In past few years, power tool market witnessed the shift from corded to cordless power tools. While corded tools still acquire considerable market, the shift of cordless tools is significant. Cordless power tools include wide range of battery-powered tools such as hammer drills, impact wrenches, nailers & staplers, circular saws and many others. The desire for more mobile and compact tools is driving the shift to cordless tools.
The major power tool manufacturers witnessed 5% increase in power tools sales owing to the introduction of cordless power tools.
With the growing popularity of cordless power tools, advanced batteries for longer run time of power tools is one of the major qualities that complement these devices. Hence, lithium-ion batteries replacing the conventional nickel-Cd (Nickel Cadmium) and nickel-metal hydride powered tools. Lithium-ion batteries provide higher energy density and longer running hours, making them more efficient. With rising prevalence of cordless power tools and growing demand on international scale, new players will enter the market and compete with major manufacturers, which significantly contribute to upticks in innovations.
Companies are expending huge amounts on research and development activities in order to raise tool strength and life span. For instance, Dewalt of Stanley Company, a leading manufacturer of power tools, recently released its latest innovation called the Flexvolt. This is the innovation battery that automatically changes it voltage with different tools it is used with; the first of its kind technology to do so.
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These are Manufacturers For Cordless Power Tools Market: Techtronic Industries, Makita, Robert Bosch, Stanley Black & Decker, Atlas Copco, Hilti, Hitachi Koki, Husqvarna, Snap-on, Milwaukee Tools, Ingersoll Rand, etc.
Global Cordless Power Tools Market is categorized on the following basis:
By Product Type:
o Impact Drivers
o Impact Wrenches
o Reciprocating Saws
o Other (Adhesive Dispensers etc.)
By Power Output:
By End Users:
Geographically, this report is segmented into several key Regions, with Sales, Sales, revenue, Market Share (%) and Growth Rate (%) of product in these regions, from 2012 to 2025 (forecast), covering United States, North America (Canada and Mexico), Latin America (Argentina, Mexico, Brazil and Rest of Latin America), Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe), Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), RoW (Rest of World).
Market Size and Forecast:
Global cordless power tools market accounted for USD 14.6 billion in 2016 and the market is expected to reach USD 21.4 billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 4.8% over the forecast period i.e. 2016-2024.
Geographically, North America accounted for the highest revenue share in global cordless power tools market in 2016 with more than USD 4.5 billion revenue generated. American construction industry is expected to grow faster than China in next 15 years, growing by an average of 5% per annum. North America is closely followed by the Europe with more than 25% market share in global cordless power tools market.
Stringent rules implemented by the European Union and the growing automotive industry expected to drive the market growth. Asia-Pacific region will show strong growth in cordless power tools demand through 2024, which is projected to expand at a CAGR of 6.3% over the forecast period. Sales in the region will be driven by the advances in building construction activity and growing automotive sector in China.
Growth Drivers and Challenges:
Technological advancement in batteries of cordless power tools significantly improve the power and running time of cordless equipments, allowing these products to overcome challenges such as high cost and performance disadvantages. New lithium-ion batteries rapidly displacing nickel-Cd and nickel-metal hydride based batteries for cordless power tools. Stringent regulation regulatory compliances for the batteries used in cordless power tools and decreasing costs are driving the growth of cordless power tools market. For instance, European Union has prohibited the use of Ni-Cd batteries in cordless power tools as these batteries release toxic gases of cadmium which is harmful for health and environment.
The regulation are successfully reinforced in December 2016, which is expected to impel the growth of lithium-ion battery powered products as these batteries are light weight in nature and offers high power density. Growing automotive industry and fleet of vehicles on the road is also anticipated to drive the market growth of cordless power tools in automotive industry and rise in demand for automotive maintenance power tools.
The automotive industry it expected to grow at +4% annually owing to growing sales in developing countries such as China, India, Brazil and Russia. Construction industry also triggering the growth of cordless power tools used at construction sites. For instance, The New Building Canada plan commits more than USD 53 billion investment in infrastructure across Canada between 2014 and 2024.
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