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Cordless Power Tools Market to Reach $35.62 Billion by 2027. Do-it-Yourself (DIY) Culture Complimenting the Growth of the Market - Arizton

·5 min read
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The global cordless power tools market is expected to reach $35.62 billion by 2027 from $21.17 billion in 2022.

Chicago, July 14, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the cordless power tools market is expected to grow at a CAGR of 10.67% during the forecast period. The DIY culture is one of the major drivers for cordless power tools. The DIY concept is also gaining momentum in the developing economies of India, Brazil, and South Africa. Consumers in the residential sector often take up repair and enhancing activities that improve their skills and prove cost-efficient. Furthermore, hypermarkets, supermarkets, and other specialty stores such as Home Depot offer DIY projects thereby driving the market for DIY tools, which eventually raises the demand for cordless power tools.

Cordless Power Tools Market Report Scope

REPORT ATTRIBUTES

DETAILS

MARKET SIZE (2027)

$35.62 Billion

MARKET SIZE (2021)

$21.17 Billion

CAGR (2022-2027)

10.67%

 

MARKET SIZE-UNIT SHIPMENT (2027)

516.13 million Units

BASE YEAR

2021

 

FORECAST YEAR

2022-2027

GEOGRAPHY

North America, Europe, APAC, Latin America, MEA

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Industry 4.0 and Smart Precision Manufacturing

Industry 4.0: It advocates the integration of the manufacturing plant with other business functions, including inbound logistics, outbound logistics, and customer services, to develop holistic and adaptive automation system architectures that can make use of battery-operated drills and wrenches for precision assembly.

Industry 4.0 for Process: It describes smart-networked sensors as a foundational part of the industry 4.0 process architecture. These sensors communicate with the automation system and control and interact with business systems. Industry 4.0 for the process is a concept driven by NAMUR and VDI/VDE in collaboration with various prominent industry leaders. The miniature sensors can be designed with electronic-grade cordless drills.

The major challenge in automation manufacturing is the lack of multi-vendor portability, wherein both industrial structures and systems are to be designed for easy migration and retrofitting. Precision parts have a great role to play in the implementation of this automation ecosystem as they can be designed and implemented on a modular basis without any impact on the larger system. However, the same warrants the need for standardization between vendors, at least on the design and specifications of the precision parts assembly process.

Key Highlights

  • The cordless power tools market is expected to witness unit shipments of 516.13 million units by 2027.

  • Based on the tool type, drillers and fastening tools accounted for the highest revenue. The segment generated an additional revenue of $3.2 billion.

  • North America dominates the cordless power tools market and accounts for 29.60% of the total share. The revenue in this region is expected to grow at a CAGR of 9.53% to reach $9.90 billion during the forecast period.

  • The industrial end user segment contributed 75.17% of the total market revenue, while the construction industry accounted for $4.01 billion, followed by the automotive industry. APAC is the fastest-growing market for cordless power tools and is expected to grow at a CAGR of 12.45% during the forecast period.

  • Europe is home to world-class manufacturing facilities and accounted for approximately, 25.85% of the global cordless power tool market in 2021.

  • The rising industrial production in automobiles, construction, household appliances, and other sectors, is expected to boost the demand for cordless power tools in Latin America.

  • MEA accounted for the smallest market for cordless power tools, with a market share of approximately 8.56% of the global market share.

Market Segmentation

Tool Type

  • Drilling and Fastening Tools

    • Drills

    • Impact Drivers

    • Impact Wrenches

    • Screwdrivers & Nut Runners

  • Sawing and Cutting Tools

    • Jigsaws

    • Reciprocating Saws

    • Circular Saws

    • Band Saws

    • Shears and Nibblers

  • Demolition Tools

    • Demolition Hammers

    • Rotary Hammers

    • Hammer drills

  • Material Removal Tools

    • Sanders

    • Grinders

  • Routing Tools

    • Others

    • Dust Extractors

    • Heat and Glue Guns

    • Layout Tools

    • Laser Tools

End-User

  • Industrial

    • Automotive

    • Aerospace

    • Electronics

    • Energy

    • Construction

    • Shipbuilding

    • Other Industry

  • Commercial

  • Residential

Geography

  • North America

    • US

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • APAC

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Mexico

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

    • Turkey

    • South Africa

    • UAE

Competitive Analysis

The global cordless power tools market is characterised by high competition and low market concentration. To maintain a strong market presence, vendors are changing and refining their unique value propositions. The cordless power tools market is currently moderately fragmented, with vendors such as Stanley Black & Decker, Bosch, and Techtronic Industries dominating. Vendors must develop new technologies and need to remain abreast with upcoming innovations to have a competitive advantage. Many international players are expected to expand their global reach during the forecast period, particularly in fast-developing APAC and Latin American countries, to gain a larger market share.

In addition, improving global economic conditions will fuel the growth of the market, making it an attractive time for the launch of new products. Arizton believes that global players will grow inorganically by acquiring regional or local players in the future. Furthermore, companies with better technical and financial resources can develop innovative products, which can pose a threat to competitors' products and make their products non-competitive and even obsolete before they can recover R&D and commercialization costs.

Major Vendors:

  • Stanley Black & Decker

  • Techtronic Industries

  • Robert Bosch

  • Makita

  • Hilti

Other Prominent

  • Atlas Copco

  • Apex Tool Group

  • Ingersoll Rand

  • Snap-on

  • Koki Holdings

  • Emerson

  • Panasonic

  • Fortive

  • Positec

  • CHERVON

  • FEIN

  • FERM

  • AIMCO

  • Uryu Seisaku

  • INTERSKOL

  • Festool

  • Kyocera

  • CS Unitec

  • Dynabrade

  • Husqvarna

  • STIHL

  • Blount International

Explore our  industrial machinery profile to know more about the industry.

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Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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