Power tools are mechanical tools driven by electricity that are used to serve certain purposes such as drilling, cutting, grinding, heating polishing and others. Cordless power tools refer to the portable mechanical tools that use battery as the source of electricity. The cordless tools provide the advantages of mobility, easy handling and light weight. Cordless tools use lithium-ion batteries for the required power supply. There is a wide variety of cordless tools available in the market such as saws, drills, wrenches and others. These modern tools are extensively used in both commercial and domestic uses.
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has impacted all the aspects of the business landscape in some way or the other.
- Due to the nationwide lockdowns imposed by the government of several nations, the manufacturing operations in different industries went down significantly. The automotive and construction industries were among the few industries that were worst hit. As a result, the demand for the cordless power tools decreased in the commercial sector.
- However, since people are forced to stay indoors in the time of the pandemic, there is a growing tendency for doing the household works such as repairing, beautification, and others, by themselves. This has increased the demand for cordless power tools for domestic purposes.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rapid industrialization, and the growing interest of consumers toward “Do it yourself” (DIY) activities has propelled the growth for the cordless power tools market across the globe. In the present day world, cordless power tools are being widely used in several industries such as automobile, construction, electronics, aerospace and others. With the development of technologies the nickel-cadmium batteries and nickel-metal hydride batteries were replaced by lithium-ion batteries, which provide high energy density, long battery life and better performance. The rapid urbanization and the increase in disposable income has promoted to rebuild, maintain and upgrade their own household appliances by themselves using these advanced yet easily usable power tools. However, the lack of knowledge and awareness about how to use the tools properly and their benefits, mainly in the developing nations might restrict the growth of the cordless power tools market. Nevertheless, the growing acceptance to the DIY concept has played an important role in the growth of the cordless power tools market.
The market in the Asia-Pacific region holds the largest share of the global cordless power tools market. This is because of the increasing industrial and manufacturing developments in the emerging economies of the region such as India and China, in the industries such as construction, mining, automotive and others.
Key benefits of the report:
- This study presents the analytical depiction of the global cordless power tools industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global cordless power tools market share.
- The current market is quantitatively analyzed to highlight the global cordless power tools market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global cordless power tools market analysis based on competitive intensity and how the competition will take shape in coming years.
Cordless Power Tools Market Report Highlights
By Power Input
By Industry Vertical
Key Market Players
Stanley Black & Decker, Techtronic Industries, Makita, Ingersoll Rand, Hitachi KOKI, Atlas Copco, Hilti, Husqvarna., Milwaukee Tools, Robert Bosch