With the development of the times, the era of the Internet, AI and 5G has come. Intelligence is the key to start the next era of electric tools. According to the prediction of Grandview Research, the global electric tool market will reach about $40.9 billion in 2027.

 

Development status of global power tool industry

 

The history of electric tools can be traced back to 1894. In that year, the first electric tool, a DC motor-driven electric drill, was born. Since then, the development of electric tools has opened the prelude of history. Since the 1980s, electronic speed regulation technology has been applied to electric tools, and the concept of human-machine integration has been applied in the design of electric tools. It is not only convenient but also comfortable to use electric tools. With the development of the times, the era of the Internet, AI and 5G has come. Intelligence is the key to start the next era of electric tools.

 

From 2015 to 2019, the global market size of electric tools showed an upward trend year by year. According to the data of Grandview Research, the global market size of electric tools reached 32.3 billion US dollars in 2019. In 2020, due to the impact of the COVID-19, Grandview Research predicts that the global power tool market will reach 30.7 billion dollars.

 

——The market size of North American electric tool industry will reach about US $8.04 billion by 2020

 

With the gradual improvement of the economy in the United States, the real estate market has also gradually improved. In the context of the rising demand for new real estate and house repair, the sales of electric tools have been stimulated. In addition, the number of cars in the United States is 250 million, which is the country with the largest number of cars. The after-sales maintenance and repair of vehicles and other related services have driven the demand for power tools in the United States.

 

According to the data of Grandview Research, the market size of the electric tool industry in North America reached 8.46 billion US dollars in 2019. According to the development and market scale trend of the North American power tool industry in recent years, it is predicted that the market scale of the North American power tool industry will reach about 8.04 billion US dollars in 2020.

 

——The market size of European electric tool industry will reach about 9.18 billion US dollars in 2020

 

The sales of electric tools in Europe are largely related to real estate; With the activity of real estate, the sales of electric tools in Europe also showed an upward trend. In the spring of 2020, due to the impact of COVID-19, Italy, Germany, Spain, France and other major countries in the European continent closed their cities one after another. The previously opened borders also strengthened control. The active real estate market in the past few years stopped instantly, leading to a decline in the sales of electric tools in 2020.

 

According to the data of Grandview Research, the market size of European electric tool industry reached US $9.66 billion in 2019. According to the development situation and market scale trend of European electric tool industry in recent years, it is predicted that the market scale of European electric tool industry will reach about 9.18 billion US dollars in 2020.

 

——The market size of the Asia-Pacific electric tool industry will reach about US $10.19 billion by 2020

 

In 1958, the first step of portable electric planer was produced by Japan's Makita Zhushi Club, which started the development of the power tool industry in the Asia-Pacific region. After half a century of research and development, the power tool industry in the Asia-Pacific region has successfully occupied a place in the world, forming a trend of tripartite confrontation. In 2019, the Asia-Pacific region has become the largest market in the world.

 

According to the data of Grandview Research, the market size of the Asia-Pacific electric tool industry reached 10.72 billion US dollars in 2019. According to the development and market size trend of the Asia-Pacific power tool industry in recent years, it is predicted that the market size of the Asia-Pacific power tool industry will reach about 10.19 billion US dollars in 2020.

 

Prospects for the global power tool industry

 

According to the data of Grandview Research, the global market size of electric tools will reach about US $30.7 billion in 2020; From 2020 to 2020, it will maintain a compound annual growth rate of 4.2%, and it is estimated that the global market size of electric tools will reach about $40.9 billion by 2027.

 

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