The new cordless power tools market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Cordless Power Tools Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the cordless power tools market.
"One of the primary growth drivers for this market is the Rapid Growth in the Production of Light Vehicles," says a senior analyst for the Industrials industry at Technavio.
The demand for light vehicles is expected to rise in the majority of countries across the globe. The growth rate of the light vehicle will be higher in countries that are manufacturing hubs for these vehicles. Consequently, growth in the production of light vehicles will create demand for new cordless power tools as well as lead to the replacement of corded power tools with more advanced cordless power tools. This, in turn, will augment the growth of the global cordless power tools market in the coming years.
As the markets recover Technavio expects the cordless power tools market size to grow by USD 6.17 billion during the period 2020-2024.
Cordless Power Tools Market Segment Highlights for 2020
The cordless power tools market is expected to post a year-over-year growth rate of 5.71%.
The growth of the market in the professional end-user segment will be driven by the expansion of the construction, manufacturing, and automotive industries.
The professional segment is larger than the consumer segment because of the size of the end-user industries such as construction, manufacturing, and automotive.
Professionals are ready to pay premium prices for better quality and more durable cordless power tools, as these are used consistently.
Market growth in this segment will be faster than the growth of the market in the consumer segment.
34% of the growth will originate from the North America region.
The growth in residential construction, the slower growth in the automotive industry, and increased demand from the aerospace industry will significantly drive cordless power tools market growth in this region over the forecast period.
The US is a key market for cordless power tools in North America. Market growth in this region will be faster than the growth of the market in MEA and South America.
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The cordless power tools market size is expected to accelerate at a CAGR of over 6% during the forecast period.
The cordless power tools market is segmented by End-user (Professional and consumer) and Geography (North America, Europe, APAC, South America, and MEA).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Atlas Copco AB, Robert Bosch GmbH, Hilti Corp., Hitachi Ltd., Makita Corp., MTD Products Inc., Panasonic Corp., Snap-on Inc., Stanley Black & Decker Inc., and Techtronic Industries Co. Ltd.
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