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The Global Cordless Power Tools Market size is estimated to grow by USD 4.43 billion 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 these 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 safer, cleaner, and better cars, such as zero-emission vehicles which will boost the overall market growth. Furthermore, 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.
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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. It includes lithium-ion (Li-ion), nickel-metal hydride (NiMH), and nickel-cadmium (NiCd) and these batteries have different types of advantages such as Li-ion batteries are lightweight compared with other types of batteries used in cordless power tools. They offer higher energy density than NiMH batteries. They are less sensitive to damage from a rise in temperature than NiMH batteries. Li-ion batteries do not suffer from memory and self-discharge effects, unlike NiMH and NiCd batteries. Li-ion batteries have the longest rechargeable and charge life compared with other battery types. Li-ion batteries are not confined to any design or shape, unlike NiMH and NiCd batteries.
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 tools in 3D printing is a major trend that is driving the market growth and trends.
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 Companies. 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 market trends and analysis 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 market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
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 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 tools market was completely overtaken by the brushed-type segment in 2022. A brushed motor is one of the oldest types of electric vehicles market with lithium-ion batteries 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.
Customer Landscape
Companies 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 key offerings of the company include cordless power tools.
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
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 Cordless Power Tools Market is experiencing a surge driven by IoT integration and advancements in lithium batteries. With a stronghold in Asian Manufacturing, particularly in the Asia-Pacific (APAC) region, these tools cater to diverse sectors globally. Raw materials such as steel, rubber, and fasteners contribute to the production of drilling, fastening, sawing, cutting, demolition, material removal, and routing tools. Mass category tools dominate, with brushed motor types prevailing. Tools with 40V & above power ratings are gaining popularity, particularly in the United States market. These innovations signify a shift towards efficient, high-performance cordless power solutions in various industries. Key players in the market include Makita, Bosch, DeWalt, Milwaukee, and Ryobi.
The market is witnessing steady growth driven by various factors such as noise pollution concerns in the construction industry and the increasing adoption of electric vehicles (EVs). In European countries, where environmental regulations are stringent, the demand for cordless power tools is on the rise, particularly in the manufacturing sector. The evolution of cordless tools has revolutionized the industry, offering greater flexibility and mobility. From drilling and fastening tools to sawing and cutting tools, and even demolition tools and material removal tools, cordless options are becoming increasingly popular due to their convenience and efficiency.
The market analysis and 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.
Cordless Power Tools Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.53% |
Market growth 2023-2027 |
USD 4.43 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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, Ferm International BV, and others |
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 |
Customization purview |
If our market research and growth report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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