Selbyville, Delaware, May 08, 2023 (GLOBE NEWSWIRE) —
Electric Power Tools Market size is anticipated to cross a valuation of USD 62 billion by 2032, according to the recent research report by Global Market Insights Inc.
Growing automobile production will fuel the demand for electric power tools in the forthcoming period. The advent of EVs is set to spur automobile production worldwide, amplifying the need for electric tools. As per the annual Global Electric Vehicle Outlook by IEA, more than 10 million electric cars were sold globally in 2022 with an estimated 35% rise in 2023 reaching sales of 14 million units. Electric tools including power drills, torque wrenches, polishing machines, impact drivers, air compressors, air wrenches, and spray guns are used in automobile production, which will drive industry growth.
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Technological advancements will amplify demand for wireless vacuum cleaners
Electric power tools market size from vacuum cleaner products will register a 3.5% CAGR from 2023 to 2032. The growing need to maintain clean indoor air quality is increasing the adoption rate of vacuum cleaners. Cable electric vacuum cleaners offer advantages such as affordability and a consistent power supply, enabling the motor to run at full power. Additionally, advancements in wireless technology are introducing cordless vacuums featuring rechargeable batteries that offer greater flexibility, and portability, fueling product demand.
Cordless power tools gain demand across outdoor applications
Cordless electric power tools industry size will reach USD 28 billion by 2032. These tools provide the benefits of not being tethered to a power source allowing users to operate from different locations, catering to an array of indoor and outdoor applications. In February 2023, Metabo HPT, formerly known as Hitachi Power Tools announced the launch of its new 18V MultiVolt Cordless Brushless Impact Driver with the power to drive bolts & screws into tight spaces. Portability, powerful battery technology, and storage are some of the benefits of cordless power tools, which will increase product use and strengthen the industry outlook.
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Robust aviation sector & aerospace manufacturing drive product consumption in Europe
Europe electric power tools market is estimated to amass USD 16.5 billion by 2032. The demand for electric power tools is set to rise in region driven by the growing aerospace sector and applications in defense, space, and civil aviation. Aerospace manufacturing requires advanced technology integration, hefty investments, and skilled labor, necessitating the use of electric power tools.
Electric power tools manufacturers to launch innovative products
Stanely Black & Decker, Bosch, DeWalt, Hitachi, Makita, Milwaukee Tool, Ryobi, SKIL, TTI Group, and Atlas Copco are some of the leading companies in the global electric power tools industry. These companies are introducing novel products with advanced features to achieve a competitive advantage. For instance, in March 2023, Stanley Black & Decker-owned brand DEWALT, unveiled a new 20V MAX* Brushless 1/2 in. Drill/Driver & Hammer Drill, designed to offer optimal speed, precision, and control across an array of job site applications.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Electric Power Tools industry 3600 synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Type trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Global Electric Power Tools Industry Insights
3.1 Industry segmentation
3.2 Industry Ecosystem
3.3 Product landscape
3.4 Regulatory landscape
3.5 Pricing analysis, by region,2018-2032
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Surging industrial sector
3.6.1.2 Increasing automobile production
3.6.2 Pitfall and Challenges
3.6.2.1 High initial costs
3.7 Innovation and sustainability
3.8 Growth potential analysis, 2022
3.9 Porter’s analysis
3.10 PESTEL analysis
3.11 Impact of the COVID-19 on Electric Power Tools market
3.12 Impact of Russia-Ukraine war on Electric Power Tools market
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.