The Evolution of Li-ion Batteries Uplifting the Adoption of Cordless Power Tools, the Market is Set to Cross $37 Billion by 2028 - Exclusive Research Report by Arizton

CHICAGO, Jan. 18, 2024 /PRNewswire/ -- According to Arizton's latest research report, the cordless power tools market is growing at a CAGR of 7.53% during 2022-2028.

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Browse in-depth TOC on "Cordless Power Tools Market"     

572 – Pages    
515 - Tables     
209- Figures 

Cordless Power Tools Market Report Scope

DIY has seen enormous growth in the past decade. With the trend being popular only in Western countries, it is being rapidly adopted in APAC and Latin America. Most major players, such as Bosch, develop user-friendly tools with NanoBlade technology for DIY enthusiasts. Saws, heat guns, glue guns, drillers, and wrenches are the preferred tools for DIY activities. Some heavy tools, such as demolition hammers and hammer drills, are also used for repair and maintenance works in commercial and residential spaces. The DIY culture is one of the major drivers for cordless power tools. The overall improving economic scenario and the extensive use of battery-driven tools have surged the use of cordless power tools. The ban on NiCd batteries in power tools has led to Li-ion batteries being replaced in cordless power tools. Furthermore, the proportion of cordless tools has increased in the smaller power tools category, such as angle grinders, circular saws, and reciprocating saws. Furthermore, with the development of new generation batteries, vendors try to implement cordless features in heavy power tools, such as demolition hammers and hammer drills that are presently least penetrated. This will further enhance and help with product development in the cordless power tools category.

In 2022, geographically, North America dominated the market, followed by Europe and APAC. High labor costs in the US, Canada, and Western European countries were one of the major reasons for the market dominance, coupled with DIY culture. APAC is expected to grow at the fastest CAGR of 12.34% during the forecast period due to the rapid growth of construction, automotive, and infrastructural developments in the growing economies of India, China, Indonesia, and Thailand. The rise in public and private investments in oil and mining activities in Peru, Chile, and Argentina has fueled the growth in Latin America, which is expected to account for an incremental revenue of $1.44 billion over the next five years. To comply with rising human traffic in Dubai Expo 2022, public transportation and construction activities have driven the demand for power tools in the UAE. The scope for cordless cutting and sawing tools is more prominent due to the rise in wooden building construction. As an initiative for a sustainable environment, wood is preferred over concrete as a timber building weighs only 20% compared to concrete counterparts. The scope for cordless cutting and sawing tools is more prominent due to the rise in wooden building construction. As an initiative for a sustainable environment, wood is preferred over concrete as a timber building weighs only 20% compared to concrete counterparts.

Latin America to Witness Fastest Growth Rate in the Cordless Power Tools Market

The significant contribution to the cordless power tools market in Latin America can be attributed to the substantial revenue generated by two major economies, namely Brazil and Mexico. However, potential growth hotspots in the forecast period include Argentina, Colombia, Peru, and Chile. This is driven by infrastructure development and the increasing demand for advanced power tools in these regions.

The expansion of industrial production in Brazil and the recovery of Argentina from recession are expected to bolster the overall growth of the Latin American market. Significant strides have been made in industrial production, particularly in sectors such as automobiles, cement, steel, and household appliances. Brazil, as a key manufacturing hub, stands out as one of the largest industrial players in the region, followed by Argentina, Venezuela, and Chile.

Despite a recent downturn in the Latin American construction sector in 2019, a recovery was anticipated between 2022 and 2023, with an annual growth rate projected at 2.85%. Business-friendly policies in smaller economies like Peru, Colombia, and Chile attracted substantial private sector investments between 2018 and 2019. The machinery and equipment purchase in Chile are particularly driven by a robust pipeline of projects. Colombia's economy is influenced by investments in the oil and gas sector and growth in public infrastructure, creating a favorable environment for cordless power tools. The ongoing expansion of infrastructures and the use of larger machinery are expected to enhance opportunities for cordless power tools, including impact drivers, wrenches, rotary hammers, demolition hammers, layout tools, and circular saws.

Cordless Power Tools Market Dynamics

Trends

• Rising Demand for Industrial Heat Guns
• Increased Prominence of Asian Manufacturing
• Industry 4.0 and Smart Precision Manufacturing

Drivers

• Advances in Li-ion Batteries
• Growth on DIY Activities
• Growth in Use of Fasteners

Challenges

• Low-Cost Labor in Developing Economies
• Fluctuation in Raw Material Pricing
• High End-user Variability

The Cordless Power Tools Market Report Encompasses Crucial Data, Including:

CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the cordless power tools market over the specified time frame.

Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the growth of the cordless power tools market during 2023-2028. This includes an analysis of various market influences.

Precise estimation of market size: Accurate assessments of the cordless power tools market size and its contribution and focusing on key market segments.

Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the cordless power tools market, helping businesses prepare for future market dynamics.

Geographical market growth: The report covers the growth of the cordless power tools market across different regions, including North America, Europe, APAC, Latin America, and the Middle East and Africa. This provides a comprehensive understanding of the market's global landscape.

Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the cordless power tools market. This includes an overview of key players, their market share, strategies, and key developments.

Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the cordless power tools market, providing a well-rounded view of the market dynamics.

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Key Company Profiles

• Stanley Black & Decker
• Robert Bosch
• Techtronic Industries Company
• Makita
• Hilti
• Atlas Copco
• Apex Tool Group
• Ingersoll Rand
• Snap-on
• Koki Holdings
• Emerson
• Panasonic
• Fortive
• Positec
• CHERVON
• FEIN
• AIMCO
• Uryu Seisaku
• INTERSKOL
• Festool
• Kyocera
• CS Unitec
• Dynabrade
• Husqvarna
• STIHL
• Blount International
• AEG
• Wagner Group
• The Steinel Company
• Hitachi-Koki
• Master Appliance Corp
• Dongcheng Tools
• Seekone
• Genesis
• FERM

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Market Segmentation

Tool Type

• Drilling and Fastening Tools
• Sawing and Cutting Tools
• Demolition Tools
• Material Removal Tools
• Routing Tools
• Others

Drilling and Fastening Tools

• Drills
• Impact Drivers
• Impact Wrenches
• Screwdrivers & Nut Runners

Sawing and Cutting Tools

• Circular Saws
• Reciprocating Saws
• Band Saws
• Jigsaws
• Shears and Nibblers

Demolition Tools

• Demolition Hammers
• Rotary Hammers
• Hammer Drills

Material Removal Tools

• Sanders
• Grinders

Routing Tools

Others

• Layout Tools & Laser Tools
• Dust Extractors
• Heat and Glue Guns

Category

• Mass
• Premium

Motor Type

• Brushed Motors
• Brushless Motors

Battery

• 12V
• 18V
• 20V
• 40V
• 40V & Above

End-Users

• Industrial
• Commercial
• Residential

Industrial

• Automotive
• Aerospace
• Electronic
• Energy
• Construction
• Shipbuilding
• Other Industry

Commercial

Residential

Distribution Channel

• Offline
• Online

Geography

• North America
• The US
• Canada
• Europe
• The UK
• Germany
• France
• Russia
• Italy
• Spain
• Sweden
• Netherlands
• Belgium
• APAC
• China
• Japan
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• The UAE
• Turkey

Key Questions Answered in the Report:

How big is the cordless power tools market?

What is the growth rate of the global cordless power tools market?

Which region dominates the global cordless power tools market share?

What are the significant trends in the cordless power tools market?

Who are the key players in the global cordless power tools market?

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