1. Based on the tool type, drillers and fastening tools accounted for the highest revenue. The segment generated an additional revenue of USD 2.37 billion, which is expected to grow at a CAGR of 8.49% during the forecast period.
2. North America dominates the cordless power tools market and accounts for 29.76% of the total share. The revenue in this region is expected to grow at a CAGR of 9.36% during the forecast period.
3. The industrial end user segment contributed 75.17% of the total market revenue, while the construction industry accounted for USD 2.98 billion, followed by the automotive industry at USD 2.67 billion.
4. APAC is the fastest-growing market for cordless power tools and is expected to grow at a CAGR of 12.34% during the forecast period.
5. The rise in application of precision parts and surge in global consumer traffic are expected to drive the demand for cordless power tools in the aerospace industry. Accordingly, the segment is expected to generate USD 2 billion during the forecast period.
6. Europe is home to world-class manufacturing facilities and accounted for approximately, 25.65% of the global cordless power tool market in 2020.
Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by tool type, end-user, and geography
Competitive Landscape – 5 key vendors and 22 other vendors
The revenue of drillers and fastening tools is expected to reach UDD 6,149.04 million by 2026. Applying these tools in DIY activities for home improvement and wood-crafting activities is a major factor boosting the demand for these tools. Demolition tools follow the suit, accounting for 20.81% of the global revenue in 2020.
The industrial end-user segment, consisting of the automotive and construction industries, generated the maximum revenue in the cordless power tools market in 2020. The segment expects to remain consistent during the forecast period due to the increasing demand for sophisticated tools.
The residential segment is expected to witness significant growth due to the rise in the construction of new homes and buildings. In addition, an increase in renovation and retrofit projects that use drillers, demolition tools, and cutting equipment, is a major driver for the growth of these tools.
Cordless Power Tools Market by Tool Type
Drilling and Fastening
Sawing and Cutting
Material Removal Tools
Cordless Power Tools Market by End-user
Cordless Power Tools Market – Dynamics
Power tools, which include machineries such as drills, grinders, saws, heat guns, and others, are witnessing significant growth. These tools augment work efficiency by using advanced sensors and other technologies while minimizing chances of errors and injury. Hence, these benefits surge the adoption of power tools across industries. Heat guns, which are one of the most popular power tools, have unlimited usage across various industries. Heat guns use precise temperature control, air flow and have the ability to reduce the heat down to a pinpoint, which allows to generate precise results every time. Some major industries where heat guns are used include aerospace, automotive, electronics, construction, maintenance, packaging, and others. Heat guns in automotive repair shops are used for leather and vinyl repair, adhesive loosening, plastic welding bumpers and dashboards, repairing wire harnesses, and installing electronics. They are also used to tint windows evenly or for vinyl car wrapping. Heat guns are used for fixing tears in seats, small dents in bumpers, or scratches on plastic interiors.
Key Drivers and Trends fueling Market Growth:
Increased Prominence of Asian Manufacturing
Industry 4.0 and Smart Precision Manufacturing
Advances in Li-ion Batteries
Growth in DIY Activities
Cordless Power Tools Market – Geography
North America was the largest market for cordless power tools in 2020. The region is expected to maintain its position during the forecast period, with revenue mostly being generated from the US, the largest economy of the region. North America is home to several large industries, including the automobile, construction, aerospace, electronics, and packaging. Advances in Li-ion battery technology, which is expected to grow at a CAGR of 9.45% between 2019 and 2024, the cordless power tools industry in North America is expected to exhibit high growth. A forerunner in the automobile industry manufactures in the North American automotive sector the highest number of electric cars in the world due to rising demand for ecofriendly products. Some of the largest automobile manufacturers, such as Ford, General Motors, and FCA, are based in the US.
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