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.

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.

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.