Cordless Power Tools Market to Reach $35.62 Billion by 2027. Do-it-Yourself (DIY) Culture Complimenting the Growth of the Market - Arizton

According to Arizton's latest research report, the cordless power tools market is expected to grow at a CAGR of 10.67% during the forecast period. The DIY culture is one of the major drivers for cordless power tools. The DIY concept is also gaining momentum in the developing economies of India, Brazil, and South Africa. Consumers in the residential sector often take up repair and enhancing activities that improve their skills and prove cost-efficient. Furthermore, hypermarkets, supermarkets, and other specialty stores such as Home Depot offer DIY projects thereby driving the market for DIY tools, which eventually raises the demand for cordless power tools.

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INDUSTRY 4.0 AND SMART PRECISION MANUFACTURING
Industry 4.0: It advocates the integration of the manufacturing plant with other business functions, including inbound logistics, outbound logistics, and customer services, to develop holistic and adaptive automation system architectures that can make use of battery-operated drills and wrenches for precision assembly.
Industry 4.0 for Process: It describes smart-networked sensors as a foundational part of the industry 4.0 process architecture. These sensors communicate with the automation system and control and interact with business systems. Industry 4.0 for the process is a concept driven by NAMUR and VDI/VDE in collaboration with various prominent industry leaders. The miniature sensors can be designed with electronic-grade cordless drills.
The major challenge in automation manufacturing is the lack of multi-vendor portability, wherein both industrial structures and systems are to be designed for easy migration and retrofitting. Precision parts have a great role to play in the implementation of this automation ecosystem as they can be designed and implemented on a modular basis without any impact on the larger system. However, the same warrants the need for standardization between vendors, at least on the design and specifications of the precision parts assembly process.

MARKET SEGMENTATION
Tool Type
• Drilling and Fastening Tools
o Drills
o Impact Drivers
o Impact Wrenches
o Screwdrivers & Nut Runners
• Sawing and Cutting Tools
o Jigsaws
o Reciprocating Saws
o Circular Saws
o Band Saws
o Shears and Nibblers
• Demolition Tools
o Demolition Hammers
o Rotary Hammers
o Hammer drills
• Material Removal Tools
o Sanders
o Grinders
• Routing Tools
o Others
o Dust Extractors
o Heat and Glue Guns
o Layout Tools
o Laser Tools
End-User
• Industrial
o Automotive
o Aerospace
o Electronics
o Energy
o Construction
o Shipbuilding
o Other Industry
• Commercial
• Residential
Geography
• North America
o US
o Canada
• Europe
o UK
o Germany
o France
o Italy
o Spain
• APAC
o China
o India
o Japan
o South Korea
o Australia
• Latin America
o Mexico
o Brazil
• Middle East & Africa
o Saudi Arabia
o Turkey
o South Africa
o UAE

COMPETITIVE ANALYSIS
The global cordless power tools market is characterised by high competition and low market concentration. To maintain a strong market presence, vendors are changing and refining their unique value propositions. The cordless power tools market is currently moderately fragmented, with vendors such as Stanley Black & Decker, Bosch, and Techtronic Industries dominating. Vendors must develop new technologies and need to remain abreast with upcoming innovations to have a competitive advantage. Many international players are expected to expand their global reach during the forecast period, particularly in fast-developing APAC and Latin American countries, to gain a larger market share.
In addition, improving global economic conditions will fuel the growth of the market, making it an attractive time for the launch of new products. Arizton believes that global players will grow inorganically by acquiring regional or local players in the future. Furthermore, companies with better technical and financial resources can develop innovative products, which can pose a threat to competitors' products and make their products non-competitive and even obsolete before they can recover R&D and commercialization costs.

Major Vendors:
• Stanley Black & Decker
• Techtronic Industries
• Robert Bosch
• Makita
• Hilti
Other Prominent
• Atlas Copco
• Apex Tool Group
• Ingersoll Rand
• Snap-on
• Koki Holdings
• Emerson
• Panasonic
• Fortive
• Positec
• CHERVON
• FEIN
• FERM
• AIMCO
• Uryu Seisaku
• INTERSKOL
• Festool
• Kyocera
• CS Unitec
• Dynabrade
• Husqvarna
• STIHL
• Blount International

To know more: https://www.arizton.com/market-reports/cordless-power-tools-market

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