According to P&S Intelligence, cordless power tools market revenue will exceed USD 46,729 million by 2030
NEW YORK, September 5, 2022 /PRNewswire/ — According to the latest market research report published by P&S Intelligence, in 2030, the turnover of the cordless power tools market will be $46,729.5 millionwhich will have gone from $21,233.4 million in 2021 at a CAGR of 9.2%.
Main factors behind the lucrative potential of the future market
The major driver of the cordless power tools market is the booming construction industry globally. With the rapid increase in population, governments are launching a horde of initiatives to develop residential, commercial and industrial infrastructure. Here, while power tools already reduce manual labor, cordless (battery) variants offer additional portability and convenience of use.
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In this regard, emerging economies offer lucrative opportunities for companies manufacturing such tools, as they are the ones with the highest population growth rates. Among the 10 most populous countries, except the United States, all are developing countries. In addition to population growth, the rate of urbanization is also high there, which is why construction activities are mainly concentrated in cities and semi-urban pockets.
Key insights from the Cordless Power Tools market report
- Drilling and fastening tools account for around 24% of the market revenue as they are widely used in the manufacturing sector except for the construction industry.
- The second largest share of value is held by sawing and cutting tools, due to their wide use on wood and metals. In addition, a range of easy-to-use sawing and cutting tools are available for the do-it-yourselfer.
- The highest revenue in the cordless power tools market comes from the industrial sector, mainly due to the huge global construction sector. Cordless drills, sanders, grinders, cutters, saws, and screwdrivers are common in infrastructure construction, repairs, and renovations.
- The automotive sector is also a major buyer of battery-powered hand tools, particularly metal grinding, drilling and sawing tools. With increasing competition in the industry, automakers are focusing heavily on automotive refinishing, where these tools are becoming important.
- Among all end-users, the residential category will have the highest CAGR of 9.9%, attributed to growing home repair and renovation business. In addition, to save money, the inhabitants take care of these tasks themselves, which energizes the DIY culture.
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Global Cordless Power Tools Market Scenario
- During this decade, the fastest growth in the sale of cordless power tools will be seen in Asia-Pacific, led by India, China, and other developing countries. This is attributed to rising disposable income, which allows people to spend on home repairs.
- Moreover, large-scale construction is underway in these countries as governments strive to raise the standard of living of their huge populations. For instance, China wants more than 60% of its population to live in cities by 2025, while India build 100 smart cities.
- In addition, North America holds a 28% share due to its already large DIY culture and the presence of numerous hardware stores and stores. Similarly, technological advancements and growth in the automotive and construction industries are driving the sales of cordless power tools in Europe.
Coverage of Cordless Power Tools Market Report
By tool type
- Drilling and fixing tools
- Sawing and cutting tools
- demolition tools
- Material removal tools
- Routing tools
By engine type
- Brushed Motors
- brushless motors
By battery voltage
- 40V and above
Per end user
Report Covered Regions
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence