U.S. Cordless Power Tools Market
Dublin, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The "U.S. Cordless Power Tools Market - Industry Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Power tools are outpacing traditional hand tools in the professional and residential segments due to the demand for efficiency. For example, the construction industry experiences high pressure to launch innovative tools that reduce human effort.
The surge in the infrastructure and the construction market is a boon to the power tools market that will also enforce innovations in the future. The rise in manual labor costs, home improvement activities, and DIY has pushed the demand for user-friendly tools. Technology advancements have led to the development of several tools and machines across industries.
The drilling & fastening tools segment accounts for the largest share in 2021. It is expected to add an incremental growth of USD 0.69 billion to the segment by 2027.
The most common cordless power tools are drilling and fastening, such as drills, impact wrenches, impact drivers, screwdrivers, and nut runners. Most tools are not applied individually, and every industry uses the optimum combination of these tools. For instance, the application of drillers relies on the nature and type of work. Impact drills and wrenches deliver almost the same result. However, the difference lies in the effectiveness and overall productivity of the tools.
The brushed motors segment is expected to reach USD 4.28 billion by 2027. In addition, the segment is anticipated to witness shipments of 61.55 million units in 2027, growing at a CAGR of 6.22% during the forecast period.
The construction and design of brushed motors are very simple. Also, manufacturing is straightforward due to a small number of internal components. Hence, the overall cost of brushed DC motors is low. Brushed motors are much more reliable and less expensive than brushless motors. However, based on power, brushed motors are less potent than brushless motors.
The 12V Li-ion battery holds the largest share in the US cordless power tools market in 2021 and is expected to maintain dominance during the forecast period.
The segment is anticipated to add an incremental revenue of USD 0.81 billion by 2021. Several players are producing li-ion batteries, such as Robert Bosch. BAT414 is a 12 V Max lithium-ion 2.0 Ah battery offered by Robert Bosch. BAT414 uses advanced technology for optimum battery life, power, and runtime. It is a more compact and lightweight power tool battery and is an ideal complement to the Bosch 12 V line compact tools.
The industrial end-user segment was the most significant revenue contributor to the US cordless power tools market in 2021, and this trend is likely to continue throughout the forecast period.
The segment is anticipated to witness shipments of 85.24 million units in 2027, growing at a CAGR of 6.50%. Cordless power tools are widely used in automotive, aerospace, electronics, energy, construction, shipbuilding, and other industries. The construction sector is the highest revenue generator due to the rising construction and renovation activities across the region, followed by the automotive industry, which involves the assembly of high-precision parts. The industrial segment is expected to add an incremental revenue of USD 2.41 during the forecast period.
Increasing Demand for Industrial Heat Guns
Power tools, which includes machinery such as drills, grinders, saws, heat guns, and other, are witnessing significant growth in the region. This machinery helps increase work efficiency by using advanced sensors and other technologies while minimizing errors and injury. Power tools are being adopted across various industries due to their multiple benefits.
Growing Demand for DIY Projects
In the US, most adults are engaged in leisure time activities that are creative and purposeful. Most people also engage in home improvement and maintenance activities based on their interests. The demand for DIY power tools is rising due to the better living standards of the middle-class population who are seeking improved home spaces.
High End-user Variability
The cordless power tools have expansive manufacturing requirements to meet diverse end-users demands across various geographies. In dealing with multiple customers and their expected standards, vendors must have agile manufacturing lines that can quickly adjust to the short-term demand fluctuations from the end customers.
The US cordless power tools market is characterized by low market concentration with high competition.
The major vendors also continually compete for the leading position in the market, with occasional competition coming from other local vendors. The market is characterized by the presence of diversified global and regional vendors. The competition will be based solely on durability, technology, services, price, and customization. Many international players are expected to expand their reach worldwide during the forecast period. In addition, improving economic conditions will fuel the market's growth, making it an attractive time to launch new products.
