Sep. 20, 2022
Strong Growth Forecast For Cordless Power Tools
The global cordless power tools market will reach $46,729.5 million in 2030, up from $21,233.4 million in 2021, a compound annual growth rate (CAGR) of 9.2 per cent, says a report from P&S Intelligence. The major driving factor driving this market is the booming construction industry around the world. With the fast-increasing population, governments are launching many initiatives to develop residential, commercial, and industrial infrastructure. The rate of urbanization is also high, resulting in construction activities majorly concentrated in cities and semi-urban pockets. Drilling and fastening tools make up the largest segment of power tools, accounting for around 24 per cent of the market revenue; sawing and cutting tools take second place. The highest revenue in the cordless power tools market comes from the industrial sector, primarily because of the huge global construction sector. Wireless drills, sanders, grinders, cutters, saws, and screwdrivers are common during the construction, repairs, and renovation of infrastructure. Among all the end users, the residential category will have the highest CAGR, 9.9 per cent, ascribed to the growing home repair and renovation activities. Moreover, to save money, residents are taking up these tasks themselves, which is giving a boost to the DIY culture.