CHICAGO, July 13, 2021 /PRNewswire/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this U.S. cordless power tools market report.
The U.S. cordless power tools market is expected to grow at a CAGR of over 9.49% during the period 2020−2026.
Key Highlights Offered in the Report:
- South region dominates the cordless power tools market in US and accounts for 31.68% of the total share. The revenue in this region is expected to grow at a CAGR of 10.02% to reach USD 2 billion during the forecast period.
- West region is the second-largest market for cordless power tools market in US, with a market share of 27.77% and is expected to generate an incremental revenue of USD 0.74 billion.
- Based on the tool type, drillers and fastening tools accounted for the highest revenue. The segment generated a revenue of USD 0.94 billion, which is expected to grow at a CAGR of 7.88% to reach USD 1.48 billion during the forecast period.
- The industrial end-user segment contributed 74.52% of the total market revenue, while the construction industry accounted for USD 721.42 million, followed by the automotive industry at USD 642.78 million in 2020.
- The rise in the application of precision parts and surge in consumer traffic is expected to drive the demand for cordless power tools in the aerospace industry. Accordingly, the segment is expected to generate a revenue of USD 487.15 million during the forecast period.
- Currently, the cordless power tools market is moderately fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch, and TTI.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by tool types, end-users, and geography
- Competitive Landscape – 5 key vendors and 14 other vendors
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US Cordless Power Tools Market – Segmentation
- In 2020, the drilling and fastening tools market emerged as the most dominant segment in the market and accounted for a revenue share of 26.43%. The segment is expected to add a total revenue of $0.54 billion to the market by 2026. The impact wrenches segment is the fastest-growing segment and is expected to grow at a CAGR of 8.52% during the forecast period. Also, the segment will contribute the highest revenue to the market at $164.98 million by 2026.
- Most DIY enthusiasts use cordless circular saws for building a deck, kitchen cupboards, or a bookcase. Factors such as high preference for woodwork in the construction industry and high-precision remodeling work for households are driving the growth of the segment. Battery type, comfortable grips, and vibration levels are key factors that vendors can focus on to improve their products.
- The industrial end-user segment constituted the largest segment of the market in 2020 and is likely to remain dominant throughout the forecast period. Cordless power tools are widely used in automotive, aerospace, electronics, energy, construction, shipbuilding, and other industries. The construction sector is estimated to be the highest revenue generator due to the rise in construction and renovation activities, followed by the automotive industry that involves the assembly of high-precision parts.
US Cordless Power Tools Market by Tool Type
- Drilling and Fastening Tools
- Sawing and Cutting Tools
- Demolition Tools
- Material Removal Tools
- Routing Tools
- Others
US Cordless Power Tools Market by End-User
- Industrial
- Commercial
- Residential
US Cordless Power Tools Market – Dynamics
DIY activities entail maintaining, modifying, and rebuilding material possessions, such as automobiles, bicycles, residences, and household appliances by residents, amateurs, or hobbyists. In the US, most adults indulge in creative and purposeful leisure activities. Some consumers also invest in home improvement and maintenance activities based on their personal interests. The increasing demand for DIY power tools for home modification projects, such as refurbishing old furniture, roofing, and removing wall stickers, in the US is attributable to the better living standards of the middle-class population and their desire for improved home spaces. The cordless power tools are preferred over corded power tools as they allow free movement, easy handling, and better storage. Furthermore, advances in battery technologies and technological innovation, such as Li-ion batteries and Wi-Fi or Bluetooth connectivity, are supporting the growth of cordless power tools.
Key Drivers and Trends fueling Market Growth:
- Increasing Demand for Industrial Heat Guns
- Technological Innovations in Industry 4.0
- Growing Demand for DIY Projects
- Advances in Lithium-Ion Batteries
US Cordless Power Tools Market – Geography
In 2020, the southern region was the largest cordless power tools market, with a share of 31.68%. The presence of large-scale industries, such as automobiles, construction, electronics, and aerospace, are driving the market for Li-ion-operated power tools in the region. Furthermore, the DIY culture is highly popular in the US, which is driving the demand for tools such as compact and handy heat guns. The heat and guns market in the South US was valued at $41.15 million in 2020. With the rise in green building regulations, the rising cost of manual labor, high disposable income, and rise in immigration rates, the demand for cordless power tools is expected to witness a surge during the forecast period. General Motors, Tesla, and Nissan are three major companies that manufacture the most electric vehicles (EVs) in the US. The rising demand for EVs is attributable to the growing demand for eco-friendly vehicles.
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US Cordless Power Tools Market by Geography
- US
- South
- West
- Northeast
- Midwest
Major Vendors
- Stanley Black & Decker
- Robert Bosch
- Techtronic Industries Company
- Makita
- Hilti
Other Prominent Vendors
- Atlas Copco
- Apex Tool Group
- Snap-on
- Koki Holdings
- Emerson
- Fortive
- CHERVON
- AIMCO
- Dynabrade
- STIHL
- iQ Power Tools
- Festool
- Illinois Tool Works
- Ingersoll Rand
Explore our industrial machinery profile to know more about the industry.
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