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The Global Cordless Power Tools Market size is estimated to grow by USD 4,433.26 million between 2022 and 2027 exhibiting a CAGR of 4.53%.
There is a huge demand for cordless battery power tools such as electronic devices, forklifts, and other devices which are expected to drive market growth. Lead customers in regions such as Japan and South Asia prefer light vehicles where cordless power tools play a massive role. Governments across different regions are focusing more on factors such as environmental compatibility, preservation of resources, and safety. Therefore, automobile makers are also building build safer, cleaner, and better cars, such as zero-emission vehicles which will boost the overall market growth. Furthermore, the concept of DIY is also increasing. The concept of DIY is growing rapidly in the UK at a rate of almost 3%. Based on customer preference IKEA, a renowned home decor company provides modified to ready-to-assemble (RTA). DIY items reduce operational costs. These factors are influencing global market growth.
This cordless power tools market research report extensively covers market segmentation by End-user (professional and consumer), Type (brushed motors and brushless motors), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
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During the Covid-19 pandemic in 2020, the cordless power industry was affected heavily. Lockdowns and an increase in infection hindered the growth of the market. However, the market has been recovering since the second half of 2020. However, due to massive vaccination drives in 2021, lockdown restrictions were relaxed, enabling the resumption of manufacturing in the end-user industries, which raised the need for cordless power tools globally in 2022. As a result, it is anticipated that the cordless power tools market size will grow faster during the forecast period.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Advances in battery technology will drive market growth. Cordless power tools include lithium-ion (Li-ion), nickel-metal hydride (NiMH), and nickel-cadmium (NiCd) and these batteries have different types of advantages such as:
These advantages are propelling market growth.
The original application of 3D printers was to create small plastic models and prototypes. Today, 3D printers are increasingly being used to create prosthetics, full-scale clothing, and electronic products, though their potential for use in the industrial sector is much more. The dramatic changes that 3D printing technology has brought about are expected to have an impact on cordless and corded power tools. Many power tool manufacturers are trying to take advantage of 3D printing's popularity by incorporating this technology into their equipment. This result is faster speed to market for new products and a reduction in development costs as nearly 30%-70% less material is required to manufacture a product using 3D printing technology than with conventional techniques. The world's largest manufacturer of power tools, Stanley Black and Decker, has been able to manufacture prototypes of power tools in-house with the help of 3D printing and thereby shortening the development cycle. The use of cordless power tools in 3D printing is a major trend that is driving the market growth.
Uncertainties in global economic growth are hindering the market growth. Fluctuations in global economic growth, especially in regions with a high presence of original design manufacturers (ODMs) and OEMs of electrical and electronic devices, lead to lower credit availability for manufacturers along with higher interest rates. The increase in interest rates leads to a higher cost of manufacturing, thus increasing the price of the product. Higher prices impact market demand, which may negatively affect the net sales revenues of vendors. In China, the large consumer base, liquidity, and the availability of cheap resources were the main factors that attracted foreign investments to the country. However, growing uncertainty about the country's economic growth has depressed FDI and delayed government subsidies, leading to postponed or canceled projects.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cordless Power Tools Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Festool GmbH - The company offers general-purpose machinery, cutlery and hand tools, and power-driven hand tools. The key offerings of the company include cordless power tools.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The professional segment is larger than the consumer segment because of the size of the end-user industries such as construction, manufacturing, and automotive. The purchasing criteria of professionals also differ from those of consumers in the case of cordless power tools. The professional segment was valued at USD 12,519.75 million in 2017 and continued to grow until 2021. The performance of the consumer segment depends on the performance of the housing sector, which, in turn, will depend on the financial stability of consumers, access to credit facilities, disposable incomes, employment, and demographic factors. The demand in this segment is expected to rise as both developed and developing economies are expected to exhibit growth during the forecast period.
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The global cordless power tools market was completely overtaken by the brushed-type segment in 2022. A brushed motor is one of the oldest types of electric motors that use mechanical commutation and DC current to produce mechanical energy. Brushless motors eliminate the need for commutators and brushes altogether. The actuator is controlled by a circuit board, but the motor keeps the magnets and copper coils fixed. Brushless motors don't have the friction that the brushes do, so they have a little bit more power. These factors are expected to augment the demand for brushless motors type during the forecast period.
North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The primary factor influencing the market growth in the region is the expected growth of the automobile sector in the coming years due to the increase in automobile plants across the US. Moreover, the number of air passengers in North America is also expected to rise by more than one billion in the next 20 years, from around 0.5 billion in 2019. This increase in the number of air passengers will create demand for new aircraft in the upcoming years, thereby, boosting the regional market growth. Furthermore, the import and export of military aircraft will also impact the market positively, owing to the rise in the US budget for defense. Hence, these factors will help the market in North America grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Cordless Power Tools Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.53% |
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Market growth 2023-2027 |
USD 4,433.26 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.5 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 32% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AIMCO, ANDREAS STIHL AG and Co. KG, Apex Tool Group LLC, Atlas Copco AB, Festool GmbH, Hilti Corp., Hitachi Ltd., Husqvarna AB, Makita Corp., Panasonic Holdings Corp., Positec, Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Stanley Electric Co. Ltd., Techtronic Industries Co. Ltd., The Toro Co., YAMABIKO Corp., Emak Spa, and Ferm International BV |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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