Cordless Power Tools Market Research Report By Power Source (Lithium-Ion Batteries, Nickel-Cadmium Batteries, Nickel-Metal Hydride Batteries), By Tool Type (Drills, Saws, Sanders, Wrenches, Impact Drivers, Reciprocating Saws, Circular Saws), By End-Use Industry (Construction, Automotive, Manufacturing, Consumer DIY), By Voltage (12 V, 18 V, 20 V, 24 V, 36 V) and By Regional (North America, Europe, South America, Asia-Pacific, Middle East and Africa) - Forecast to 2032

Cordless Power Tools Market Overview

As per MRFR analysis, the Cordless Power Tools Market Size was estimated at 23.77 (USD Billion) in 2022. The Cordless Power Tools Market Industry is expected to grow from 25.05(USD Billion) in 2023 to 40.2 (USD Billion) by 2032. The Cordless Power Tools Market CAGR (growth rate) is expected to be around 5.4% during the forecast period (2024 - 2032).

Key Cordless Power Tools Market Trends Highlighted

Rapid technological advancements are driving the cordless power tools market, leading to the development of tools with improved power, durability, and versatility. The increasing adoption of cordless technology in professional and DIY applications is a major trend, as it eliminates the limitations of cords and provides greater convenience and portability on worksites. Additionally, the growing use of high-power batteries and brushless motors has significantly enhanced the performance and efficiency of cordless tools, making them comparable to or even exceeding the capabilities of corded models. These advancements are expected to continue to drive market growth in the coming years.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Cordless Power Tools Market Drivers

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  Growing Adoption of Cordless Power Tools in the Construction Industry

  
  

The Construction Industry is a primary end-user of cordless power tools Growing adoption of cordless power tools is a key driver of Cordless Power Tools Market Industry -Advantages over corded tools, such as portability, convenience, and safety -Growing Complexity of construction, increasing need for portability, and improving ease of use of power tools increases demand -Adoption is expected to continue growth and is driven by growth in off-site construction, demand for cordless power tools with additional features and capabilities -Trend is further reinforced by increasing focus of the governments in using such power tools on construction sites and increasing number of such mandatory regulations Thus, it can be said that except for a few exceptions, the previous examples of changes in usage due to changing technologies are in response to the needs of the construction industry.

Rising Demand for Cordless Power Tools in DIY and Home Improvement Projects

Another factor driving the Cordless Power Tools Market Industry is the increasing popularity of the DIY and home improvement trends. With their convenience, portability and affordability, cordless power tools are increasingly being used by the DIY and homeowner segments. 

The rising demand in the particular sector is likely to last over the forecast period due to several factors. Firstly, there are more and more homeowners who are starting to get involved in DIY activities, especially in developing countries. Secondly, the general trend of renewed interest in DIY and home improvement activities follows the growing popularity of the respective TV programs and video tutorials. Thirdly, the market is witnessing the decreasing prices of cordless power tools, making them more accessible.

Technological Advancements and Innovation in Cordless Power Tools

There is another trend that also drives global industry growth: technological advancements and innovations in cordless power tools. More and more manufacturers have begun to develop, produce and sell power tools with their unique characteristics, design solutions, and peculiarities. The opposite, the same features and characteristics allow for meeting the particular needs of users and attracting them. 

The innovations are related to the improvement of battery technology, be it Li+ or Li-Ion.One more trend is the implementation of new motor technology – if reliant DCT motors were replaced by standard, new BLDC motors were adapted. They increase the efficiency and durability of cordless power tools. That is why this trend can also be called the driving force of the Cordless Power Tools Market industry growth.

Cordless Power Tools Market Segment Insights

Cordless Power Tools Market Power Source Insights

The Power Source segment of the Cordless Power Tools Market is going to increase drastically over the next few years, with Lithium-Ion Batteries, nickel-carbon batteries and Nickel-Metal hydrogen batteries as its main types. Over the last years, Lithium-Ion Batteries have become the leading power source for cordless power tools because of having high energy density, resulting in lightweight, long life, and slow charge loss when the battery is not in use. As a result, the Cordless Power Tools Market revenue from this power source is likely to exceed USD 24 billion by 2024, having a CAGR of over 6%.

The demand for these tools is expected to grow in construction, automotive and other industries. Nickel-cadmium batteries still remain a competitive power source for cordless power tools as they are more durable and fit potentially harsh conditions. The segmentation of the Cordless Power Tools Market from this power source is expected to exceed USD 4.5 billion by 2024 with a CAGR of nearly 3% because of this battery's high efficiency and reliability of heavy-duty applications. 

Nickel-metal hydride Batteries are a compromise between Lithium-Ion and Nickel-Cadmium Batteries as they have more capacity than Cadmium Batteries and more life than Lithium-Ion Batteries. The Cordless Power Tools Market data shows that their segmentation is expected to settle around USD 3 billion by 2024. The growth of the market is explained by the increased popularity of DIY and building and instruction customers, while demand for any new tools is always experienced in construction and other. The development of better batteries as performers and tools as more convenient in use will also contribute to its expansion.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Cordless Power Tools Market Tool Type Insights

The Cordless Power Tools Market has been segmented by Tool Type, comprising Drills, Saws, Sanders, Wrenches, Impact Drivers, Reciprocating Saws, and Circular Saws. The Drills segment dominated the market in 2023. The prime reason why the segment is witnessing such massive growth is the fact that drills are used considerably across numerous industries, such as construction, automotive and manufacturing. The ever-growing demand for cordless drills, be it the DIY enthusiasts or the professionals, has been a vital factor in facilitating the growth of the segment.

Saws are yet another prominent segment, as they are portable and multipurpose. The segment also provides for the optimal use of cordless technology. The market data also supports the steady growth of Sanders, Wrenches, Impact Drivers, and Reciprocating Saws, serving the elevated significance in construction, automotive, and woodworking applications. The Circular Saws segment is expected to witness an uptrend owing to the demand from the construction and manufacturing industries.

Cordless Power Tools Market End-Use Industry Insights

The construction industry is projected to account for the largest share of the Cordless Power Tools Market revenue throughout the forecast period. This is attributed to the increasing demand for cordless power tools in residential and commercial construction projects. The automotive industry is also expected to witness significant growth in the cordless power tools market, driven by the rising adoption of electric vehicles and the growing popularity of do-it-yourself (DIY) projects. 

The manufacturing industry is another key end-use industry for cordless power tools, where they are used in various assembly and production processes. The consumer DIY segment is expected to experience steady growth as cordless power tools become more accessible and affordable for home users

Cordless Power Tools Market Voltage Insights

The Cordless Power Tools Market is segmented by voltage, with 12V, 18V, 20V, 24V, and 36V being the most common. The 18V segment is expected to hold the largest market share in 2023, with a valuation of around 8.29 USD Billion, owing to its high power and versatility. The 12V segment is projected to register a CAGR of 5.9% during the forecast period, reaching a valuation of 4.12 USD Billion by 2032. The 20V segment is estimated to be valued at 3.68 USD Billion in 2023 and is anticipated to exhibit a steady growth rate in the coming years. The 24V and 36V segments are expected to account for a smaller share of the market but are likely to witness significant growth in the future.

Cordless Power Tools Market Regional Insights

The regional segmentation of the Cordless Power Tools Market offers valuable insights into the market's presence and performance across different regions. North America leads the market with a substantial revenue share, driven by the presence of major manufacturers, advanced infrastructure, and high demand for cordless power tools in the construction, automotive, and manufacturing industries. Europe follows closely, with significant contributions from Germany, France, and the United Kingdom. 

The Asia-Pacific region is anticipated to witness significant growth over the forecast period due to rising industrialization, urbanization, and increasing disposable income in emerging economies like China and India. South America and the Middle East and Africa (MEA) regions hold promising growth potential, driven by infrastructure development, mining, and oil and gas industries.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Cordless Power Tools Market Key Players And Competitive Insights:

Players in the cordless power tools market continually seek to expand their capabilities and presence within this market as well as gain a greater position of leadership in what has become an increasingly competitive marketplace. A number of the leading players in the cordless power tools market have focused on the development of newer, more innovative, and more advanced products that can provide significant competitive advantages in the context of the current marketplace. Increasing demand for these tools has been driven by a wide range of fields, actually ranging from the construction and automotive industries to diverse manufacturers and both home and industrial improvement applications. 

As these players continue to refine their offerings, it seems likely that the weaknesses that currently exist within the cordless power tools market will indeed fade. However, at the moment, the competition finds itself quite dynamic because many companies in this segment are in continuous search of more significant differentiation.

One of the industry's leaders, Stanley Black & Decker, for instance, offers cordless power tools in a wide variety of associated applications, including cordless drills, impact drivers, saws, grinders, and other applications. The company has a strong reputation for successful invention and innovation that comes through its reliance on research and development, a network that is active worldwide on the firm's behalf. The company's products are well-respected for high levels of product quality and the satisfaction of consumer demands.

Bosch is another international company that also offers a comprehensive overview of cordless tools for consumers, such as the previously mentioned drills, drivers, saws, and grinders. The company offers a number of patent applications and new tools that demonstrate high levels of innovation resulting from the company's focus on technology. Bosch is particularly known and celebrated for the quality of its cordless power tools, which are made to provide superior performance and durability.

Key Companies in the Cordless Power Tools Market Include:

• Makita


• Stanley Black Decker


• Hilti


• Husqvarna


• Bosch


• Flex Power Tools


• Festool


• TTi Group


• Ryobi


• TTI Group


• Techtronic Industries


• Metabo


• Hitachi Koki


• Dewalt


• Milwaukee Electric Tool

Cordless Power Tools Market Industry Developments

The Cordless Power Tools Market is projected to grow from USD 25.05 billion in 2023 to USD 40.2 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period. This growth can be attributed to several factors, including the increasing adoption of cordless power tools in the construction, automotive, and manufacturing industries. 

Additionally, the rising demand for cordless power tools in DIY and home improvement projects is further propelling market expansion. Key industry players are focusing on introducing innovative cordless power tools with advanced features, such as improved battery life, enhanced ergonomics, and increased power output, to cater to the evolving needs of end-users.

Cordless Power Tools Market Segmentation Insights

Cordless Power Tools Market Power Source Outlook

• Lithium-Ion Batteries


• Nickel-Cadmium Batteries


• Nickel-Metal Hydride Batteries

Cordless Power Tools Market Tool Type Outlook

• Drills


• Saws


• Sanders


• Wrenches


• Impact Drivers


• Reciprocating Saws


• Circular Saws

Cordless Power Tools Market End-Use Industry Outlook

• Construction


• Automotive


• Manufacturing


• Consumer DIY

Cordless Power Tools Market Voltage Outlook

• 12 V


• 18 V


• 20 V


• 24 V


• 36 V

Cordless Power Tools Market Regional Outlook

• North America


• Europe


• South America


• Asia-Pacific


• Middle East and Africa