NEW YORK, March 29, 2024 /PRNewswire/ — The cordless power tools market size is witnessing a surge in demand, projected to grow steadily between 2023 and 2027, according to recent forecasts. Valued at USD 12.5 billion in 2022, the market is estimated to expand by USD 4.43 billion during the forecast period, exhibiting a Compound Annual Growth Rate (CAGR) of 4.53%.
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Technavio has announced its latest market research report titled Global Cordless Power Tools Market 2023-2027
One of the key drivers of this growth is the increasing demand for cordless battery power tools across various sectors. From electronic devices to forklifts, cordless tools are becoming indispensable in industries worldwide. In regions like Japan and South Asia, where lightweight vehicles are preferred, these tools play a significant role, driving market expansion.
Governments globally are emphasizing environmental compatibility, resource preservation, and safety, prompting automobile manufacturers to develop cleaner and safer vehicles, including zero-emission models. This push towards sustainability is expected to further boost market growth.
Moreover, the rise of Do-It-Yourself (DIY) culture, particularly in the UK, is fueling demand for cordless power tools. With a growth rate of nearly 3%, DIY enthusiasts are driving the market by opting for customized, ready-to-assemble (RTA) solutions, thereby reducing operational costs for companies like IKEA, a leading home decor brand.
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Advancements in battery technology, notably lithium-ion batteries, are also propelling market growth. These batteries offer several advantages such as lightweight design, higher energy density, and longer rechargeable life compared to traditional battery types like nickel-metal hydride (NiMH) and nickel-cadmium (NiCd). As a result, manufacturers are increasingly incorporating lithium-ion batteries into their cordless power tools, enhancing performance and efficiency.
Another significant trend shaping the market is the integration of 3D printing technology into power tool manufacturing processes. By leveraging 3D printing, manufacturers can accelerate product development, reduce costs, and improve market competitiveness. This trend is expected to drive innovation and market growth in the coming years.
However, challenges such as uncertainties in global economic growth pose a threat to market expansion. Fluctuations in economic conditions, particularly in regions with a high concentration of original design manufacturers (ODMs) and original equipment manufacturers (OEMs), can impact credit availability and manufacturing costs, affecting product prices and market demand.
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Despite these challenges, the professional segment remains a dominant force in the market, driven by industries like construction, manufacturing, and automotive. The consumer segment, dependent on factors like housing sector performance and consumer financial stability, is also poised for growth with the expected economic expansion.
Key players in the Cordless Power Tools Market include Festool GmbH, Makita Corp., Stanley Black and Decker Inc., and Bosch, among others. These companies are adopting various strategies such as strategic alliances, product launches, and geographical expansions to strengthen their market presence.
In conclusion, the Cordless Power Tools Market is on a trajectory of steady growth, fueled by technological advancements, sustainability initiatives, and evolving consumer preferences. With innovation driving the industry forward, stakeholders can expect continued expansion and opportunities for growth in the coming years.
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Analyst Review
The global cordless power tools market is experiencing a transformative phase, driven by a convergence of technological advancements, changing consumer preferences, and the evolving landscape of various industries. With the advent of Industry 4.0 and the widespread adoption of IoT (Internet of Things), cordless power tools have become increasingly sophisticated, efficient, and indispensable across a spectrum of applications and end-users.
One of the key drivers propelling this market forward is the rapid evolution of battery technology, particularly the widespread adoption of lithium-ion (Li-ion) batteries. These batteries offer enhanced power density, longer lifespan, and quicker charging capabilities compared to traditional NiCd batteries, making them ideal for powering cordless tools across industries such as construction, automotive, aerospace, electronics, energy, and shipbuilding.
Moreover, the shift from brushed motors to brushless motors has revolutionized the performance and durability of cordless power tools. Brushless motors offer higher efficiency, reduced maintenance requirements, and longer operational life, further bolstering the appeal of cordless tools in demanding industrial environments.
The construction industry, in particular, stands out as a significant driver of growth in the cordless power tools market. With increasing construction projects worldwide, there’s a growing demand for cordless tools for drilling, fastening, sawing, cutting, demolition, routing, and material removal. Additionally, the adoption of cordless power tools in the automotive, aerospace, and electronics industries is gaining momentum due to their portability, versatility, and efficiency.
North America, Europe, and the Asia-Pacific region are key geographical segments contributing significantly to the global cordless power tools market. While North America and Europe boast mature markets with established players like Dewalt and Atlas Copco, the Asia-Pacific region, particularly countries like China and Japan, is witnessing rapid growth fueled by manufacturing activities and the burgeoning electric vehicles market.
Innovation remains a focal point for market players, with a constant emphasis on product development, performance enhancement, and user experience. Factors such as market share, revenue growth, consumer preferences, and competitive landscape continue to shape the strategies of companies operating in this space.
Overall, the cordless power tools market is poised for robust growth driven by technological innovation, increasing demand from various industries, and a shift towards more efficient and sustainable power solutions. As the world continues to embrace advancements in battery technology, IoT integration, and automation, cordless power tools are set to play an increasingly pivotal role across diverse industrial sectors.
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Market Overview
The global cordless power tools market is experiencing a dynamic shift, driven by advancements in IoT technology and the growing concern over noise pollution. In industries like construction, where efficiency is paramount, lithium batteries are rapidly replacing outdated NiCd batteries, offering longer life and quicker recharge times. Raw materials such as steel, plastic, rubber, and fasteners play crucial roles in manufacturing these tools, ensuring durability and performance. North America, particularly the United States, leads in adoption, while the Asia-Pacific region shows significant potential for growth. With the rise of electric vehicles (EVs) and the push for sustainability, Li-ion batteries are becoming increasingly popular. European countries are also embracing cordless power tools, emphasizing eco-friendly solutions and innovation in the construction sector.
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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