DUBLIN–(BUSINESS WIRE)–The “Global Cordless Power Tools Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Cordless Power Tools Market was worth $14.41 Billion in 2022 and is forecast to grow to $26.29 Billion in 2028, registering a CAGR of 7.5%.
The global cordless power tools market is illustrated by low market intensity with high competition. The present scenario leads vendors to alter and improve their unique value propositions to achieve a strong market presence. Currently, the industry is moderately fragmented and is dominated by vendors. The presence of differentiated global and regional vendors characterizes the market.
As international players increase their market footprint, regional vendors will likely increase difficulty competing with these global players. The rivalry is solely based on durability, technology, services, price, and customization.
The major vendors in the global cordless power tools market include Stanley Black & Decker, Techtronic Industries, Robert Bosch, Makita, and Hilti. Further, vendors must develop new technologies and remain abreast with upcoming innovations to have a competitive advantage. Many international players are expected to expand their reach worldwide during the forecast period to gain more market share, especially in the fast-developing countries in APAC and Latin America.
Market Opportunities & Trends
Market Growth Enablers
Market Restraints
SEGMENTATION INSIGHTS
INSIGHTS BY TOOL TYPE
The global cordless power tools market by tool type is segmented as drilling and fastening, sawing and cutting, demolition, material removal, and routing tools. The drilling and fastening tool type held the most significant segmental share in 2022. The most common cordless power tools are drilling and fastening tools such as drills, impact wrenches, impact drivers, screwdrivers, and nut runners. The sawing and cutting tools segment is the second-largest segment; the higher share of the segment is favored because these tools are mostly used for wooden and metal works that need precision cutting. They are also used in DIY activities as most vendors offer user-friendly cutting tools, such as jigsaws, for home improvement and wood-crafting.
INSIGHTS BY CATEGORY
The mass category segment dominated the global cordless power tools market in 2022. Mass cordless power tools are mainly used to clean and maintain moderate-sized homes or yards. The segment is projected to grow significantly during the forecast period due to high customer preference.
INSIGHTS BY END-USER
The industrial end-user segment emerged as the leading source of revenue in the global cordless power tools market in 2022, and this pattern is expected to persist over the projected period. Hand tools are extensively used across various industries, including automotive, aerospace, electronics, energy, construction, shipbuilding, etc. Within this spectrum, the construction sector takes the lead in generating revenue, driven by the region’s increasing construction and renovation endeavors.
Following closely behind is the automotive industry, which specializes in the assembly precision components. Drilling and fastening tools are the major tools for tightening fasteners, engine mounting, and other joint works. Sanders and angle grinders are used for smoothening and polishing the vehicle parts and chassis. With the global electric vehicles market growing at 60% annually, expansion and increased production facilities can increase demand for cordless power tools, especially in fastening tools, routing, and the material removal tools segment.
GEOGRAPHICAL ANALYSIS
North America held the most significant global cordless power tools market share, valued at over USD 6 billion in 2022. The region is projected to uphold its leading position throughout the forecast period, primarily driven by revenue generated in the United States.
North America boasts a multitude of significant industries, encompassing automotive, construction, aerospace, electronics, and packaging, among others. Particularly noteworthy is the North American automotive sector, which hosts the world’s largest population of electric vehicles, a response to the growing consumer demand for environmentally friendly products.
Key Company Profiles
Other Prominent Vendors
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 572 |
| Forecast Period | 2022 – 2028 |
| Estimated Market Value (USD) in 2022 | $14.41 Billion |
| Forecasted Market Value (USD) by 2028 | $26.29 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
MARKET SEGMENTATION
Segmentation by Tool Type
Segmentation by Drilling and Fastening Tools
Segmentation by Sawing and Cutting Tools
Segmentation by Demolition Tools
Segmentation by Material Removal Tools
Segmentation by Routing Tools
Segmentation by Others
Segmentation by Category
Segmentation by End-Users
For more information about this report visit https://www.researchandmarkets.com/r/sxap4q
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