Wilmington, Delaware, Aug. 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 (Brushed 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 CAGR of 8.7% from 2024 to 2033.
Prime determinants of growth
Technological advancements in battery technology, growing adoption in professional sectors, and rise of DIY culture and home improvement projects drive the market growth. However, the high initial costs of cordless power tools and their batteries can be a barrier to adoption, especially for budget-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.
Request PDF Sample Copy: https://www.alliedmarketresearch.com/request-sample/A10840
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $15.7 billion |
| Market Size in 2033 | $36.2 billion |
| CAGR | 8.7% |
| No. of Pages in Report | 207 |
| Segments Covered | Product type, Motor type, End User, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraint |
|
Segmental Overview
By product type, the Drilling and Fastening Tools segment held 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 across various industries, including construction, automotive, and manufacturing, contributing significantly to overall sales and usage. However, the garden tools segment is expected to grow at the highest CAGR during the forecast period. This category is expected to experience 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. Advances in battery technology, reducing noise levels, and improving environmental impact are key factors driving this growth.
Buy This Research Report ( 234 Pages PDF with Insights, Charts, Tables, Figures) @
https://www.alliedmarketresearch.com/checkout-final/8f197920e35473175cafa5d09ab4eb61
By motor type, the brushless segment held the highest market share in terms of revenue in 2023. Brushless motors are preferred for their efficiency, longer lifespan, reduced maintenance needs, and higher power output compared to brushed motors. Many manufacturers have transitioned towards using brushless motors due to these advantages, especially in premium and professional-grade tools. On the other hand, the brushless segment is also expected to grow at the higher CAGR. This growth is driven by ongoing technological advancements, increasing demand for higher efficiency and longer battery life, and broader adoption across various tool categories including drills, impact drivers, saws, and more.
By end user, the construction segment held the highest market share in terms of revenue in 2023. Cordless tools are widely used in construction due to their portability, convenience, and ability to operate in diverse environments. Tools such as drills, impact drivers, saws, and rotary hammers are essential for various construction tasks, driving significant demand in this sector. On the other hand, the gardening segment is also expected to grow at the higher CAGR. There is a rising trend towards cordless garden tools such as lawn mowers, hedge trimmers, leaf blowers, and chainsaws due to increasing urbanization, environmental concerns, and consumer preference for quieter and emission-free equipment. Advances in battery technology, improving runtime, and affordability are further boosting the adoption of cordless tools in gardening.
Asia-Pacific to maintain its dominance by 2033.
Asia-Pacific is expected to maintain its lead in the cordless power tools market by 2033, driven by rapid urbanization, infrastructure projects, growing industrialization, and increasing consumer interest in DIY activities. Technological advancements and supportive government policies further bolster this dominance, making the region a key hub for market growth and innovation in portable and efficient tool solutions.
Inquire Before Buying @ https://www.alliedmarketresearch.com/purchase-enquiry/A10840
Players
- DeWalt Industrial Tool Company
- Makita Corporation
- Robert Bosch GmbH
- Milwaukee Electric Tool Corporation
- Ryobi Limited
- Black & Decker Corporation
- Ridgid (Emerson Electric Co.)
- Koki Holdings Co., Ltd. (Metabo HPT)
- Festool GmbH
- Porter-Cable (Stanley Black & Decker, Inc.)
The report provides a detailed analysis of these key players in the global cordless power tools market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Trending Reports in Tools Industry (Book Now with 15% Discount):
Hand and Power Tools Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Power Tools Accessories Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
CNC Machine Tools Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Mechanical Hand Tools Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube
Read More: https://medium.com/@patilrash95
