Technological advances in battery technology, increasing usage in professional areas and the rise of DIY culture and home improvement projects are driving market growth.
Wilmington, Delaware, August 19, 2024 (GLOBE NEWSWIRE) – Allied Market Research published a report titled: “Cordless Power Tools Market by Product Type (Drilling and Fastening Tools, Sawing and Cutting Tools, Demolition Tools, Material Removal Tools, and Garden Tools), Motor Type (Brush Motor and Brushless Motor), End User (Construction, DIY, Gardening, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2024–2033”According to the report, the cordless power tools market was valued at $15.7 billion in 2023 and is estimated to reach $36.2 billion by 2033, growing at a compound annual growth rate of 8.7% between 2024 and 2033.
Key growth factors
Technological advances in battery technology, increasing adoption in professional fields, and the rise of DIY culture and home improvement projects are driving market growth. However, the high initial cost of cordless power tools and their batteries can be a barrier to adoption, especially for price-conscious consumers and small businesses. On the other hand, the rapid growth of construction and infrastructure projects in emerging markets presents a significant opportunity for the cordless power tools industry.
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Report scope and details:
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Report coverage |
Details |
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Forecast period |
2024–2033 |
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Base year |
2023 |
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Market size in 2023 |
15.7 billion US dollars |
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Market size in 2033 |
36.2 billion US dollars |
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CAGR |
8.7% |
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Number of pages in the report |
207 |
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Segments covered |
Product type, engine type, end user and region. |
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driver |
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Opportunities |
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Restraint |
Segment overview
By product type, the drilling and fastening tools segment accounted for the highest market share in the cordless power tools market in 2023. This category typically holds the highest market share in the cordless power tools segment. Drilling and fastening tools are essential in various industries including construction, automotive, and manufacturing and contribute significantly to the overall revenue and consumption. However, the garden tools segment is expected to grow at the highest CAGR during the forecast period. This category is expected to witness higher growth with a higher compound annual growth rate (CAGR). As consumer interest in gardening and outdoor activities increases, there is a growing demand for cordless garden tools such as lawn mowers, hedge trimmers, and leaf blowers. Advancements in battery technology, reduction in noise levels, and improvement in environmental impact are the key factors driving this growth.
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By motor type, the brushless segment accounted for the highest market share in terms of revenue in 2023. Brushless motors are preferred due to their efficiency, longer lifespan, lower maintenance requirements, and higher power output compared to brushed motors. Many manufacturers have switched to brushless motors due to these advantages, especially in premium and professional tools. On the other hand, the brushless segment is also expected to grow at the higher compound annual growth rate. This growth is driven by ongoing technological advancements, increasing demand for higher efficiency and longer battery life, and wider adoption in various tool categories such as drills, impact drivers, saws, and more.
By end user, the construction segment accounted for the highest market share in terms of revenue in 2023. Cordless tools are widely used in construction due to their portability, ease of use, and ability to operate in a wide range of environments. Tools such as drills, impact drivers, saws, and rotary hammers are essential for various construction tasks and are driving demand in this sector to a large extent. On the other hand, the gardening segment is also expected to witness higher CAGR growth. Due to increasing urbanization, environmental concerns, and consumer preference for quieter and zero-emission devices, there is a rising trend towards cordless garden tools such as lawn mowers, hedge trimmers, leaf blowers, and chainsaws. Advancements in battery technology, improved runtime, and affordability are further driving the adoption of cordless tools in gardening.
Asia-Pacific to maintain its dominance until 2033.
Asia Pacific is expected to maintain its leading position in the cordless power tools market through 2033, owing to rapid urbanization, infrastructure projects, increasing industrialization, and rising consumer interest in DIY activities. Technological advancements and supportive government policies are further strengthening this dominance, making the region a major hub for market growth and innovation in portable and efficient tool solutions.
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player
The report offers a detailed analysis of these key players in the global Cordless Power Tools market. These players have adopted different strategies such as new product launch, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant market shares in different regions. The report is valuable as it highlights the business development, operating segments, product portfolio, and strategic moves of the market players to present the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR has a focused approach to provide business insights and consulting to its clients to enable them to make strategic business decisions and achieve sustainable growth in their respective market space. We are in professional business relationships with various companies and this helps us in digging out market data that helps us in creating accurate research data tables and ensuring the utmost accuracy in our market forecasts. Pawan Kumar, CEO of Allied Market Research, is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help the clients to succeed in every possible way. All the data presented in the reports we publish is acquired through primary interviews with top officials of leading companies in the concerned industry. Our methodology for sourcing secondary data includes thorough online and offline research and discussions with knowledgeable industry professionals and analysts.
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