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Cordless Power Tools Market Size

Report ID: GMI8025
Published Date: Feb 2024
Report Format: PDF

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Cordless Power Tools Market Size

Cordless Power Tools Market was valued at USD 11 billion in 2023 and is set to expand at 6.4% CAGR during 2024 to 2032, driven by advancements in battery technology and the increasing demand for portable and convenient solutions. With lithium-ion batteries becoming more efficient and affordable, cordless tools offer users the flexibility to work in various settings without the constraints of power cords. This market expansion spans a wide range of applications, including drills, saws, impact drivers, and more, catering to both professional contractors and DIY enthusiasts.

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The increasing popularity of DIY projects among homeowners has driven a surge in demand for cordless tools. This trend is attributed to the accessibility of information through online platforms, enabling individuals to take on various projects independently. Additionally, the burgeoning construction industry in rising economies contributes significantly to the market's momentum. According to the Oxford Economics Group the construction work done up will go up to USD 13.9 trillion in 2037 due to the developing countries experiencing rapid urbanization and infrastructure development.

Cordless Power Tools Market Report Attributes
Report Attribute	Details
Base Year:	2023
Cordless Power Tools Market Size in 2023:	USD 11 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.4%
2032 Value Projection:	USD 20 Billion
Historical Data for:	2018 - 2022
No. of Pages:	310
Tables, Charts & Figures:	295
Segments covered:	Tool type, motor type, voltage, end-user, application, distribution channel, and region
Growth Drivers:	Growing do-it-yourself culture Growing construction industry in rising economies Ergonomic design and user-friendly features
Pitfalls & Challenges:	High initial costs Fluctuations in raw material prices

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High initial costs stand out as a significant barrier for both consumers and businesses looking to invest in cordless tools. While these tools offer long-term cost savings in terms of convenience and efficiency, the upfront investment can be prohibitive for some buyers. Moreover, fluctuations in raw material prices pose challenges to manufacturers in maintaining stable pricing for cordless power tools. The market relies heavily on materials such as lithium-ion batteries, metals, and plastics, and variations in the costs of these raw materials can directly impact production expenses.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of cordless power tools was reached USD 11 billion in 2023 and is expected to register over 6.4% CAGR from 2024 to 2032, owing to the rapid advancements in battery technology and the increasing demand for portable and convenient solutions worldwide.

The brushed motors segment held over 60% share of the cordless power tools industry in 2023 and is expected to register an appreciable CAGR through 2032, due to their inherent advantages, including higher efficiency, reduced maintenance requirements, and longer operational life.

North America cordless power tools market size crossed USD 4 billion in 2023 and is expected to register a commendable CAGR from 2024 to 2032, due to the presence of robust construction sector driven by infrastructure development and a flourishing home improvement sector.

Atlas Copco AB, Dynabrade Power Tools, Hilti AG, Hitachi Ltd., Ingersoll Rand Inc., KEN Holding Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Tools Company LLC, and Stanley Black & Decker Inc. are some of the major cordless power tools companies worldwide.