Vanishing The Cord From Power Tools: Perennial Opportunities In Cordless Power Tools Market

By Goldstein Market Intelligence || 2018-12-27 10:46:20 AM

Vanishing The Cord From Power Tools: Perennial Opportunities In Cordless Power Tools Market

 According to Goldstein Research, “Advancement in cordless technology and growing shift towards light weight power tools driving the growth of global cordless power tools market." Cordless tools are the fastest growing segment of power tools industry. Innovation in battery technology reduced the size of tools and offers high power density and longer running duration. Some of the leading market players are providing most accurate, technologically advanced and economical tools in the market.  

Cordless Power Tools Market 

The global cordless power tools market is segmented based on product, by power output and by end users. End users are further bifurcated into professional and consumer. The demand by the professionals accounts for more than two third of the total market. The three major professional industries are construction, automotive and manufacturing industries which are the major factors for the growth of this segment.  

Global cordless market is expected to gain traction over the forecast period due to ease of use and performance advantages. Further, the market is projected to expand at a CAGR of 4.8 % over the forecast period i.e. 2016-2024. 

Asia-Pacific is the fastest growing region for cordless power tools market in 2016 and is expected to surpass Europe over the forecast period of 2016-2024. Asia-Pacific cordless power tools market valued USD 3.2 billion in 2016 and is estimated to reach USD 10.7 billion by 2024. Growing automotive industry and construction sector in the region is expected to drive the growth of cordless power tools market in Asia-Pacific. For instance, Australia's construction industry total spending reached USD 233 billion and engineering construction accounted for USD 102 billion in 2015. Australia constitutes 3% share in global construction industry. Asia-Pacific region constitute many other countries with highest construction spending share in global construction market such as Japan, China, India and Indonesia. 

Lithium ion Batteries: Innovation

With the introduction of lithium ion batteries cordless power tools market started to rise dramatically owing to its advantages over nickel cadmium batteries. Major manufacturers are spending huge amounts on R&D programs to develop more advanced batteries. For instance, Milwaukee has been leading in cordless tools developments, with the introduction of 9.0Ah battery packs, which has 5 times more run-time than standard lithium batteries. These advance batteries maintains about 35% more power while using in heavy applications. 

“Global Cordless Power Tools Market Outlook 2024” contains detailed overview of the global cordless power tools market in terms of market segmentation by product type, by power output type and by end users.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Global Cordless Power Tools Market Report also provides competitive outlook of some of the major players which includes profiling of companies such Makita, Robert Bosch, Stanley Black & Decker, Atlas Copco, Hilti, Hitachi Koki, Husqvarna, Snap-on, Milwaukee Tools etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the global cordless power tools market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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