The Cordless Power Tools Market Growth was valued at USD 17.34 billion in 2022. It is projected to reach USD 36.99 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.93% during the forecast period from 2023 to 2030.
Cordless power tools have witnessed significant growth in recent years, and this trend is expected to continue in the coming decade. The market's value is anticipated to nearly double, driven by various factors such as technological advancements, increasing demand from end-users, and the growing popularity of DIY projects.
One of the key drivers behind the surge in demand for cordless power tools is the convenience they offer. Unlike their corded counterparts, these tools provide freedom of movement and eliminate the hassle of tangled cords. This feature has made them increasingly popular among professionals and DIY enthusiasts alike.
Moreover, the continuous advancements in battery technology have significantly enhanced the performance and runtime of cordless power tools. Lithium-ion batteries, in particular, have revolutionized the industry by providing longer-lasting power and faster charging capabilities. This has further fueled the adoption of cordless power tools across various sectors, including construction, automotive, and woodworking.
Furthermore, the rising focus on sustainability and environmental consciousness has also contributed to the growth of the cordless power tools market. These tools are generally more energy-efficient compared to their corded counterparts, reducing overall power consumption. Additionally, the elimination of cords reduces the risk of accidents and improves workplace safety.
Geographically, North America and Europe have been the dominant regions in the cordless power tools market, owing to the presence of established manufacturers and a strong consumer base. However, emerging economies in Asia Pacific, such as China and India, are expected to witness significant growth in the coming years due to rapid industrialization and urbanization.
In conclusion, the cordless power tools market is poised for substantial growth in the forecast period.
Sample Report of Cordless Power Tools Market: https://www.snsinsider.com/sample-request/1136
KEY MARKET SEGMENTATION
By Motor Type
Brushed Motor
Brushless Motor
By Material Removal Tools
Sanders
Grinders
By Tools
Drills
Saws
Lawn Mower
Impact Wrench
Others
By End User
Industrial
Commercial
Residential
Key Players
The major key players 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. and Other Players
Driving Factors
The rise in use of power tools in automotive, construction and manufacturing sector has lead the market growth globally.
Cost effective and energy efficient battery power tools has led to rise in demand for power tools in do by yourself methods in household consumers.
Opportunities
The increasing industrial production in automobiles, construction, household appliances, and other sectors, is expected to for cordless power tools in developing countries.
The future market is always dependent on new technologies and development and in these sectors, there is an opportunity for cost-effective and energy-efficient cordless power tool products.
Get This Exclusive Report of Cordless Power Tools Market@ https://www.snsinsider.com/checkout/1136
Table of Contents
Introduction
Research Methodology
Market Dynamics
Impact Analysis
Value Chain Analysis
Porter’s 5 forces model
PEST Analysis
Cordless Power Tool Market Segmentation, by Motor Type
Cordless Power Tool market, by Material Removal Tools
Cordless Power Tool Market Segmentation, by Tools
Cordless Power Tool Market Segmentation, by End-use
Regional Analysis
Company Profile
Competitive Landscape
Conclusion
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety.
Contact Us:
Akash Anand – Head of Business Development Strategy
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com