Cordless Power Tools Market to grow by USD 4.43 billion from 2022 to 2027; Advances in battery technology to boost the market – Technavio

NEW YORK, Jan. 16, 2024 /PRNewswire/ — The cordless power tools market is estimated to grow by USD 4.43 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  4.53% during the forecast period. However, the growth momentum will progress. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%. 

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Cordless Power Tools Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on end-user (professional and consumer), and type (brushed motors and brushless motors).

The professional segment is estimated to witness significant growth during the forecast period. Professionals and consumers have divergent purchasing criteria for cordless power tools. Consumer segment performance is contingent on the housing sector, influenced by factors like financial stability, credit access, disposable incomes, employment, and demographics.

Geography Overview

Based on geography, the global cordless power tools market is segmented into North America, Europe, APAC, South America, and Middle East, and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cordless power tools market.

North America is estimated to contribute 32% to the growth of the global market during the forecast period. Anticipated growth in the automobile sector, marked by the expansion of automobile plants throughout the United States, stands as the key driver for market growth in the region. The rising number of air passengers is expected to fuel demand for new aircraft in the coming years, further contributing to the regional market’s expansion.

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Cordless Power Tools Market – Market Dynamics

Key Driver

The advances in battery technology is a key factor driving market growth. Cordless power tools find extensive use in battery-operated electronic devices, forklifts, and various other equipment. They utilize different battery types like lithium-ion (Li-ion), nickel-metal hydride (NiMH), and nickel-cadmium (NiCd). Among these, Li-ion battery-powered tools are favored over NiMH and NiCd options due to their superior energy density.

Major Trend

The integration of three-dimensional (3D) printing technology is a major trend in the market. Many manufacturers of power tools are attempting to take advantage of the popularity of 3D printing through its use in their production. As the use of 3D printing technology results in almost 30% less material needed to manufacture a product compared with conventional methods, this will lead to faster market entry for new products and reduced development costs.

Significant Challenge

Uncertainties in global economic growth are significant challenges restricting market growth. The decline in global economic growth, in particular in regions with a high number of original design manufacturers and original equipment manufacturers of electrical and electronic devices, has led to a reduction in credit availability and higher interest rates for manufacturers.

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What are the key data covered in this Cordless Power Tools Market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the Cordless Power Tools Market between 2023 and 2027Precise estimation of the Cordless Power Tools Market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the Cordless Power Tools Market industry across North America, Europe, APAC, South America, and the Middle East and AfricaA thorough analysis of the market’s competitive landscape and detailed information about companiesComprehensive analysis of factors that will challenge the growth of Cordless Power Tools Market companies

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The Cordless Power Tools Market offers a diverse range of products to meet various needs. Power drills, impact drivers, circular saws, and reciprocating saws cater to construction tasks, while jigsaws and angle grinders excel in precision work. Rotary hammers and hammer drills tackle heavy-duty projects, while power screwdrivers and cordless screwdrivers offer convenience. Sanders, planers, routers, and oscillating multi-tools ensure versatile applications. From cordless nailers to staplers, heat guns to caulking guns, and power shears to cordless grinders, the market provides solutions for every task. Outdoor tools like hedge trimmers, chainsaws, lawn mowers, leaf blowers, and pressure washers enhance landscaping. Additionally, cordless vacuum cleaners, tile saws, concrete vibrators, and cordless glue guns contribute to a comprehensive product lineup, addressing diverse consumer needs.

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The Power Tools Market size is estimated to grow by USD 11.43 billion between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 5.74%. 

The portable power tools market size is estimated to grow at a CAGR of 5.02% between 2022 and 2027 and the size of the market is forecast to increase by USD 7,608.62 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio