(EMAILWIRE.COM, July 21, 2024 ) Cordless Power Tools Market was worth US$ 2.52 Bn. in 2023 and total revenue is expected to grow at a rate of 6.97 % CAGR from 2023 to 2030, reaching almost US$ 4.04 Bn. in 2030, according to Maximize Market Research.
Asia-Pacific is expected to be the fastest-growing region in the power tools market for the forecast period. COVID-19 saw a global disruption, with automotive manufacturing heavily impacted, especially in Asia-Pacific, Europe, and North America. Significant losses were caused by lockdown in production and sales. Despite this in 2024, a surge in demand for power tools in the automotive sector is anticipated.
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High adoption of battery-powered tools with lithium-ion batteries replacing traditional Ni-Cd and Ni-MH batteries. Shift to lithium-ion batteries providing higher energy density, longer life, and lightweight tools is observed. Rising installation of wind turbines creating demand for electric fastening tools is seen as future opportunity for the market.
Cordless Power Tools Market Segmentation
by Motor Type
Brushed
Brushless
by Tool Drills
Saws
Lawn Motors
Others
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by Application
Industrial
Commercial
Residential
Cordless Power Tools Market Key Players include
Apex Tool Group
Atlas Copco AB
Hilti Corporation
Ingersoll-Rand PLC
Hitachi Ltd.
Makita Corporation
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Maximize Market Research is leading Engineering Equipment research firm, has also published the following reports:
Electric Power Tools Market was valued at USD 31.87 Billion in 2023, and is expected to reach USD 52 Billion by 2030.
Power Tools Market was worth US$ 33.76 Bn in 2023 and overall revenue is anticipated to rise at a rate of 4.6% from 2024 to 2030.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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