The global cordless power tools market size is projected to reach $46,729.5 million by 2030, at a CAGR of 9.2% from 2021 to 2030. Battery-powered portable tools, known as cordless power tools, are ideal for a variety of DIY projects in the home and office. The market for power tools is also set to expand significantly as a result of the spike in the demand for them in the manufacturing and automotive sectors.
These instruments are used extensively in car production and assembly lines, facilitating the completion of tasks more quickly. The demand for these devices is also driven by the growing usage of sanders, wrenches, drills, and other instruments in the construction industry.
Numerous improvements have been made in power tool batteries for a greater backup capacity, in response to the growing need for a longer battery life and operating hours, as well as higher effectiveness and performance. Additionally, 12V batteries offer enhanced stability, safety, cyclability, and energy density. Due to their excellent battery life, power, and runtime, along with higher power output and low weight, 12V batteries are widely used. As a result, many companies are offering batteries with a 12V power output.
With a CAGR of more than 10.1% over the forecast period, the APAC market is expanding quickly. As industrialization, infrastructure expansion, and urbanization rates all rise, so will the demand for tools. In addition to this, the rise of Chinese firms, who are seizing control of the industry and offering tools at low prices, will support this growth.
Moreover, a sizable increase in the cordless power tools market demand is predicted in India on account of the supportive government policies aimed at enhancing the manufacturing sector’s capabilities.
Additionally, the region's market advance is being boosted by the growing investments by Indian tool manufacturers in research and development, to create unique products. Additionally, the regional market will grow at a respectable rate due to the expansion of building activities and rise in the number of automobile manufacturing clusters.
The cordless power tools market is fiercely competitive, with the availability of items from major international brands that may compete on price. Some of the players are concentrating on establishing a niche for a particular demographic. Many others are engaging in product launches and offering competitive services. For instance,
In June 2022, Holmatro introduced a battery-operated small cutter.
In February 2020, in India, Bosch Power Tools introduced smart, portable cordless measuring tools.
Major players in the market are Apex Tool Group LLC, Atlas Copco AB, Hilti AG, Ingersoll Rand Inc., Hitachi Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Tools Company LLC, Stanley Black & Decker Inc., and TTI Group.