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At 8.7% CAGR Cordless Power Tools market to Reach $36.2 Billion, Globally, by 2033
NEW CASTLE, DE, UNITED STATES, November 18, 2024 /EINPresswire / -- Technological advancements in battery technology, growing adoption in professional sectors, and rise of DIY culture and home improvement projects drive the market growth.
Allied Market Research published a report, titled, "Cordless Power Tools Market by Product Type (Drilling and Fastening Tools, Sawing and Cutting Tools, Demolition Tools, Material Removal Tools and Garden Tools), Motor Type (Brushed Motor and Brushless Motor), End User (Construction, DIY, Gardening, Industrial and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the cordless power tools market was valued at $15.7 billion in 2023, and is estimated to reach $36.2 billion by 2033, growing at a CAGR of 8.7% from 2024 to 2033.
Prime determinants of growth
Technological advancements in battery technology, growing adoption in professional sectors, and rise of DIY culture and home improvement projects drive the market growth. However, the high initial costs of cordless power tools and their batteries can be a barrier to adoption, especially for budget-conscious consumers and small businesses. On the other hand, the rapid growth of construction and infrastructure projects in emerging markets presents a significant opportunity for the cordless power tools industry.
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Segmental Overview
By product type, the Drilling and Fastening Tools segment held the highest market share in the cordless power tools market in 2023. This category typically holds the highest market share in the cordless power tools segment. Drilling and fastening tools are essential across various industries, including construction, automotive, and manufacturing, contributing significantly to overall sales and usage. However, the garden tools segment is expected to grow at the highest CAGR during the forecast period. This category is expected to experience higher growth with a higher Compound Annual Growth Rate (CAGR) . As consumer interest in gardening and outdoor activities increases, there is a growing demand for cordless garden tools such as lawn mowers, hedge trimmers, and leaf blowers. Advances in battery technology, reducing noise levels, and improving environmental impact are key factors driving this growth.
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By motor type, the brushless segment held the highest market share in terms of revenue in 2023. Brushless motors are preferred for their efficiency, longer lifespan, reduced maintenance needs, and higher power output compared to brushed motors. Many manufacturers have transitioned towards using brushless motors due to these advantages, especially in premium and professional-grade tools. On the other hand, the brushless segment is also expected to grow at the higher CAGR. This growth is driven by ongoing technological advancements, increasing demand for higher efficiency and longer battery life, and broader adoption across various tool categories including drills, impact drivers, saws, and more.
By end user, the construction segment held the highest market share in terms of revenue in 2023. Cordless tools are widely used in construction due to their portability, convenience, and ability to operate in diverse environments. Tools such as drills, impact drivers, saws, and rotary hammers are essential for various construction tasks, driving significant demand in this sector. On the other hand, the gardening segment is also expected to grow at the higher CAGR. There is a rising trend towards cordless garden tools such as lawn mowers, hedge trimmers, leaf blowers, and chainsaws due to increasing urbanization, environmental concerns, and consumer preference for quieter and emission-free equipment. Advances in battery technology, improving runtime, and affordability are further boosting the adoption of cordless tools in gardening.
Asia-Pacific to maintain its dominance by 2033.
Asia-Pacific is expected to maintain its lead in the cordless power tools market by 2033, driven by rapid urbanization, infrastructure projects, growing industrialization, and increasing consumer interest in DIY activities. Technological advancements and supportive government policies further bolster this dominance, making the region a key hub for market growth and innovation in portable and efficient tool solutions.
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Players
DeWalt Industrial Tool Company
Makita Corporation
Robert Bosch GmbH
Milwaukee Electric Tool Corporation
Ryobi Limited
Black & Decker Corporation
Ridgid (Emerson Electric Co.)
Koki Holdings Co., Ltd. (Metabo HPT)
Festool GmbH
Porter-Cable (Stanley Black & Decker, Inc.)
The report provides a detailed analysis of these key players in the global cordless power tools market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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