The Cordless Power Tools Market Growth was valued at USD 17.34 billion in 2022. It is projected to reach USD 36.99 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.93% during the forecast period from 2023 to 2030.
Cordless power tools have witnessed significant growth in recent years, and this trend is expected to continue in the coming decade. The market's value is anticipated to nearly double, driven by various factors such as technological advancements, increasing demand from end-users, and the growing popularity of DIY projects.
One of the key drivers behind the surge in demand for cordless power tools is the convenience they offer. Unlike their corded counterparts, these tools provide freedom of movement and eliminate the hassle of tangled cords. This feature has made them increasingly popular among professionals and DIY enthusiasts alike.
Moreover, the continuous advancements in battery technology have significantly enhanced the performance and runtime of cordless power tools. Lithium-ion batteries, in particular, have revolutionized the industry by providing longer-lasting power and faster charging capabilities. This has further fueled the adoption of cordless power tools across various sectors, including construction, automotive, and woodworking.
Furthermore, the rising focus on sustainability and environmental consciousness has also contributed to the growth of the cordless power tools market. These tools are generally more energy-efficient compared to their corded counterparts, reducing overall power consumption. Additionally, the elimination of cords reduces the risk of accidents and improves workplace safety.
Geographically, North America and Europe have been the dominant regions in the cordless power tools market, owing to the presence of established manufacturers and a strong consumer base. However, emerging economies in Asia Pacific, such as China and India, are expected to witness significant growth in the coming years due to rapid industrialization and urbanization.
In conclusion, the cordless power tools market is poised for substantial growth in the forecast period.
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KEY MARKET SEGMENTATION
By Motor Type
- Brushed Motor
- Brushless Motor
By Material Removal Tools
- Sanders
- Grinders
By Tools
- Drills
- Saws
- Lawn Mower
- Impact Wrench
- Others
By End User
- Industrial
- Commercial
- Residential
Key Players
The major key players are Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll-Rand PLC, Hitachi Ltd., Makita Corporation, Robert Bosch GmbH, Snap-On Incorporated, Stanley Black and Decker, Techtronic Industries, Koki, Holdings, Emerson, Panasonic, Fortie, CHEVRON, Positec. and Other Players
Driving Factors
- The rise in use of power tools in automotive, construction and manufacturing sector has lead the market growth globally.
- Cost effective and energy efficient battery power tools has led to rise in demand for power tools in do by yourself methods in household consumers.
Opportunities
- The increasing industrial production in automobiles, construction, household appliances, and other sectors, is expected to for cordless power tools in developing countries.
- The future market is always dependent on new technologies and development and in these sectors, there is an opportunity for cost-effective and energy-efficient cordless power tool products.
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Table of Contents
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Cordless Power Tool Market Segmentation, by Motor Type
- Cordless Power Tool market, by Material Removal Tools
- Cordless Power Tool Market Segmentation, by Tools
- Cordless Power Tool Market Segmentation, by End-use
- Regional Analysis
- Company Profile
- Competitive Landscape
- Conclusion
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