The global cordless power tools market by revenue is expected to grow at a CAGR of over 10.54% during the period 2020-2026. This is according to a new report from ResearchAndMarkets.
What will be the value of the global cordless power tools market by 2026? This report makes predictions.
Rapid industrialization and increasing applications in residential 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.
The following factors are likely to contribute to the growth of the cordless power tools market during the forecast period:
- Industry 4.0 and Smart Precision Manufacturing
- Advances in Li-ion Batteries
- The rise in demand for industrial heat guns
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 U.S., 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.
Tool types
- Drilling and fastening tools
- Demolition tools
- Sawing and cutting tools
- Material removal tools
- Routing tools
- Others
The study considers the global cordless power tools market’s present scenario and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
To learn more or download the report, click here.
Filed Under: Tools for fastening