The Cordless Power Tools Market is expected to expand by USD 6.17 billion between 2020 and 2024.


 

Rapid Development in Light Vehicle Production is one of the major growth drivers for this market. Light vehicle demand is predicted to rise in the majority of countries around the world. One of the primary growth drivers for this industry is the rapid development of light vehicle production. In the majority of countries around the world, demand for light vehicles is expected to increase. As a result, the global cordless power tools market will rise faster in the approaching years.

The cordless power tools market is expected to expand by USD 6.17 billion between 2020 and 2024.

This, in the turn, will boost global growth. COVID-19 has three primary effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on enterprises and financial markets.

APAC is the fastest-growing cordless power tool market, with the greatest CAGR, projected during the forecast period. The cordless power tools market is primarily driven by rapid industrialization and rising applications in the residential and commercial sectors. The automotive, aerospace, construction, electronics, and shipbuilding industries all employ these tools. They can also be used in the home for things like stripping paint, soldering wire, and freezing pipes. The rising demand for Lithium-ion batteries, as well as the expansion of infrastructure, has boosted demand for this equipment. The widespread use of battery-powered instruments has boosted the popularity of cordless power tools. The use of lithium-ion batteries has increased since NiCd batteries were banned in power tools. Furthermore, in smaller power tool categories such as angle grinders, circular saws, and reciprocating saws, the proportion of cordless equipment has increased.

In 2020, the cordless power tools market's industrial end-user category, which includes the automotive and construction industries, earned the most revenue. Because of the growing need for advanced tools, the segment is expected to remain stable over the projection period. In the residential and commercial segments, however, remodeling, refit, and DIY activities are projected to fuel the market. During the projected period, demand is expected to accelerate in China, Japan, The United States, and Western Europe. Electric vehicles are produced in large quantities in these areas. The demand for cordless tools is projected to rise as designs and mechanics become more complex.

In the North American area, the United States is anticipated to earn the majority of revenue. The North American automotive sector is the world's largest maker of electric cars, making it a forerunner in the industry. The cordless power tool industry in North America is expected to develop due to advancements in lithium-ion battery technology. The United States has become a hub for oil and gas investments due to increased efficiencies and low-cost production. With the expansion of the construction industry during the projection period, demand for drillers and material removal tools may increase.

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