The global cordless power tools market by revenue is expected to grow at a CAGR of over 10.54% during the period 2022–2031.
APAC is the fastest-growing market for cordless power tools and is expected to grow at the highest CAGR during the forecast period. Rapid industrialization and increasing applications in household and commercial sectors are primarily driving the cordless power tools market growth. These tools are used mainly in automobile, aerospace, construction, electronics, and shipbuilding industries. They also have several household applications such as removing paint, soldering wire, and thawing pipes.
The increased demand for Lithium-ion batteries and the rise in infrastructural developments surge the demand for these tools. The extensive use of battery-driven tools has increased the use of cordless power tools. The ban of NiCd batteries in power tools has increased the application of lithium-ion batteries in these tools. Furthermore, the proportion of cordless tools has increased in smaller power tools categories such as angle grinders, circular saws, and reciprocating saws.
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The following factors are likely to contribute to the growth of the cordless power tools market during the forecast period:
• The rise in Demand for Industrial Heat Guns
• Increased Prominence of Asian Manufacturing
• Industry 4.0 and Smart Precision Manufacturing
• Advances in Li-ion Batteries
The study considers the global cordless power tools market’s present scenario and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
GLOBAL CORDLESS POWER TOOLS MARKET SEGMENTATION
The global cordless power tools market research report includes a detailed segmentation by tool type, end-user, geography. The revenue of drillers and fastening tools is expected to reach $6,149.04 million by 2026. Applying these tools in DIY activities for home improvement and wood-crafting activities is a major factor boosting the demand for these tools. Demolition tools follow the suit, accounting for 20.81% of the global revenue in 2020. Most demolition tools such as rotary hammers and hammer drills are used for renovation and retrofit construction sites. Due to the rise in infrastructural activities in countries such as the US and Canada, demolition tools will remain in demand. North America expects to lead the material removal tool segment during the forecast period due to the rise in end-user industries.
The industrial end-user segment, consisting of the automotive and construction industries, generated the maximum revenue in the cordless power tools market in 2020. The segment expects to remain consistent during the forecast period due to the increasing demand for sophisticated tools. However, renovation, retrofit, and DIY activities are likely to drive the market in the residential and commercial segments. China, Japan, the US, and Western Europe are likely to accelerate the demand during the forecast period. These regions witness a significant production of electric vehicles. Complexity in designs and mechanisms is likely to increase the demand for cordless tools.
Tool Type
• Drilling and Fastening Tools
• Demolition Tools
• Sawing and Cutting Tools
• Material Removal Tools
• Routing Tools
• Others
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End-User
• Industrial
• Commercial
• Residential
INSIGHTS BY GEOGRAPHY
The U.S. is likely to generate most of the revenue in the North American region. A forerunner in the automobile industry, the North American automotive market is the largest manufacturer of electric cars worldwide. Advances in Lithium-ion battery technology is likely to drive the growth of the cordless power tools industry in North America. Increased efficiencies and low-cost production have made the US a center for investments in the oil and gas sector. The demand for drillers and material removal tools could rise, with the growth of the construction industry during the forecast period.
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