Pune, March 06, 2023 (GLOBE NEWSWIRE) -- Cordless Power Tool Market Overview:
As reported by SNS Insider, the size for cordless power tool market was estimated at USD 17.34 billion in 2022. It is projected to expand at a CAGR of 9.93% during the forecast period from 2023 to 2030, with an anticipated market value of USD 36.99 billion by 2030.
The cordless power tool market is expected to experience significant growth in emerging nations due to strong government support and rising income levels. With governments investing in infrastructure development projects, the construction industry in emerging nations is expected to expand significantly in the coming years. This, in turn, will lead to an increase in demand for cordless power tools. In addition, the trend toward DIY culture has also fueled the demand for cordless power tools in emerging nations. Cordless power tools are an essential part of any DIY toolkit, making them a highly sought-after product in the market.
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Cordless Power Tool Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 17.34 Billion |
| Market Size by 2030 | US$ 36.99 Billion |
| CAGR | CAGR of 9.93% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • by Motor type (Brushed Motor and Brushless Motor) • by Material Removal Tools (Sanders and Grinders.) • by Tools (Drills, Saws, Lawn Mower, Impact Wrench, Others) • by End User (Industrial, Commercial., Residential) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Major Trends Observed for Cordless Power Tool Market
- The drills segment has long been a dominant force in the market, thanks in large part to the increasing popularity of cordless drills. With the ability to be taken anywhere, cordless drills offer a level of convenience and portability that corded drills simply cannot match.
- The Sanders segment is expected to be a major driver of growth for the market in the coming years. This can be attributed to the increasing demand for cordless sanders among both professionals and DIY enthusiasts.
- As more individuals in the Asia Pacific region continue to achieve higher levels of income, they are more likely to invest in home renovation and improvement projects, which are major drivers for the market.
Key Company Profiles Listed in this Report Are:
Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll-Rand PLC, Hitachi Ltd., Makita Corporation, Robert Bosch GmbH, Snap-On Incorporated, Stanley Black and Decker, Techtronic Industries, Koki, Holdings, Emerson, Panasonic, Fortie, CHEVRON, Positec.
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Impact of recession on the Cordless Power Tool Market
The market has been impacted by the recent economic recession. The global recession has affected the purchasing power of consumers, leading to a decline in demand for cordless power tools. However, as the global economy recovers, the market is expected to regain momentum. The market is likely to witness an increase in demand as construction and manufacturing activities pick up pace.
Key Developments Related to Cordless Power Tool Market
- Makita, a leading manufacturer of power tools, has recently announced the launch of a new line of cordless construction equipment. The new equipment, which includes circular saws, reciprocating saws, drills, impact drivers, and angle grinders, is designed to meet the needs of construction professionals who require high-performance, reliable, and efficient tools on the job site.
- Koki Holdings America Ltd., a leading manufacturer of power tools, has recently announced a merger of two of its organizations, Metabo HPT and Metabo Power Tools in North America. This decision has been made to streamline operations and provide a better experience for customers. The merger will create a new entity, which will be known as Metabo HPT USA. The new company will combine the strengths of both organizations and will offer a wider range of products to customers in North America.
Cordless Power Tool Market Segmentation Listed Below:
Segment by Motor Type
- Brushed Motor
- Brushless Motor
Segment by Material Removal Tools
- Sanders
- Grinders
Segment by Tools
- Drills
- Saws
- Lawn Mower
- Impact Wrench
- Others
Segment by End User
- Industrial
- Commercial
- Residential
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