While Cordless Power Tools Are Well Established in the Consumer Market, Opportunities Still Exist to Expand Among Professional Users

Technological Innovations Continue to Boost the Case for Use in the Trades

CLEVELAND, Sept. 26, 2024 /PRNewswire/ -- The gap between consumers who bought corded power tools in the past year and those who bought cordless power tools continues to expand. In 2020, 16% of respondents to the May 2020 edition of the Freedonia Group National Online Consumer Survey reported that they had bought cordless tools in the past year, while 14% had bought corded power tools over the same period. By the May 2024 edition of the survey, the shares had increased and the gap had widened; 29% of consumers reported buying cordless power tools in the past year, compared to 20% of consumers who reported buying corded power tools.

According to Jennifer Mapes-Christ, Manager of Consumer & Commercial Goods for Freedonia Industry Studies and Food & Beverage Research for Packaged Facts, "Innovations in tool design -- from greater torque to battery packs with longer run times and faster charging -- will continue to boost professional interest in power tools. Platform-based charging systems with interchangeable battery packs and multi-port charging stations that can be used throughout a tool line make them particularly convenient from an end user perspective, while also encouraging brand loyalty which is a goal for tool suppliers." 

The study US Power Tools forecasts demand for power tools in the US to rise 3.4% annually to $13.2 billion in 2028. Demand will be supported by the continued shift away from plug-in electric power tools toward higher-value cordless products as battery technology continues to improve and makes the useful life of these products longer and their prices more comparable. However, stronger gains will be limited by a moderation in power tool pricing through the forecast period.

Electric power tools, which represented 81% of the total market in 2023, will continue to dominate going forward. Sales will be supported by the ongoing uptake of cordless power tools in professional settings based on improvements that make them usable in more demanding applications.

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About The Freedonia Group
The Freedonia Group is a premier international business research company, providing clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. The Freedonia Group's brands also include Packaged Facts, a trusted provider of consumer market research on food & beverage, pet products and services, demographics, and financial services, and Simba Information, the leading authority for market intelligence and forecasts on the education and professional publishing industries. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.

SOURCE The Freedonia Group