US CORDLESS POWER TOOLS INDUSTRY OUTLOOK
The US cordless power tools market size is expected to reach a revenue of USD 6.12 billion by 2026, growing at a CAGR of 9.49% during the forecast period. The increasing demand for efficient power tools is gaining traction in the global market. The surge in the infrastructure and the construction sectors is a boon to the power tools market that will enforce innovations in the future. NiCd, NiMH, and Li-ion are some of the most common batteries widely used in cordless power tools. Advances in battery technology are enabling the introduction of new products and services in the industry.
The cordless power tools market is expected to witness steady growth during the forecast period. The increase in the use and demand for Li-ion batteries and the rise in infrastructural developments have surged the demand for these cordless devices. The overall improving economic scenario and the extensive use of battery-driven tools have surged cordless power tools. With the development of new generation batteries, vendors are trying to implement cordless features in heavy tools such as demolition hammers and hammer drills that are least penetrated at present.
- The DIY culture is one of the significant drivers for cordless power tools. The impact of the driver is more significant in US and European countries in 2020.
- The US is the leading exporter of manufacturing technology products, thereby surging the demand for cordless power tools.
- The drilling and fastening tools, demolition tools, and sawing and cutting tools segments are expected to contribute more than 55% to the incremental growth in the market in the upcoming years.
- Players are investing in new forms and fastening technologies for reshaping the requirements of fastening technologies. This is expected to drive the growth of the US cordless power tools market share.
- Based on the tool type, the drillers and fastening tools segment is expected to reach USD 1.48 billion by 2026, growing at a CAGR of 7.88%.
- Cordless drills are powered by Li-ion batteries that make them more efficient and offer higher productivity to create high demand among the end-users.
- The cordless grinders and sanders with rechargeable batteries and powerful mechanisms offer flexibility and an efficient way to complete DIY projects.
- Makita has installed the Auto-Start Wireless System (AWS), which is engineered to provide efficient dust extraction, accelerating the market's growth.
- Some of the major vendors that offer sanders in the power tools market include Stanley Black & Decker, Bosch, Makita, and Ryobi.
South: The cordless power tools market in the South was valued at USD 1.13 billion in 2020 and is expected to reach USD 2.00 billion by 2026. The growth is supported by due to new construction projects and construction projects in the pipeline in the region. States such as Texas, Louisiana, Virginia, Georgia, North Carolina, Tennessee, Maryland, and Florida are the top states in this region that accounts for US construction project pipeline. The increase in the construction project is boosting the growth of the U.S. cordless power tools market.
West: According to the National Association of Home Builders (NAHB) survey, the states West region of the US with the largest homes built are Arizona, Colorado, Idaho, Nevada, Utah, and Wyoming. Due to high flooring and roofs in the country, construction professionals rely on various tools. This is expected to create the demand for cordless power tools in the US during the forecast period.
Northeast: With the growing economic development, public and private construction sites are expected to fuel the demand for cordless power tools in this region. Nearly 190,000 new privately-owned housing units are under construction in 2021. Vendors are expected to gain the opportunities in the Northeast region to boom the sale of power tools.
Midwest: The cordless power tools market in Midwest is growing at a CAGR of 9.29% during the forecast period. Car production and maintenance operations are dependent on portable cordless power tools across the region.
The cordless power tools market in the US is moderately fragmented and is dominated by vendors, such as Stanley Black & Decker, Bosch, and TTI. The competition among the players will be based solely on features such as durability, technology, services, and price and customization. Vendors must develop new technologies and remain upgraded with upcoming innovations to have a competitive advantage over other players. For instance, Bosch is the only vendor that offers cordless power tools that support inductive charging techniques. Bosch is also trying to improve the accommodation for the DIY enthusiasts and other new target groups based on the user requirements. Did you know? Arizton believes that the global players will grow inorganically by acquiring regional or local players in the future. The adoption of cordless power tools among end-users in the US is impressive since their launch. The competition among companies is intensifying, leading to introducing innovative and advanced solutions in the industry.
The US cordless power tools market research report includes in-depth coverage of industry analysis with revenue and forecast insights for the following:
Segmentation by Tool Type
- Drilling and Fastening Tools
- Sawing and Cutting Tools
- Demolition Tools
- Material Removal Tools
- Routing Tools
Segmentation by End-User
Segmentation by Geography