CORDLESS POWER TOOLS INDUSTRY INSIGHTS
The global cordless power tools market size was valued at USD 14.4 billion in 2020 and is expected to reach USD 26.29 billion in 2026, growing at a CAGR of 10.54% during the forecast period. APAC is the fastest-growing market for cordless power tools and is expected to grow at the highest CAGR during the forecast period.
Rapid industrialization and increasing applications in household and commercial sectors are primarily driving the cordless power tools market growth. These tools are used mainly in automobile, aerospace, construction, electronics, and shipbuilding industries. They also have several household applications such as removing paint, soldering wire, and thawing pipes. The increased demand for Lithium-ion batteries and the rise in infrastructural developments surge the demand for these tools. The extensive use of battery-driven tools has increased the use of cordless power tools. The ban of NiCd batteries in power tools has increased the application of lithium-ion batteries in these tools. Furthermore, the proportion of cordless tools has increased in smaller power tools categories such as angle grinders, circular saws, and reciprocating saws.
- Drillers and fastening tools expect to reach USD 6,149.04 million by 2026, growing at a CAGR of 8.49%.
- The increased application of precision parts and the surge in global consumer traffic are expected to drive cordless power tools from the aerospace industry.
- APAC is the fastest-growing market for cordless power tools and is expected to grow at a CAGR of 12.34% during the forecast period.
- Innovations in battery technology have made Lithium-ion a preferred choice for electronic appliances.
- The global demolition hammers market is likely to USD 1,880 million by 2026 as they accomplish cutting and demolishing hard materials.
- The industrial end-user segment expects to generate incremental revenue of USD 8.23 billion during the forecast period.
GLOBAL CORDLESS POWER TOOLS MARKET OPPORTUNITIES
- The rising industrial production in automobiles, construction, household appliances, and other sectors, is expected to boost the demand for cordless power tools in Latin America.
- Many international players are expected to expand their reach worldwide during the forecast period in APAC and Latin America to gain more market share
- The future of the market will rely on the new product features in addition to that of the brushless motor technology.
GLOBAL CORDLESS POWER TOOLS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Tool Type
INSIGHTS BY TOOL TYPE
APAC is the fastest-growing region for sawing and cutting tools and expects to grow at a CAGR of 10.72%.
The revenue of drillers and fastening tools is expected to reach $6,149.04 million by 2026. Applying these tools in DIY activities for home improvement and wood-crafting activities is a major factor boosting the demand for these tools. Demolition tools follow the suit, accounting for 20.81% of the global revenue in 2020. Most demolition tools such as rotary hammers and hammer drills are used for renovation and retrofit construction sites. Due to the rise in infrastructural activities in countries such as the US and Canada, demolition tools will remain in demand. North America expects to lead the material removal tool segment during the forecast period due to the rise in end-user industries.
INSIGHTS BY END-USERS
The global industrial market is likely to grow at a CAGR of 9.88% during the forecast period.
The industrial end-user segment, consisting of the automotive and construction industries, generated the maximum revenue in the cordless power tools market in 2020. The segment expects to remain consistent during the forecast period due to the increasing demand for sophisticated tools. However, renovation, retrofit, and DIY activities are likely to drive the market in the residential and commercial segments. China, Japan, the US, and Western Europe are likely to accelerate the demand during the forecast period. These regions witness a significant production of electric vehicles. Complexity in designs and mechanisms is likely to increase the demand for cordless tools.
Similarly, the demand from the aerospace and defense industries will grow due to the high focus on product reliability and consistency. The global commercial market is expected to grow at a CAGR of 11.64% during the forecast period. With the growth in professional cleaning services, the demand for dust extractors and cleaners can witness a surge over the next five years. Stripping paints, loosening bolts, and fitting metal parts are common commercial applications of cordless power tools in the construction industry.
The residential segment is expected to witness significant growth due to the rise in the construction of new homes and buildings. In addition, an increase in renovation and retrofit projects that use drillers, demolition tools, and cutting equipment, is a major driver for the growth of these tools.
INSIGHTS BY GEOGRAPHY
North America expects to lead the market during the forecast period.
The U.S. is likely to generate most of the revenue in the North American region. A forerunner in the automobile industry, the North American automotive market is the largest manufacturer of electric cars worldwide. Advances in Lithium-ion battery technology is likely to drive the growth of the cordless power tools industry in North America. Increased efficiencies and low-cost production have made the US a center for investments in the oil and gas sector. The demand for drillers and material removal tools could rise, with the growth of the construction industry during the forecast period.
INSIGHTS BY VENDORS
Stanley Black & Decker, Bosch, TTI, Makita, and Hilti dominates the global cordless power tools market.
The global market is characterized by low market concentration, with high competition among players. Currently. These vendors have a global presence in three major regions - North America, APAC, and Europe. The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong market presence. The competition is expected to intensify further with increased product extensions, growth in technological innovations, and an increase in merger and acquisition activities.
The global cordless power tools market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments
- Drilling and Fastening Tools
- Impact Drivers
- Impact Wrenches
- Screwdrivers & Nut Runners
- Sawing and Cutting Tools
- Reciprocating Saws
- Circular Saws
- Band Saws
- Shears and Nibblers
- Demolition Tools
- Demolition Hammers
- Rotary Hammers
- Hammer drills
- Material Removal Tools
- Routing Tools
- Layout & Laser Tools
- Dust Extractors
- Heat and Glue Guns
- Other Industry
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa