Wilmington, Delaware, United States, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for cordless drills was estimated to have garnered a global market valuation of around US$ 3.9 billion in 2022. The market is anticipated to grow with a fast-expanding 8% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 7 billion.
Users of cordless drills may operate more freely because there is no worry about an electrical connection. Drilling into components made of plastic, metal, or wood is practical and often utilized. Compared to corded drills, cordless drills have a lighter carbon footprint, which facilitates widespread adoption and increases market demand.
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Global Cordless Drill Market: Key Players
The cordless drill market study indicates that the business is highly fragmented and expanding quickly, with the presence of several local and international competitors. Manufacturers of these cordless drills supply a variety of devices with cutting-edge features to increase versatility and facilitate adoption.
Black & Decker, Bosch, Craftsman, Dewalt, Hilti, Hitachi Ltd, Makita, Metabo, Milwaukee Tool, and INGCO Inc. are the major cordless drill manufacturers mentioned in the research.
Some developments by the key players in the global market for cordless drill are:
- Bosch Power equipment unveiled new equipment on June 13, 2023, and will keep growing its selection of cordless drills. The battery-powered tool may be used on indoors as well as outdoors building sites and is useful for a variety of tasks.
- Black & Decker, an American company best known for its power tools and household appliances, entered the Indian market on May 17, 2023, with the help of its licensing collaborator, Indkal Technologies. Items would be made available across the nation using in-store channels and popular e-commerce sites like Amazon.
To serve a larger client base, manufacturers have been creating equipment that is more powerful, battery-efficient, and distinctively designed. They are working to increase drilling efficiency to increase their market share. Ongoing developments and a wide range of product options are fueling the expansion of the cordless drill market.
Key Findings of Market Report
- A favorable environment is developing for the worldwide cordless drill market as a result of rapid urbanization as well as the growing construction sector.
- Technology developments and the affordable availability of rechargeable batteries have allowed manufacturers to reach economies of scale.
- The tool has become more dependable and effective because of improved battery life, prolonged runtime, and quicker charging times, further increasing the cordless drill's market value.
Market Trends for Cordless Drills
- Cordless drills are in great demand due to the expansion of e-commerce platforms and innovations in online retail, which have made them more available to customers throughout the world. Customers may choose from a large range of cordless drills on online shopping platforms; manufacturers can provide a selection of products based on cost and functionality. The factors boosting the market's overall revenue include a wider range of products, competitive pricing, and practical purchasing alternatives.
- E-commerce platforms let manufacturers reach consumers more easily since they don't have to invest a lot of money in advertising their goods. These platforms serve as visual channels that drive significant website traffic and expand the market.
- Consumers are paying more attention to these equipment as a result of the rise of DIY trends in order to handle basic domestic activities like electrical work, wall decoration, and carpentry. Marketers leverage these developments to position their products for typical home duties, increasing the market share for cordless drills.
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Cordless Drill Regional Market Outlook
- North America is predicted to see considerable growth due to the significant need for safe powered instruments, DIY trends, as well as rising disposable income. Increased marketing and advertising initiatives as well as higher consumer expenditure are also aiding market development in the area.
- Asia Pacific is predicted to have substantial demand due to a sizable middle class, growing urbanization, and the growth of e-commerce. Increased business use of cordless drills as well as the adoption of battery-operated gear with a lower carbon footprint than its competitors are driving up market demand in the area. The market figures are also fueled by the significance of power tools in developing nations (like India), technological improvements, and creative marketing approaches.
Global Cordless Drill Market Segmentation
- Type
- Hammer & Rotary Power Cordless Drills
- Impact Power Cordless Drills
- Battery
- Nickel-cadmium Batteries
- Lithium-ion Batteries
- End-use
- Industrial
- Residential
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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