CHICAGO, April 8, 2020 /PRNewswire/ -- According to Arizton's recent research report, Cordless Power Tools Market - Global Outlook and Forecast 2020-2025 is expected to grow at a CAGR of over 9% during the period 2019−2025. Leverage Arizton's data-driven and deep market insights on the impact of COVID-19 across geographies, segments, and vendor landscape to take real-time strategic business decisions and enhance your product/service portfolios.
Key Highlights Offered in the Report:
The global cordless power tools market is expected to pose an absolute growth of over 70% due to the development of Li-ion batteries, brushless motors, DIY activities, and precision manufacturing.
The drilling and fastening tools dominated the market which is expected to grow at a CAGR of over 8% during the forecast period.
The industrial segment was the largest end user segment that accounted for around 75% of the revenue in 2019 and is expected to generate an incremental revenue of over $6 billion during 2020-2025.
The residential segment is expected to grow at the fastest CAGR of around 13% owing to the rise in adoption of hammer drills, glue guns, jig saws, layout tools, and screwdrivers for household activities
The highly advanced construction industry and the growing automotive industry is driving the market in European region which is expected to post an absolute growth of approximately 70% during 2020-2025.
APAC is the fastest growing market with a CAGR of around 11% owing to the growth in electronics, energy, and construction activities especially in India, Japan, Indonesia, and South Korea.
Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by tool types, end-user, and geography
Competitive Landscape – Profile of 5 key vendors and 22 other vendors
The growth in renovation, retrofit, and DIY activities is expected to drive the market in the residential and commercial segments. Dust removal equipment such as dust extractors are used in households without professionals, making them one of the largest contributors to the residential segment.
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.
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.
Market Segmentation by Tool Types
Drilling & Fastening Tools
Screwdrivers & Nut Runners
Sawing and Cutting Tools
Shears and Nibblers
Material Removal Tools
Heat and Glue Guns
Market Segmentation by End-users
Cordless Power Tools Market – Dynamics
Over the past few decades, emerging economies in APAC that are witnessing high economic growth, markets with potentially high consumption, and those with increasing industrial and manufacturing competitiveness have started to challenge their developed counterparts in global manufacturing. These economies are making strong progress across all types of manufacturing, constituting as much as 65% of the output through low and medium technology-enabled industries that can demand high precision tools. High-tech manufacturing, including precision manufacturing, which traditionally was dominated by countries such as the US, Germany, Italy, Switzerland, and France, has shifted toward economies such as China, Singapore, and India. The prominence of Asian manufacturing activities wil boost revenues in the cordless power tools market.
Key Drivers and Trends fueling Market Growth:
Rise in Demand for Industrial Heat Guns
Industry 4.0 and Smart Precision Manufacturing
Advances in Li-ion Batteries
Growth in DIY Activities
Cordless Power Tools Market – Geography
North America was the largest market for cordless power tools in 2019. The region is expected to maintain its position during the forecast period, with revenue mostly being generated from the US, the largest economy of the region. North America is home to several large industries, including the automobile, construction, aerospace, electronics, and packaging. Advances in Li-ion battery technology, which is expected to grow at a CAGR of over 9% between 2019 and 2024, the cordless power tools industry in North America is expected to exhibit high growth. A forerunner in the automobile industry manufactures in the North American automotive sector the highest number of electric cars in the world due to rising demand for eco-friendly products. Some of the largest automobile manufacturers, such as Ford, General Motors, and FCA, are based in the US.
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