Cordless Power Tools Market to grow by USD 4.43 billion from 2022 to 2027 | Advances in battery technology to boost market growth- Technavio

NEW YORK, Sept. 21, 2023 /PRNewswire/ -- The cordless power tools market is expected to grow by USD 4.43 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 4.53% during the forecast period. The market is segmented 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). Advances in battery technology are a key factor driving market growth. Cordless power tools come in a variety of battery options, including lithium-ion (Li-ion), nickel-metal hydride (NiMH), and nickel-cadmium (NiCd). These types of batteries have distinct advantages. Li-ion batteries stand out for their light weight compared to other cordless power tool batteries. Additionally, they also have a higher energy density than NiMH batteries and are more resistant to damage from high temperatures. Unlike NiMH and NiCd batteries, Li-ion batteries do not have problems related to memory and self-discharge. Additionally, Li-ion batteries have the longest charge and charge times among different battery types. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the cordless power tools market: 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
• Cordless Power Tools Market is fragmented in nature.
• Market to observe 3.5% YOY growth in 2023.

Market Dynamics:

Major Trend

• Integration of three-dimensional printing(3D) technology is a major trend in the market. 
• Initially, 3D printers were primarily employed for producing small plastic models and prototypes. 
• Nowadays, 3D printers are increasingly employed in creating prosthetic devices, full-sized clothing items, and electronic products, demonstrating their versatility.
• Beyond these applications, the potential of 3D printing in the industrial sector is extensive.
• Numerous power tool manufacturers are capitalizing on the popularity of 3D printing by integrating it into their equipment.
• Stanley Black and Decker, the largest power tool manufacturer globally, has successfully utilized 3D printing to internally produce prototypes of their power tools, resulting in a shorter product development timeline.
• Hence, these factors are expected to drive market growth during the forecast period. 

Significant Challenge

• Uncertainties in global economic growth are a significant challenge restricting market growth.
• Fluctuations in the global economy, especially in regions with a significant presence of ODMs and OEMs for electrical and electronic devices, can have several consequences.
• One effect is reduced access to credit for manufacturers in these regions.
• Additionally, higher interest rates tend to accompany economic fluctuations, which can increase the overall cost of manufacturing.
• The increased manufacturing costs subsequently result in higher prices for products.
• Elevated product prices can negatively impact market demand as consumers may be less willing to purchase expensive items.
• The decrease in market demand can have adverse effects on the net sales revenues of companies operating in these sectors.
• Hence, these factors are expected to drive market growth during the forecast period. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The professional segment is larger than the consumer segment due to the size of end-use industries such as construction, manufacturing, and automotive. The purchasing criteria of professionals also differ from the purchasing criteria of consumers for cordless power tools. Furthermore, professionals are willing to pay a premium for better, more durable cordless power tools because they are used consistently. They are also willing to use pneumatic and hydraulic power tools, which are considered ineffective by consumers due to high maintenance requirements and the need for additional ancillary equipment. Nowadays, experts are looking for multifunctional tools that can be used for many different purposes. Growth in the professional market will be driven by expanding construction, manufacturing, and automotive sectors. Hence, these factors are expected to drive segment growth during the forecast period.

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Related Reports:

The portable power tools market size is estimated to grow at a CAGR of 5.02% between 2022 and 2027 and the size of the market is forecast to increase by USD 7,608.62 million. This report extensively covers market segmentation by product (cordless tools and corded tools), application (commercial and consumer), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The use of Li-ion batteries is the key factor driving the growth of the global portable power tools market.

The Power Tools Market size is estimated to grow by USD 11.43 billion between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 5.74%. This power tools market report extensively covers market segmentation by end-user (industrial and residential), technology (electric, pneumatic, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). One of the key factors driving growth in the power tools market is the rise in global construction and infrastructure development activities.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio