Dublin, July 12, 2024 (GLOBE NEWSWIRE) -- The "Global Power Cord Reels Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global power cord reels market is expected to grow at a CAGR of 5.37% from 2023 to 2029, reaching $2.25 billion in 2029.
Power cord reels are designed sustainably, incorporating features and materials that reduce environmental impact throughout their lifecycle. Eco-friendly power cord reels are manufactured from recycled or recyclable materials, reduce the usability of fresh resources, and minimize waste. Materials such as recycled plastics or metals are used to manufacture reel housing and components. Energy-efficient power cord reels must not waste electricity during operation and should minimize energy consumption and reduce greenhouse gas emissions during manufacturing. Also, in the recycled plastic reels, Cox Reels offers power cord reels made from recycled materials, including recycled polypropylene or recycled ABS plastic.
Adoption of DIY Culture
The rapidly increasing interest among consumers in modernizing their residential units and maintaining a healthy ecosystem has increased the demand for the DIY market in opting for various handy tools. The surge in the DIY market is projected to grow due to the high penetration of media presence in the form of television, social media, and videos in recreating home improvements. In North America and Canada, many are engaged in DIY activities. Moreover, many retail stores, such as supermarkets and hypermarkets, have enabled the huge growth of many vendors in the DIY segment. Furthermore, the DIY culture has boosted the extension cord reels market as the projects that are undertaken require power cutters, saws, nail guns, heat guns, and dryers, among many others. The power cords on this equipment are generally small, and there might not be any provision for an electric supply, or they may be switched off due to the project undertaken. Hence, these power cord reels significantly ensure a consistent power supply for these equipment.
INSIGHTS BY REEL TYPE
The global power cord reels market by reel type is segmented into spring-loaded & retractable, motor, and manual. Most of the market share in the reel type is spring-loaded & retractable reels. These reels are economical and affordable. They provide the ease of not having to rewind a cord manually. This segment has the highest market share as it reduces the work effort required and is cheaper than the motor power cord reels. Furthermore, motor power cord reels are applied where heavy-duty reels are required in marine, mining, and construction sectors. As huge projects in these sectors are spread across huge areas, power may not be easily accessible everywhere.
Segmentation by Reel Type
- Spring Loaded & Retractable
- Motor
- Manual
INSIGHTS BY REEL LENGTH
The length of the power cord reels also plays an important role. For example, in the landscaping industry, there are large areas for maintenance. The power cord reels over 75 feet are more useful for such operations. Since these power cord reels find applications only in specific sectors, their demand is limited. In automotive manufacturing units, the production line tends to be long, so bigger reels are preferred as they can be operated conveniently. However, the below 75-foot reel length held the most significant share of the global power cord reels market in 2023. The applications of these power cord reels are concentrated in the residential, commercial, and certain industrial sectors.
Segmentation by Reel Length
- Below 75 Feet
- Above 75 Feet
INSIGHTS BY END-USER
The global power cord reels market by end-user is segmented into commercial, public & recreational, industrial, residential, and others. Commercial places include shopping malls, hotels, warehouses, multifamily buildings, airports, railway station waiting areas, and more. Increasing population and globalization have aided the expansion of commercial spaces in developing and developed countries. Owing to the rapid shift toward urbanization, significantly rising infrastructure development, and an increasing number of corporate offices, the demand for cord power reels to be used in public and private spaces of these commercial buildings is rising significantly. Also, the residential segment is expected to witness significant growth in the power cord reels segment due to the rise in the construction of new homes and buildings. This is because these tools are used in renovation and retrofit activities that can use drills, demolition tools, and cutting equipment and will require a power source, which may not be available across all locations.
Segmentation by End-User
- Commercial
- Public & Recreational
- Industrial
- Residential
- Others
INSIGHTS BY COMMERCIAL
The global power cord reels market by commercial is segmented into construction sites, workshops & garages, hospitals & labs, and others. The construction sites hold a significant segmental share of the commercial market 2023. The construction industry witnessed growth in projects such as hotels, amusement parks, private & government offices, and sports & convention centers. These factors will propel the growth in the extension cord reels market as these places need maintenance and consistent changes for the aesthetics. Power cord reels can come in handy while roofing, surface cleaning, and construction tools, among many others. These applications will propel the growth of the power cord reels during the forecast period.
Segmentation by Commercial
- Construction Sites
- Workshops & Garages
- Hospitals & Labs
- Others
INSIGHTS BY INDUSTRIAL
The global power cord reels market by industrial is segmented into manufacturing, logistics & warehousing, automotive, and others. The manufacturing sector has the major industrial market share compared to the other sub-segments. The demand for power cord reels is growing in the manufacturing segment as they have a positive impact due to their flexibility in usability in industries such as aerospace, semiconductor, electronics, and others. Also, the automotive sector is another industry that uses power cord reels to manufacture automotive parts and vehicles.
Segmentation by Industrial
- Manufacturing
- Logistics & Warehousing
- Automotive
- Others
INSIGHTS BY PUBLIC & RECREATIONAL
The global power cord reels market by public & recreational is segmented into schools & universities, event organizers, sports facilities, and others. The schools & universities segment held the most significant position in the public & recreational market 2023. Schools and universities require power cord reels as they organize many events and have many sports events. Furthermore, the growth in the abundance of public parks, educational facilities, and other spaces would require power cord reels for various purposes, such as lighting, tools, and other equipment on the premises.
Segmentation by Public & Recreational
- School & Universities
- Event Organizers
- Sports Facilities
- Others
INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel has the highest global power cord reels market share in 2023. The broader reach in areas that lack better connectivity and high consumer trust associated with touching and experiencing the quality of products drives the growth of this segment. However, although the online channel holds a relatively lower market share in the extension cord reels market, it is expected to grow faster than offline distribution channels. The proliferation of e-commerce and the rising awareness among people regarding the benefits of online shopping, such as heavy discounts, sessional offers, and availability of numerous options, drive the growth of the online market share during the forecast period.
Segmentation by Distribution Channel
- Offline
- Online
GEOGRAPHICAL ANALYSIS
APAC accounted for the largest share of the global power cord reels market, accounting for a global share of approximately 32% in 2023. The region, home to several industries, including manufacturing, services, automobiles, and electrical industries, consequently increases the need for power tools and, specifically, power cord reels, which have applications in multiple industries. While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Singapore dominates in terms of excellent construction facilities. Furthermore, the increasing purchasing power of consumers and the rising DIY trend among the young population are driving the extension cord reels market in the region.
North America holds a significant position in the global power cord reels market. Large-scale industries such as automobiles, construction, electronics, and aerospace are driving the market for power cord reels in the region. Power cord reels are compact and handy, which makes them easy to handle and use. They are also comparatively safe and have a simpler operating procedure than heavy instruments. Thus, the residential or household usage of power cord reels is also generating widespread demand in North America.
Segmentation by Geography
- North America
- Europe
- APAC
- Latin America
- Middle East & Africa
COMPETITIVE LANDSCAPE
The global power cord reels market is characterized by high market concentration and competition among the players. The present scenario drives vendors to alter and refine their unique value proposition to achieve a strong market presence. The global power cord reels market is highly fragmented and is dominated by vendors such as Madison Industries, Cox Reels, and Stanley Black & Decker. A few major vendors have a global presence in North America, APAC, and Europe. However, other vendors provide products with similar specifications at low prices. This will likely intensify the price war among vendors during the forecast period. Furthermore, there is intense market competition as players compete to gain industry share. The industry will likely witness increased consolidation due to the intensely competitive landscape. These factors make it imperative for vendors to distinguish their products and service offerings through a clear and unique value proposition.
Key Company Profiles
- Madison Industries
- Cox Reels
- Stanley Black & Decker
Other Prominent Vendors
- Henny Reels Inc.
- Unique Hosereels
- Molex
- Ametek Inc.
- Hubbell Incorporated
- Schill Gmbh & Co
- Cavotec SA
- Bayco Products Inc.
- Lind Equipment
- Legacy Manufacturing
- Luceco PLC
- Iron Forge Tools
- Alert Reel Manufacturing
- Schnieder Electric
- KH Industries
KEY QUESTIONS ANSWERED
1. How big is the power cord reels market?
2. Which region dominates the global power cord reels market share?
3. What is the growth rate of the global power cord reels market?
4. What are the significant trends in the power cord reels industry?
5. Who are the key players in the global power cord reels market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 347 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $1.65 Billion |
| Forecasted Market Value (USD) by 2029 | $2.25 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1oysf8
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