Cordless Power Tools Market Size

Market Outlook:

Cordless Power Tools Market size surpassed USD 17.68 Billion in 2023 and is set to exceed USD 39.69 Billion by end of the year 2032, witnessing more than 9.4% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 17.68 Billion
• CAGR (2024-2032): 9.4%
• Forecast Year Value (2032): USD 39.69 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing Demand for DIY Home Improvement Projects: The growing trend of DIY home improvement projects among consumers is driving the demand for cordless power tools. With the rising popularity of home renovation and repair activities, the demand for cordless power tools is expected to increase significantly.

2. Technological Advancements: The continuous technological advancements in cordless power tools, such as the development of brushless motors, lithium-ion battery technology, and smart connectivity features, are driving the market growth. These advancements have led to improved performance, longer battery life, and increased efficiency, thereby attracting more consumers towards cordless power tools.

3. Growing Construction and Infrastructure Activities: The booming construction and infrastructure sector, particularly in emerging economies, is fueling the demand for cordless power tools. The increasing construction projects, both residential and commercial, require efficient and portable tools, which is contributing to the market growth.

4. Shift towards Electric and Eco-Friendly Tools: With the increasing environmental concerns and regulations, there is a growing shift towards electric and eco-friendly cordless power tools. This trend is driving the adoption of cordless tools powered by rechargeable batteries, as they offer lower emissions, reduced noise levels, and enhanced safety.

Industry

Report Scope

Report Coverage	Details
Segments Covered	Product Type, Application, End-User Industry
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Stanley Black & Decker, Techtronic Industries, Robert Bosch, Makita, Hilti, Andreas Stihl AG & Co. KG, Ingersoll Rand, Snap-on Incorporated.

1. High Initial Costs: One of the major restraints for the cordless power tools market is the high initial investment required for purchasing these tools. Cordless power tools are generally more expensive than their corded counterparts, which can be a deterrent for price-sensitive consumers and small-scale businesses.

2. Limited Battery Life and Power: Despite technological advancements, cordless power tools still face limitations in terms of battery life and power compared to corded tools. This can hinder the performance and productivity of these tools, especially for heavy-duty applications, thus restraining their widespread adoption.

3. Competition from Corded Tools: The market for corded power tools continues to pose a challenge for the cordless segment. Corded tools are often preferred for their consistent power supply and lower upfront costs, especially in industrial applications. This competition from corded tools can impede the growth of the cordless power tools market.