Cordless Power Tools Market Revenue to Surpass USD 46,729 Million by 2030, Says P&S Intelligence

NEW YORK, Sept. 5, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, in 2030, the revenue of the cordless power tools market will be $46,729.5 million, which will have grown from $21,233.4 million in 2021 at a 9.2% CAGR.

Major Factors behind Lucrative Future Market Potential

The major driving factor for the cordless power tools market is the booming construction industry around the world. With the fast-increasing population, governments are launching a horde of initiatives to develop residential, commercial, and industrial infrastructure. Here, while power tools already reduce manual labor, wireless (battery) variants provide additional portability and usage convenience.

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In this regard, emerging economies offer lucrative opportunities to companies manufacturing such tools, because they are the ones with the highest rates of population growth. Of the top 10 most-populous countries, save for the U.S., all are developing countries. Apart from the population growth, the rate of urbanization here is also high, which is why construction activities are majorly concentrated in cities and semi-urban pockets.

Key Insights of Cordless Power Tools Market Report

• Drilling and fastening tools account for around 24% of the market revenue as they are extensively used in the manufacturing sector, apart from the construction industry.
• The second-largest value share is held by sawing and cutting tools, on account of their wide usage on wood and metals. Additionally, a range of simple-to-use sawing and cutting tools are available for DIY enthusiasts.
• The highest revenue in the cordless power tools market comes from the industrial sector, primarily because of the huge global construction sector. Wireless drills, sanders, grinders, cutters, saws, and screwdrivers are common during the construction, repairs, and renovation of infrastructure.
• The automobile sector is also a significant buyer of battery-powered hand tools, especially metal grinding, drilling, and sawing tools. With the competition increasing in the industry, automakers are focusing strongly on the finish of automobiles, where these tools become important.
• Among all the end users, the residential category will have the highest CAGR, of 9.9%, ascribed to the growing home repair and renovation activities. Moreover, to save money, residents are taking up these tasks themselves, which is giving a boost to the DIY culture.

Browse detailed report on Cordless Power Tools Market Growth, Development and Demand Forecast to 2030

Global Scenario of Cordless Power Tools Market

• Over this decade, the fastest growth in the sale of power tools without wires will be seen in APAC, led by India, China, and other developing countries. This is attributed to the rising disposable income, which is allowing people to spend on home repairs.
• Additionally, construction is underway on a massive scale in these countries, as governments are making efforts to raise the living standards of their huge populations. For instance, China wants over 60% of its population to live in cities by 2025, while India is constructing 100 smart cities.
• Additionally, North America holds a 28% share on account of its already large DIY culture and presence of numerous hardware firms and stores. Similarly, the advancements in technology and growing automotive and construction sectors are driving wireless power tool sales in Europe.

Cordless Power Tools Market Report Coverage

By Tool Type

• Drilling and Fastening Tools
• Sawing and Cutting Tools
• Demolition Tools
• Material Removal Tools
• Routing Tools

By Motor Type

• Brushed Motors
• Brushless Motors

By Battery Voltage

• 12V
• 18V
• 20V
• 40V
• 40V and above

By End-User

• Industrial
• Commercial
• Residential

Regions Covered in the Report

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• Turkey
• Saudi Arabia
• South Africa

Browse More Reports Published by P&S

Hand Tools Market Size and Share Analysis by Type, End User, Distribution Channel - Industry Growth and Demand Forecast Report 2030

Electric Motor Market Size and Share Analysis by Application, Type – Industry Growth and Demand Forecast to 2030

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence