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Cordless Power Tools Market to Surge to US$ 39.2 Billion by 2033 with a 9.1% CAGR, Reveals Fact.MR Report 4o

07-09-2024 08:20 PM CET | Science & Education

Press release from: FactMR

Cordless Power Tools Market to Surge to US$ 39.2 Billion by 2033

Newly-released cordless power tools market analysis report by Fact.MR reveals that the global sales of cordless power tools in 2022 were held at US$ 15.3 Billion. With 9.1% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 39.2 Billion by the end of the forecast period.

The global cordless power tools market has witnessed unprecedented growth in recent years, driven by advancements in battery technology, increasing demand for convenience and mobility, and a growing emphasis on eco-friendly solutions. Cordless power tools have become indispensable across various industries and household applications, offering users the freedom to work without the constraints of cords and power outlets.

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Key Companies Covered

Techtronic Industries
Stanley Black & Decker Inc.
Makita Corporation
Hilti Group
Andreas Stihl AG & Co
Ingersoll Rand Inc.
Snap-on Incorporated
Atlas Copco
Husqvarna Group
Positec Tool Corporation
Emerson
Illinois Tool Works Inc. (ITW)
Koki Holdings Co
Robert Bosch GmbH
Chervon Group
Advancements in Battery Technology:

One of the primary factors fueling the growth of the cordless power tools market is the continuous evolution of battery technology. Lithium-ion (Li-ion) batteries have emerged as the preferred choice due to their high energy density, lightweight nature, and longer lifespan compared to traditional nickel-cadmium (NiCd) batteries. This has significantly enhanced the performance and efficiency of cordless power tools, providing users with longer runtimes and shorter charging times.

The shift towards smart batteries with built-in management systems has further improved safety and optimized power delivery. These batteries often include features such as temperature control, overcharge protection, and cell balancing, ensuring the longevity of both the battery and the tool. As battery technology continues to advance, the cordless power tools market is expected to witness even more powerful and energy-efficient tools.

Industry Applications:

The cordless power tools market has expanded its footprint across various industries, including construction, automotive, woodworking, and DIY (do-it-yourself) enthusiasts. In the construction sector, cordless drills, saws, and impact drivers have become essential for their versatility and portability, enabling workers to move freely around job sites without the limitations of cords.

In the automotive industry, cordless impact wrenches and drivers have gained popularity for their ability to deliver high torque without the need for a power source. Woodworking professionals benefit from cordless routers, sanders, and jigsaws, allowing them to create intricate designs without being tethered to an electrical outlet.

DIY enthusiasts have also embraced cordless power tools for their home improvement projects. The convenience of cordless tools simplifies tasks such as drilling, sawing, and screwing, making it more accessible for individuals without professional expertise.

Environmental Impact and Sustainability:

The cordless power tools market has witnessed a growing emphasis on sustainability and environmental consciousness. As the world becomes more environmentally aware, manufacturers are investing in eco-friendly practices and developing tools with reduced carbon footprints. The transition from gas-powered tools to cordless electric alternatives has contributed to a decrease in air and noise pollution, making cordless power tools a more sustainable choice.

Additionally, the recyclability of lithium-ion batteries is improving, further reducing the environmental impact of cordless power tools. Manufacturers are actively exploring ways to enhance the recyclability of batteries and reduce the reliance on rare earth elements, ensuring a more sustainable lifecycle for these tools.

Connectivity and Smart Features:

The integration of connectivity and smart features is another notable trend in the cordless power tools market. Manufacturers are incorporating Bluetooth technology and smartphone compatibility into their tools, allowing users to monitor tool performance, track usage, and receive maintenance alerts. This connectivity not only enhances user experience but also contributes to proactive tool maintenance, ultimately extending the lifespan of the tools.

Furthermore, the advent of brushless motor technology has improved the efficiency and durability of cordless power tools. Brushless motors generate less heat and friction, resulting in longer tool life and increased battery efficiency. This technology, coupled with intelligent electronics, enables tools to adapt to different tasks, optimizing performance based on the application.

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Conclusion:

The cordless power tools market is experiencing a transformative phase driven by technological innovations, increased emphasis on sustainability, and a growing demand for convenience. Advancements in battery technology, expanded industry applications, environmental consciousness, and the integration of smart features are shaping the future of cordless power tools.

As manufacturers continue to invest in research and development, users can expect even more powerful, efficient, and connected cordless power tools that cater to a wide range of applications. The market's evolution reflects not only technological progress but also a shift towards a more sustainable and user-centric approach in the realm of power tools.

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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, industrial goods to even the most niche categories. 80% of Fortune 1000s trust us in critical decision making.

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