Selbyville, Delaware,, March 06, 2024 (GLOBE NEWSWIRE) --
The cordless power tools market valuation is projected to surpass USD 20 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growing trend towards DIY projects and home improvement activities, coupled with the expansion of the construction and automotive sectors, has significantly contributed to the demand for cordless power tools among both professionals and hobbyists.
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Additionally, the technological advancements in battery technology have led to the development of more powerful and long-lasting batteries, enhancing the performance and efficiency of cordless tools. According to recent news, scientists are working on advancing battery technology to create faster-charging, more stable, and environmentally sustainable alternatives. These new batteries utilize materials that are abundant in nature and easily accessible, thus providing a cost-effective solution compared to lithium-ion batteries, which rely on scarce resources and contribute to a significant carbon footprint.
Additionally, the growing emphasis on convenience and portability among end-users, coupled with the elimination of power cords, has fueled the adoption of cordless power tools across various industries.
The cordless power tools market from the saws segment is anticipated to witness substantial growth through 2032 as they offer unparalleled versatility and mobility, making them indispensable tools across construction, woodworking, and other industries. From circular saws to reciprocating saws, the cordless variants provide the same cutting power as their corded counterparts without restricting movement or requiring access to power outlets. This versatility, combined with advancements in blade technology and ergonomics, has propelled the demand for cordless saws worldwide.
The cordless power tools market share from the 12V cordless power tools segment will grow significantly through 2032 as it is ideal for light to medium-duty applications. These tools offer a perfect balance of power and portability, making them popular among both professionals and DIY enthusiasts. They are widely used in tasks such as drilling, fastening, and light cutting, catering to a diverse range of applications across construction, automotive, and manufacturing sectors. Furthermore, advancements in motor efficiency and battery technology have significantly enhanced the performance and runtime of 12V cordless tools, driving their adoption across various end-user industries.
Europe cordless power tools market size is expected to expand through 2032 driven by the increasing construction activities, stringent regulations promoting workplace safety, and rising adoption of cordless tools in automotive and manufacturing sectors. Countries like Germany, the UK, and France are at the forefront of the growth, fueled by infrastructure development projects and a strong emphasis on sustainable construction practices. Moreover, the growing trend towards DIY culture and home renovation projects among European consumers is contributing to the surge in demand for cordless power tools in the region.
Some of the leading players in cordless power tools market are Apex Tool Group LLC, TTI Group, Hitachi Ltd., Atlas Copco AB, Hilti AG, and Makita Corporation, among others.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 - 2032
Chapter 3 Cordless Power Tools Market Insights
3.1 Industry ecosystem analysis
3.2 Technology & innovation landscape
3.3 Key news and initiatives
3.4 Regulatory landscape
3.5 Impact forces
3.5.1 Growth drivers
3.5.1.1 Growing do-it-yourself culture
3.5.1.2 Growing construction industry in rising economies
3.5.1.3 Ergonomic design and user-friendly features
3.5.2 Industry pitfalls & challenges
3.5.2.1 High initial costs
3.5.2.2 Fluctuations in raw material prices
3.6 Consumer buying behavior analysis
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Industry rivalry
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
