Cordless Power Tools Market Will Reach USD 46,729.5 Million by 2030

In 2021, the cordless power tools market was worth around USD 21,233.4 million, and it is projected to advance at a 9.2% CAGR from 2022 to 2030, hitting USD 46,729.5 million by 2030, according to P&S Intelligence.

This growth can be credited to the growing adoption of cordless power tools, the growing requirement for fastening tools in the manufacturing sector, and the thriving construction sector in emerging countries.

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The cordless power tools industry outlook is encouraging, as both the manufacturing capacity and demand are projected to surge in the coming future. The increasing automotive sales, quick urbanization, and growing count of government steps for infrastructure growth have generated opportunities for key players to spend in developing regions and gain income from them.

Fastening and Drilling's tools are highly demanded in a range of industries, such as
manufacturing and construction. Such tools are also used in DIY commercial and residential projects. Thus, in the coming few years, the category is projected to hold above 24% revenue share.

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In order to attain the anticipated item shape and dimension, material removal tools are used to clean unwanted material off of metals. The rising requirement for made-up metal items is boosting the enlargement of the material removal tools industry, mainly because cordless electric material removal tools are extensively utilized in a range of industrial applications.

The second-largest category is sawing and cutting tools, as such tools are characteristically used for the accurate cutting of metals and wood. They are also utilized in DIY projects, as most sellers sell accessible cutting tools, like jigsaws, for house enhancement and woodworking.

In 2021, the industrial sector had the largest cordless power tools market share, credited to its recurrent utilization of cordless power tools. This can be ascribed to the adoption of pioneering technology, particularly in the construction sector.

Because of the growing restoration and construction operations, the construction sector generates the utmost revenue, tailed by the automobile sector, which includes the gathering of high-precision parts.

In the near future, APAC will witness the fastest growth, at a CAGR of above 10.1%, which can be credited to the thriving automotive sector in India and China, increasing per-capita income, and increasing construction and infrastructure growth actions.

In 2021, North America held a considerable market share, of more than 28%. The cordless power tools industry demand is being boosted by the continent's mounting infrastructure and industrial sectors and the existence of key companies. Moreover, the lack of low-cost labor boosts the acceptance of the DIY ideology, which encourages regional market development.

Hence, the growing adoption of cordless power tools, the growing requirement for fastening tools in the manufacturing sector, and the thriving construction sector in emerging countries are major factors driving the cordless power tools industry.

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This release was published on openPR.