Key Winning Imperatives in the US Cordless Power Tools Market
The growing demand for Li-ion batteries and the rise in infrastructural developments has propelled the demand for cordless power tools in the region.
Rising home renovations and DIY activities are expected to surge the demand for US cordless power tools.
The DIY culture is one of the major drivers for the US cordless power tools market.
Stanley Black & Decker
Techtronic Industries Company
Other Prominent Vendors
Apex Tool Group
Panasonic Holdings Corporation
Illinois Tool Works
iQ Power Tools
Global Tools Group
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
7.1.1 Market Overview
7.1.2 Market Trends
7.1.3 Market Drivers
7.1.4 Market Challenges
7.1.5 Segment Review
7.1.6 Company & Strategies
8.2 Construction Insights
8.2.1 South Region
8.2.2 West Region
8.2.3 Northeast Region
8.2.4 Midwest Region
8.3 Value Chain Analysis
8.3.1 Material Suppliers
8.4 COVID-19 Scenario
8.5 Historic Data
8.5.2 South Region
8.5.3 West Region
8.5.4 Northeast Region
8.5.5 Midwest Region
8.6 US-China Trade Issues
9 Market Opportunities & Trends
9.1 Increasing Demand for Industrial Heat Guns
9.2 Technological Innovation in Industry 4.0
9.3 Growing Demand for Prefabricated Buildings
10 Market Growth Enablers
10.1 Advances in Li-Ion Batteries
10.2 Growing Demand for Diy Projects
10.3 Increasing Use of Fasteners
11 Market Restraints
11.1 Fluctuations in Raw Materials Pricing
11.2 High End-User Variability
11.3 Us-China Trade War
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
13 Tool Type
13.1 Market Snapshot & Growth Engine (Revenue)
13.2 Market Snapshot & Growth Engine (Units)
13.3 Market Overview
14 Drilling and Fastening Tools
14.1 Market Snapshot & Growth Engine (Revenue)
14.2 Market Snapshot & Growth Engine (Units)
14.3 Market Overview
14.5 Impact Wrenches
14.6 Impact Drivers
14.7 Screwdrivers & Nut Runners
15 Sawing & Cutting Tools
15.1 Market Snapshot & Growth Engine (Revenue)
15.2 Market Snapshot & Growth Engine (Units)
15.3 Market Overview
15.4 Circular Saws
15.5 Reciprocating Saws
15.6 Band Saws
15.8 Shears & Nibblers
16 Demolition Tools
16.1 Market Snapshot & Growth Engine (Revenue)
16.2 Market Snapshot & Growth Engine (Units)
16.3 Market Overview
16.4 Rotary Hammer
16.5 Demolition Hammer
16.6 Hammer Drills
17 Material Removal Tools
17.1 Market Snapshot & Growth Engine (Revenue)
17.2 Market Snapshot & Growth Engine (Units)
17.3 Market Overview
18 Routing Tools
19 Other Tools
19.1 Market Snapshot & Growth Engine (Revenue)
19.2 Market Snapshot & Growth Engine (Units)
19.3 Market Overview
19.4 Heat & Glue Guns
19.5 Dust Extractors
19.6 Layout & Laser Tools
20 Motor Type
20.1 Market Snapshot & Growth Engine (Revenue)
20.2 Market Snapshot & Growth Engine (Units)
20.3 Market Overview
20.4 Brushed Motors
20.5 Brushless Motors
21 Li-Ion Battery Type
21.1 Market Snapshot & Growth Engine (Revenue)
21.2 Market Snapshot & Growth Engine (Units)
21.3 Market Overview
21.4 12 V
21.5 18 V
21.6 20 V
21.7 40 V
21.8 40 V & Above
22.1 Market Snapshot & Growth Engine (Revenue)
22.2 Market Snapshot & Growth Engine (Units)
22.3 Market Overview
23.1 Market Snapshot & Growth Engine (Revenue)
23.2 Market Snapshot & Growth Engine (Units)
23.3 Market Overview
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