Dec 22, 2022
Strong Sales Growth Forecast For Cordless Hammer Drill Market
The cordless hammer drill market will grow at a compound annual growth rate (CAGR) of 11.22 per cent from 2021 to 2027, says a report from Arizton. Increasing demand from commercial spaces, the multiutility of cordless hammer drills and the rise in do-it-yourself (DIY) are key factors driving the market demand. The do-it-yourself (DIY) home improvement market is expected to grow at a CAGR of 2.67 per cent between 2019 and 2024 and many small household projects and repairs can increase the demand for cordless hammer drills. Power tools are the most important components of DIY activities, which compelled power tool vendors to design and offer compact and user-friendly power tools that are battery-powered to compete in the market. The presence of hypermarkets, supermarkets, and specialty stores is also driving the market for DIY tools, which raises the market for cordless hammer drills. While corded power tools have been predominant for years, cordless power tools have reshaped the face of the power tool industry, says the report. One of the most significant growth drivers in the cordless power tool industry over the last decade has been the introduction of Li-ion batteries. The growth in the need for long-lasting battery life led to several developments in batteries and, in turn, has led to increased demand for cordless power tools including cordless hammer drills.
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