Rise in adoption of electric power tools in the construction market, rise in popularity of cordless power tools, and integration of brushless motors in electric power tools have boosted the growth of the global electric power tools market
PORTLAND, Oregon, March 11, 2020 /PRNewswire/ -- Allied Market Research recently 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, 2019–2026". According to the report, the global electric power tools industry was pegged at $22.29 billion in 2018, and is expected to reach $37.14 billion by 2026, growing at a CAGR of 6.7% from 2019 to 2026.
Major motivators for market growth
Rise in adoption of electric power tools in the construction market, rise in popularity of cordless power tools, and integration of brushless motors in electric power tools have boosted the growth of the global electric power tools market. However, high initial cost of the electric power tools hampers the market growth. On the contrary, technological innovations are expected to create lucrative opportunities in the near future.
Based on product type, the cordless segment held the largest share in 2018, accounting for more than two-thirds of the market. Moreover, the segment is projected to register the fastest 7.1% during the forecast period, owing to developments in the battery technologies that improved the productivities of cordless power tools. The report includes analysis of the corded segment.
Construction segment held the largest share
The construction segment dominated the market in 2018, accounting for more than one-third of the market, owing to the convenience and easy functioning of electric power tools. Moreover, the segment is expected to manifest the fastest CAGR of 7.7% during the forecast period. The report includes analysis of segments such as automotive, aerospace, and others.
The market across North America held the largest share in 2018, accounting for more than one-third of the market, owing to the wide network of retailers and wholesalers who provide easy availability of electric power tools. However, the market across Asia-Pacific region is expected to register the highest CAGR of 8.3% during the forecast period, due to the increasing popularity of do-it-yourself (DIY) users.
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