Global Cordless Power Tools Market Sees Expansion as Consumers Embrace Wireless Solutions - Arizton

Jan 31, 2024

Watch Out Huge Market Opportunities in the Next 6 Years 

Arizton is pleased to announce its latest report, cordless power tools market - global outlook & forecast 2023-2028, shedding light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current cordless power tools market dynamics and future prospects.  

Browse 515 market data Tables and 209 Figures spread through 572 Pages and in-depth TOC on "the cordless power tools market by Tool Type (Drilling and Fastening Tools, Sawing and Cutting Tools, Demolition Tools, Material Removal Tools, Routing Tools, and Others), Drilling and Fastening Tools (Drills, Impact Drivers, Impact Wrenches, and Screwdrivers & Nut Runners), Sawing and Cutting Tools (Circular Saws, Reciprocating Saws, Band Saws, Jigsaws, and Shears and Nibblers), Demolition Tools (Demolition Hammers, Rotary Hammers, and Hammer Drills), Material Removal Tools (Sanders and Grinders), Routing Tools, Other Tools (Layout Tools and laser Tools, Dust Extractors, and Heat and Glue Guns), Category (Mass and Premium), Motor Type (Brushed Motors and Brushless Motors), Battery (12V, 18V, 20V, 40V, and 40V & Above), End-Users (Industrial, Commercial, and Residential), Industrial (Automotive, Aerospace, Electronic, Energy, Construction, Shipbuilding, and Other Industry), Commercial, Residential, Distribution Channel (Offline and Online), Geography (North America, Europe, APAC, Latin America, and Middle East & Africa) - global forecast to 2028.” 

View Detailed Table of Content Here - https://www.arizton.com/market-reports/cordless-power-tools-market?details=tableOfContents 

The global cordless power tools market was valued at USD 24.50 billion in 2022 and is expected to reach USD 37.87 billion by 2028. Cordless power tools are portable devices powered by batteries; they have a wide range of applications, including commercial and residential do-it-self activities. These tools are compact with wireless design and offer a brushed and brushless motor option. Furthermore, the increasing adoption of lithium batteries drives the demand for cordless power. However, it is associated with high operational and maintenance costs, posing challenges to market expansion. 

Ingersoll Rand, who designed cordless fastening, delivers a closed-loop and multiconfiguration control that supports precision fastening. The programmable speed and closed loop transducer control help in accurate and traceable results. Furthermore, the automatic configuration switching and wireless communication options deliver a process with input/output that promotes efficiency and performance. This user-friendly compactable tool has gained popularity and momentum in end-user industries. 

 

Which is the Major End-User of Cordless Power Tools? 

In 2022, the industrial end-users segment constituted the largest market segment and is more likely to remain dominant throughout the forecast period. Cordless power tools are widely used in automotive, aerospace, electronics, energy, construction, shipbuilding, and other industries. The construction sector is estimated to be the highest revenue generator due to the rise in construction and renovation activities, followed by the automotive industry, which involves assembling high prices on parts. 

 

What Impact did the Growing DIY Culture have on the Demand for Cordless Power Tools? 

DIY has seen enormous growth in the past decade. The trend is popular only in Western countries, so it is rapidly adopted in APAC and Latin America. Most prominent players, such as Bosch, develop user-friendly tools with NanoBlade technology for DIY enthusiasts. Saws, heat guns, glue guns, drillers, and wrenches are the preferred tools for DIY activities. Some heavy tools, such as demolition hammers and hammer drills, are also used for repair and maintenance works in commercial and residential spaces. The DIY culture is one of the significant drivers for cordless power tools. In 2022, the impact of the driver was more significant in North America and Europe. DIY has seen enormous growth in the past decade. With the trend being popular only in Western countries, it is being rapidly adopted in APAC and Latin America. Most major players, such as Bosch, develop user-friendly tools with NanoBlade technology for DIY enthusiasts. Saws, heat guns, glue guns, drillers, and wrenches are the preferred tools for DIY activities. Some heavy tools, such as demolition hammers and hammer drills, are also used for repair and maintenance works in commercial and residential spaces. The DIY culture is one of the major drivers for cordless power tools. In 2022, the impact of the driver was more significant in North America and Europe. 

 

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How is the Competitive Landscape of the Cordless Power Tools Market Evolving? 

The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong market presence. The cordless power tools market is moderately fragmented and is dominated by Stanley Black & Decker, Bosch, and TTI vendors. These major vendors have a global presence in the three major regions of North America, APAC, and Europe. However, other vendors provide products with similar specifications at low prices. This is likely to intensify the price war during the forecast period. The market confronts the threat of infiltration with low-quality products from Chinese vendors. The major vendors also continually compete for the leading position in the market, with occasional spurts of competition coming from other local vendors. The presence of diversified global and regional vendors characterizes the market. As international players increase their market footprint, regional vendors will likely find it increasingly difficult to compete with these global players. The competition will be based solely on durability, technology, services, price, and customization. The market's future will rely on the new product features and brushless motor technology. For instance, Bosch is the only vendor that offers cordless power tools that support inductive charging techniques. This enables the tool to be charged without removing the battery from the tool. It is also equipped with Foreign Object Detection (FOD), which can detect any object other than the power tool during charging. This has enabled the global vendor to capture the market attention. 

Bosch tries to improve the accommodation for DIY enthusiasts and other new target groups based on user requirements. The company also introduced NanoBlade technology that produces lower vibrations, which is ideal for DIY activists. Similar strategies have been adopted by Stanley and Milwaukee, who introduced Bluetooth-enabled batteries in their tools. These batteries can be paired with Android and IOS phones that are more useful for contractors while working. It will greatly reduce the number of accidents and injuries as the tool warns during high temperatures. The company also plans to launch the segment for DIY users. Despite being expensive, the tools had a positive response in the market due to the theft prevention and streamlined workflow of the device. 

How Can Businesses Capitalize on Opportunities in the Cordless Power Tools Market? 

Businesses can capitalize on opportunities in the cordless power tools market by investing in research and development to innovate new products, expanding their distribution networks to reach new customers, and leveraging digital marketing and e-commerce channels to enhance visibility and accessibility. Additionally, partnerships with suppliers and distributors can help streamline operations and improve market penetration. 

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Global Cordless Power Tools Market Sees Expansion as Consumers Embrace Wireless Solutions - Arizton

Watch Out Huge Market Opportunities in the Next 6 Years ...

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