CHICAGO, Nov. 8, 2021
CHICAGO, Nov. 8, 2021 /PRNewswire/ -- The surge in the number of projects across the infrastructure and construction markets is a boon for the cordless power tools market and will also trigger innovations in the future. Several ongoing trends in the electrical and electronic equipment market have driven innovation in battery technology and contributed to the development of small, light, and powerful batteries in the global cordless power tools market. Arizton's research reports on the industrial machinery are offering an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market insights. Observing these rapid and drastic changes in demand and supply patterns encouraged the industry analysts at Arizton to publish exhaustive and data-driven insights on these recent trends in the industry.
1. Cordless Power Tools Market - Global Outlook and Forecast 2021-2026
The global cordless power tools market size to reach USD 26.29 billion in 2026, growing at a CAGR of 10.54% during the period 2020–2026. In 2020, North America dominated the cordless power tools market across the globe. Players must develop new technologies and need to remain abreast with the upcoming innovations to have a competitive advantage over other players. Rise is the end-user industries is one of the major factors driving the growth of the cordless power tools market. Based on the tool type, drillers and fastening tools accounted for the highest revenue, and is expected to reach USD 6149.04 million by 2026. Top 18 companies control more than 90% of the global power tools market. The innovation of Zamo laser measure by Bosch was a gamechanger in the cordless measurement tool segment. Arizton estimates that the global players in the cordless power tools market will grow inorganically by acquiring regional or local players in the upcoming years.
With the boost in India, fueled by growth in the construction industry, India can be a major market for fastening tools. The growth in the use and demand for Li-ion battery along with the rise in infrastructural developments, has surged the demand for these tools. The cordless power tools market is likely to generate additional revenue of approximately USD 3.05 billion between 2020 and 2026. The wide acceptance and increasing demand for cordless power tools across industries can give rise to intense distribution channels and the growth of other prominent and local vendors in the country. The surge in railway projects is also expected to accelerate the growth of the power tools market across the globe. Over 63% customers of DIY cordless power tools prefer to buy them in physical stores over online sites.
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2. US Cordless Power Tools Market - Industry Outlook & Forecast 2021-2026
The US cordless power tools market size is expected to reach USD 6.12 billion by 2026, growing at a CAGR of 9.49% during the forecast period. Power tools are the most important components of DIY activities along with hand tools and decorative tools. Thereby, a considerable increase in DIY activities has enabled most power tool vendors to design and offer compact and user-friendly battery-operated power tools in the US. Several vendors are manufacturing cordless power tools with innovative product specifications to capture more consumer interest and improve user convenience. With the growing popularity of the DIY culture and the demand for more user-friendly tools, vendors are customizing their tools for home improvement activities. Cordless power tools are outpacing conventional hand tools as they improve the effectiveness of both professional construction workers and DIY hobbyists. The rapid shift in manufacturing technologies and the widespread use of power tools across the telecom, IT, consumer electronics, industrial, automotive, and medical industries will drive the demand for industrial heat guns. The increasing demand from the aerospace and electronic sectors is driving the market for heat guns.
Innovations to replace heavy corded tools with cordless counterparts will offer tremendous opportunities for vendors in the market due to a substantial demand-supply gap. The rising economic development, growth of industrial sectors, and demand for convenience tools have contributed to the growth of the cordless power tools market. General Motors, Tesla, and Nissan are three major companies that manufacture the most electric vehicles (EVs) in the US. The rising demand for EVs is attributable to the growing demand for eco-friendly vehicles. Thereby, creating heavy demand for cordless power tools market across the US.
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