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Cordless Power Tools Market to Reach USD 40.73 Billion by 2031 Driven by Advancements in Li-ion Batteries.

The SNS Insider report estimates the Cordless Power Tools Market size at USD 19.08 Bn in 2023 and forecasts a staggering growth to USD 40.73 Bn by 2031. This translates to a Compound Annual Growth Rate (CAGR) of 9.94% over the forecast period, highlighting the market’s immense potential.

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Some of the Major Key Players in this Market:

  • 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.

Increasing Demand for Powerful and Efficient Cordless Tools Propels Market Growth

The cordless power tools market is experiencing a significant boom, driven by advancements in Li-ion battery technology. These batteries offer superior backup capacity and efficiency compared to traditional NiCd batteries, making cordless tools more powerful and practical for various applications. This shift is revolutionizing the industry, with cordless tools becoming increasingly competitive with their corded counterparts. In developed economies and increasingly in developing regions, DIY (Do-It-Yourself) activities are gaining immense popularity. Consumers are engaging in home improvement projects for leisure, cost-effectiveness, and skill development. This trend Drive the demand for cordless tools due to their convenience and portability. Professionals are increasingly favoring cordless tools due to their efficiency and manoeuvrability. The ability to operate without a power cord enhances flexibility and productivity in various work environments. Manufacturers are continuously expanding their cordless tool offerings, encompassing drills, saws, screwdrivers, and even heavy-duty equipment. This wider selection caters to a broader range of user needs and applications. Li-ion batteries offer a more environmentally friendly alternative to traditional batteries. This factor resonates with consumers and businesses alike, driving the adoption of cordless power tools. One hurdle is the availability of cheap labor in developing economies where traditional tools remain prevalent.  Additionally, outsourcing repair and maintenance services can reduce the incentive for residential cordless tool ownership.

Recent Developments Shape the Market Landscape

January 2023: Hilti North America announced the introduction of over 30 new cordless tools to its existing portfolio, expanding their offerings significantly.

January 2023: Bosch Power Tools announced the launch of 32 new 18V cordless tools compatible with their CORE18V platform, further strengthening their market presence.

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Market Segmentation

The cordless power tools market can be segmented by motor type and end-user

By Motor Type, Brushed motors currently dominate the market due to their simple design and low manufacturing cost. However, brushless motors are gaining traction due to their superior power and efficiency.

  • Brushed Motor
  • Brushless Motor

By End-User, The Industrial segment holds the leading share, encompassing industries such as automotive, aerospace, construction, and shipbuilding. The construction sector is expected to witness the highest revenue generation due to the rising demand for renovation and construction activities.

  • Industrial
  • Commercial
  • Residential

By Material Removal Tools

  • Sanders
  • Grinders

By Tools

  • Drills
  • Saws
  • Lawn Mower
  • Impact Wrench
  • Others

The Impact of Global Events

The Russia-Ukraine war and potential economic slowdown pose challenges to the cordless power tools market The war has impact on supply chains and caused volatility in raw material prices, impacting production costs and potentially Result to price hikes for cordless tools. A global economic slowdown could reduce the consumer spending and hinder investments in infrastructure projects, impacting the demand for cordless tools in both residential and industrial sectors. Example: A potential economic slowdown could lead to a decline in construction projects, impacting the demand for cordless power tools used in this sector.

Key Regional Developments Shape Market Dynamics

North America region currently holds the dominant position in the cordless power tools market, driven by a robust industrial sector and advancements in Li-ion battery technology. The Asia-Pacific is expected to witness the fastest growth due to factors such as rising disposable income and growing urbanization in this region.

Key Takeaways for the Cordless Power Tools Market Study

The report highlights the significant role of Li-ion battery advancements in driving market growth.

It explores the rising popularity of DIY activities and their impact on the demand for cordless tools.

The study provides valuable insights into the preferences of professional users and the expanding range of cordless tools available.

The report analyzes the challenges posed by the availability of cheap labor and outsourcing in developing economies.

The study offers a comprehensive segmentation of the market by motor type and end-user, providing valuable insights into market dynamics.

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