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Cordless Power Tools Market Size Expected to Reach US$ 39.2 Billion, exhibiting a CAGR of 9.1% by 2033 | Fact. MR Report

Fact.MR’s latest report on Cordless Power Tools Market provides a detailed analysis of growth drivers, market restraints, and emerging trends. It also offers insights Covering 30+ Countries Including Analysis of US, Canada, Brazil, Mexico, UK, Germany, France, GCC countries, Japan, Korea and many more

Rockville , Sept. 04, 2023 (GLOBE NEWSWIRE) -- The Cordless Power Tools Market revenues were estimated at US$ 15.3 Billion in 2022 and are anticipated to grow at a CAGR of 9.1% from 2023 to 2033, according to a recently published Fact.MR report. By the end of 2033, the market is expected to reach a valuation of US$ 39.2 Billion. Material removal tools Type of Cordless Power Tools dominates the Cordless Power Tools market with a projected CAGR of 8.7% from 2023 to 2033.

The cordless power tools market has experienced significant growth and innovation, revolutionizing how professionals and DIY enthusiasts approach various tasks. Among the many factors driving this market's expansion, the emergence of interoperable batteries has played a crucial role. Interoperable batteries, also known as universal or cross-platform batteries, can be used interchangeably across different cordless power tool brands and models.

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Companies are recognizing the need for interoperable batteries and collaborating to manufacture such batteries for the convenience of consumers. For instance, In July 2020, Bosch and Husqvarna Group's Gardena division joined forces to create an alliance. Together with other renowned brands, they introduced the Power for All Alliance, a multi-vendor battery system that will power various home products. This alliance was built upon Bosch's battery technology, forming a solid foundation for collaboration. Such collaborative efforts from companies are driving the market towards shifting from traditional corded to cordless power tools.

The growing production of lithium-ion batteries for cordless power tools has emerged as a transformative trend, reshaping the landscape of the power tool industry. This surge in battery production is a response to the increasing demand for portable, high-performance tools that cater to the needs of professionals, artisans, and DIY enthusiasts alike. As the global shipments of lithium-ion battery power tools grew by 26.2% in 2021, this represents a significant opportunity for the growth of cordless power tools equipped with these lithium-ion batteries.

Several manufacturing companies of power tools are driving the shift from traditional corded tools to cordless power tools. For instance, WORX/Rockwell Tools have moved to 80% cordless tools in the past few years from 50% corded and 50% cordless. DeWalt is also focusing significantly on cordless power tools manufacturing more cordless power tools than corded ones. Milwaukee Tool has also decided to discontinue corded versions of tools if cordless tools outperform them. These companies are significantly influencing consumer buying habits and pushing forward the cordless power tools market.

Segmentation of the Cordless Power Tools Market

By Product Type By Motor Type By Battery Voltage Type By End Use By Region
Drilling and Fastening Tools Brushed Motors 12V & Below Residential North America
Sawing and Cutting Tools Brushless Motors 18V/20V Industrial & Professional Latin America
Demolition Tools   24V/36V Construction Industry Europe
Material Removal Tools   40V/60V and Above Woodworking and Carpentry East Asia
Garden Tools     Automotive Industry South Asia & ASEAN
Vacuum Cleaners     Electronics and Appliance Repair Middle East & Africa
Garden Tools        

Key players in the market are:-

  • Techtronic Industries,
  • Stanley Black & Decker Inc.,
  • Robert Bosch GmbH,
  • Makita Corporation,
  • Hilti Group,
  • Andreas Stihl AG & Co,
  • Ingersoll Rand Inc.,
  • Snap-on Incorporated,
  • Atlas Copco,
  • Husqvarna Group and Positec Tool Corporation.

Report Attributes

Details
Forecast Period 2023 – 2033
Value Projection (2033) US$ 39.2 Billion
Growth Rate (2023-2033) 9.1% CAGR
No. of Pages 170 pages
No. of Tables 80 Tables
No. of Figures 361 Figures

Some of the recent developments in the Cordless Power Tools market are:

  • In June 2023, Ingersoll Rand announced its plans to acquire Chart Industries brand Howden Roots LLC in all cash for around US$ 300 million. Vacuum technologies and low-pressure compression provider Roots have revenues of US$ 115 million and the acquisition aligns with Ingersoll Rand’s commitment to sustainability.

  • In June 2023, Bosch Power Tools unveiled a range of new products, such as an 18V heat gun and concrete nailer, as part of its ongoing efforts to expand its cordless portfolio in support of trade workers. Additionally, Bosch Power Tools has introduced an upgraded 18V Limited Warranty, providing extended coverage for 18V tools, chargers, and batteries.

  • In May 2022, Stihl Inc. and Briggs & Stratton announced a manufacturing partnership aimed at broadening the range of Stihl products available in the U.S. As part of this collaboration, Stihl will introduce a new line of zero-turn mowers targeting both professionals and homeowners. These innovative mowers will be offered through authorized local Stihl Dealers starting from January 2023.

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More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the Cordless Power Tools Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.

The study reveals extensive growth in the Cordless Power Tools market by Product (Drilling and Fastening Tools, Sawing and Cutting Tools, Demolition Tools, Material Removal Tools, Garden Tools, Vacuum Cleaners, and Other Tools), by Motor Type (Brushed Motors and Brushless Motors), by Battery Voltage Type (12V and below, 18V/20V, 24V/36V, and 40V/60V and Above), by End Use (Residential and Industrial & Professional) and by Region (North America, Latin America, Europe, East Asia, South Asia and ASEAN, Middle East and Africa, and Oceania) - 2023 to 2033.

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About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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