DUBLIN, April 14, 2020 /PRNewswire/ -- The "Cordless Power Tools Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
COVID-19 is going to affect the global cordless power tools market. A detailed analysis is included in the report.
The study considers the present scenario of the cordless power tools market and its market dynamics for the period 2019-2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
The global cordless power tools market is expected to grow at a CAGR of over 9% during the period 2019-2025.
The increasing industrialization across the globe and the growing application of cordless tools in household and commercial sectors are expected to drive the global cordless power tools market during the forecast period. Automobile, aerospace, construction, electronics, shipbuilding industries are the major application end-users of cordless equipment. With the development of new generation battery technology, vendors are trying to implement cordless batteries in heavy power tools. This is expected to lead to the further enhancement and product development in these instruments. With the marketing restriction for (NiCd) cells and the low penetration of Nickel-metal hydride battery (NiMH) cells, the growth in Li-ion battery technology is likely to increase the adoption of cordless power tools.
The growing popularity of Do it Yourself (DIY) projects, which involve amateurs and enthusiasts to modify, maintain, upgrade, and rebuild material possessions such as household appliances, is increasing the adoption of battery-powered devices. The use of these tools in the DIY process is highly popular in developed countries. However, the trend is rapidly growing in developing countries. With the growing disposable income, the young population is attracted to craftsmanship, thereby spending on tools and equipment for home improvement and DIY projects. Hence, the popularity of the DIY concept in developed, as well as developing economies is expected to generate demand for cordless power devices.
The following factors are likely to contribute to the growth of the cordless power tools market during the forecast period:
- Rise in Demand for Industrial Heat Guns
- Increased Prominence of Asian Manufacturing
- Growth in DIY Activities
- Industry 4.0 and Smart Precision Manufacturing
Cordless Power Tools Market: Segmentation
This research report includes a detailed segmentation by tool types, end-user and geography.
With the global electric vehicles market growing at 60% annually, the expansion and development of production facilities can result in the demand for cordless power tools, especially fastening, routing and material removal devices. This could be more prominent in China, Japan, the US, and Western European countries, where the production of EV is more likely to accelerate during the forecast period.
The increasing energy cost to power pneumatic power tools, coupled with the energy efficiency objectives set by the US Department of Energy, has enforced the tool industry to rely on battery-powered equipment. Advances in the European aerospace sector, which is one of the highly developed industries that manufacture high-class jets, helicopters, aero engines, civil aircraft, and unmanned aerial vehicles, is likely to influence the demand for cordless power tools. A similar growth trend can be seen in the consumer electronics industry, thereby driving the demand for fastening tools.
The drilling and fastening segment is expected to reach over $1 billion by 2025. The rise in new aircraft building with precision parts will increase the demand for power tools. The increase in oil and rig activities in North America will drive the demand, especially for demolition devices, cutting devices, and fastening tools during the forecast period. The rise in renovation activities that are expected to be carried out in residential homes is expected to lead the demand for demolition tools such as rotary hammers, hammer drills and material removal tools such as sanders and polishers. Similarly, the increasing cash flow to improve the communication sector is increasing the demand for drivers and drillers.
With more than 150 large shipyards, the European region stimulates the demand for demolition and fastening tools in the shipbuilding industry. The strong pipeline of projects in Chile is driving the machinery and equipment market. The investment in the oil and gas sector and the growth in public infrastructure are driving the economy of Colombia. Expansion activities are more likely to improve the scope for impact drivers, wrenches, rotary hammers, demolition hammers, layout tools, and circular saws.
Under the Budget 2020, Malaysia is likely to take the number of new infrastructure projects, including a new cable car system in the Penang Hill and housing for Felda settlers. These new projects will require an additional workforce laced with advanced Li-ion powered cordless tools, including drillers and drivers.
Market Segmentation by Tool Types
- Drilling & Fastening Tools
- Impact Drivers
- Impact Wrenches
- Screwdrivers & Nut Runners
- Demolition Tools
- Demolition Hammers
- Rotary Hammers
- Hammer Drills
- Sawing and Cutting Tools
- Reciprocating Saws
- Circular Saws
- Band Saws
- Shears and Nibblers
- Material Removal Tools
- Routing tools
- Layout Tools
- Laser Tools
- Dust Extractors
- Heat and Glue Guns
Market Segmentation by End-users
Insights by Geography
The presence of large-scale industries such as automobiles, construction, electronics, and aerospace is driving the market in North America. With the growth in green building regulations, the rise in manual labor expenditure, and an increase in immigration, the demand for cordless power tools is expected to witness a surge during the forecast period. Europe is home to world-class manufacturing facilities. The UK, Germany, Italy, Spain, and France are the major cordless power tools markets in the region. Finland and Poland are expected to be promising markets for power devices owing to the increased industrial growth. The growing popularity of DIY in Europe is also expected to drive the demand for jigsaws and drillers.
Market Segmentation by Geography
- North America
- Latin America
Insights by Vendors
The global cordless power tools market is characterized by low market concentration, with high competition among players. The present scenario is driving vendors to alter and refine their unique value proposition to achieve a strong market presence. Currently, the market is moderately fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch, and TTI. All these major vendors have a global presence in three major geographical regions - North America, APAC, and Europe.
Several vendors are providing products at low prices. This is likely to intensify the price war among vendors during the forecast period. The market confronts the threat of infiltration with low-quality products from Chinese vendors. Major vendors continually compete among themselves for the leading position in the market, with occasional spurts of competition coming from other local vendors. The market is characterized by the presence of diversified global and regional vendors.
- Stanley Black & Decker
- Robert Bosch
- Techtronic Industries Company (TTI)
Other Prominent Vendors
- Atlas Copco
- Apex Tool Group
- Ingersoll Rand
- Koki Holdings
- Uryu Seisaku
- CS Unitec
For more information about this report visit https://www.researchandmarkets.com/r/2rl6n7
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