandemic.
The research provides detailed segmentation of the global electric power tools market based on Tools, Motor type, Application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on tools, the lawn mowers segment held the highest share in 2021, accounting for around two-fifths of the global electric power tools market, and is expected to continue its leadership status during the forecast period. However, the vacuum cleaners segment is expected to register the highest CAGR of 6.9% from 2022 to 2031.
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Based on motor type, the brushless segment accounted for the highest share in 2021, contributing to around four-fifths of the global electric power tools market, and is expected to maintain its lead in terms of revenue during the forecast period. In addition, the same segment is expected to manifest the highest CAGR of 6.2% from 2022 to 2031. The report also discusses the brushed segment.
Based on application, the industrial segment accounted for the highest share in 2021, holding nearly two-thirds of the global electric power tools market, and is expected to continue its leadership status during the forecast period. However, the DIY segment is estimated to grow at the highest CAGR of 6.2% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to two-fifths of the global electric power tools market , and is projected to maintain its dominant share in terms of revenue in 2031. On the other hand, the LAMEA region is expected to manifest the fastest CAGR of 9.1% during the forecast period. The research also analyzes regions including Europe and Asia-Pacific.
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Leading Players:
Leading market players of the global electric power tools market analyzed in the research include Apex Tool Group, LLC, Atlas Copco AB, C&E Fein GmbH, 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.
The report provides a detailed analysis of these key players of the global electric power tools market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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