Rapid urbanization and industrialization are key factors uplifting the overall growth of the global cordless power tools market. The growing trend of “Do it Yourself” (DIY) projects, which is creating demand for amateurs and enthusiasts to upgrade or rebuild material possessions such as household appliances are again expanding the growth of the cordless power tools market size. Rise in the end-user segments such as Automobile, aerospace, construction, electronics, shipbuilding industries are also anticipated to foster market growth. Drilling & fastening devices, sawing & cutting, and demolition machines segments are gaining tremendous demand from a wide range of applications. The increasing global electric vehicles market has further resulted in the high demand for cordless power tools such as fastening and other material removal devices.
North America is estimated to exhibit tremendous growth in the near future and this attributed to the rapid growth in the end-user segments such as automobiles, electronics, construction, and aerospace in the region. Also, expanding oil &gas industry in the region due to high demand for crude oil and increasing investment has further augmented the cordless power tools market growth. According to the International Energy Agency, The crude oil production in the United States increased by 10.9% compared to 2018. As such, the United States remained the world’s top producer, followed by the Russian Federation, Saudi Arabia, Canada and Iraq
Cordless power tools that are available today come with a variety of different options and functions, allowing users to customize them to meet their exact needs. Drilling & fastening devices, Material Removal Tools, Routing Tools, demolition machines, and sawing & cutting are some of the cordless power tools. They are widely used across end-user industries such as automobile, construction, aerospace, electronics, and shipbuilding industries.
Key Developments:
In June 2019, Bosch Power Tools has launched its range of cordless power tools like wireless screwdrivers powered by lithium-ion batteries. These power tools will boost convenience to the workers 4X compared to the existing screwdrivers
In June 2017, DEWALT has launched a new range of cordless power tools that guarantee sustained, all-day onsite performance without the need for mains power supply
In February 2020, Bosch Power Tools India, a provider of the power tools segment that offers a complete range of power tools for construction, woodworking, and the metalworking industry has launched innovations in the measuring and imaging categories for Indian professions
In February 2019, Peugeot Outillage launched its complete range of tools: hammer drill, jackhammer, circular saw, jigsaw, orbital sander, angle grinder, restorer, and multi-function tool
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