Cordless Power Tools Market Size to Reach Revenues of USD 26.29 Billion by 2026 - Arizton

Cordless Power Tools Market Size to Reach Revenues of USD 26.29 Billion by 2026 - Arizton

PR Newswire

CHICAGO, July 21, 2021

CHICAGO, July 21, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global cordless power tools market report.

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The cordless power tools market is expected to grow at a CAGR of over 10.54% during the period 2020−2026.

Key Highlights Offered in the Report:  

1.  Based on the tool type, drillers and fastening tools accounted for the highest revenue. The segment generated an additional revenue of USD 2.37 billion, which is expected to grow at a CAGR of 8.49% during the forecast period.

2.  North America dominates the cordless power tools market and accounts for 29.76% of the total share. The revenue in this region is expected to grow at a CAGR of 9.36% during the forecast period.

3.  The industrial end user segment contributed 75.17% of the total market revenue, while the construction industry accounted for USD 2.98 billion, followed by the automotive industry at USD 2.67 billion.

4.  APAC is the fastest-growing market for cordless power tools and is expected to grow at a CAGR of 12.34% during the forecast period.

5.  The rise in application of precision parts and surge in global consumer traffic are expected to drive the demand for cordless power tools in the aerospace industry. Accordingly, the segment is expected to generate USD 2 billion during the forecast period.

6.  Europe is home to world-class manufacturing facilities and accounted for approximately, 25.65% of the global cordless power tool market in 2020.

Key Offerings:

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Cordless Power Tools Market – Segmentation

Cordless Power Tools Market by Tool Type

Cordless Power Tools Market by End-user

Cordless Power Tools Market – Dynamics

Power tools, which include machineries such as drills, grinders, saws, heat guns, and others, are witnessing significant growth. These tools augment work efficiency by using advanced sensors and other technologies while minimizing chances of errors and injury. Hence, these benefits surge the adoption of power tools across industries. Heat guns, which are one of the most popular power tools, have unlimited usage across various industries. Heat guns use precise temperature control, air flow and have the ability to reduce the heat down to a pinpoint, which allows to generate precise results every time. Some major industries where heat guns are used include aerospace, automotive, electronics, construction, maintenance, packaging, and others. Heat guns in automotive repair shops are used for leather and vinyl repair, adhesive loosening, plastic welding bumpers and dashboards, repairing wire harnesses, and installing electronics. They are also used to tint windows evenly or for vinyl car wrapping. Heat guns are used for fixing tears in seats, small dents in bumpers, or scratches on plastic interiors.

Key Drivers and Trends fueling Market Growth:

Cordless Power Tools Market – Geography

North America was the largest market for cordless power tools in 2020. The region is expected to maintain its position during the forecast period, with revenue mostly being generated from the US, the largest economy of the region. North America is home to several large industries, including the automobile, construction, aerospace, electronics, and packaging. Advances in Li-ion battery technology, which is expected to grow at a CAGR of 9.45% between 2019 and 2024, the cordless power tools industry in North America is expected to exhibit high growth. A forerunner in the automobile industry manufactures in the North American automotive sector the highest number of electric cars in the world due to rising demand for ecofriendly products. Some of the largest automobile manufacturers, such as Ford, General Motors, and FCA, are based in the US.

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Cordless Power Tools Market by Geography

Major Vendors

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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