Yahoo Finance Global Cordless Drills Market is Predicted to Grow at a Notable CAGR During 2022-2031; Scaling of Battery-Powered Equipment Usage Among End User to Augment Growth - Research Nester
Key Companies Covered in the Global Cordless Drills Market Research Report by Research Nester are Makita Power Tools India Pvt. Ltd., Robert Bosch GmbH, Black+Decker Inc., Milwaukee Electric Tool Corporation, Stanley Black & Decker Inc., Hilti India Private Limited, Techtronic Industries Co. Ltd., Hitachi, Ltd., DeWalt Industrial Tool Company, STIHL Incorporated, and other key market players.
New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Cordless Drills Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
Market growth over the forecast period
Detailed regional synopsis
Market segmentation
Growth drivers
Challenges
Key market players and their detailed profiling
Global Cordless Drills Market Size:
The global cordless drills market is estimated to grow at a significant CAGR over the forecast period. Rising application of power tools in household for small construction is likely to fuel the market growth. People use these tools for gardening, to put a nail on a wall or for any sort of wood-work. Additionally, the use of power tools for commercial activities such as construction is anticipated to favor the market growth. The compact size, handy and easy to carry feature of power tools such as battery driven drills, screwdrivers, hammers and others are facilitating its growing popularity. For instance, out of total users of power tools, nearly 75% are homeowners. Furthermore, the economical price of these machines is another aiding factor for its increased retails. Approximately 57% of consumers considered price as a main factor for retailer selection.
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Global Cordless Drills Market: Key Takeaways
North America region gains the largest portion of the revenue
Lithium-ion segment to significant elevation in battery type
Impact power drills sub-segment remains prominent in the drill type segment
Technological Development of Cordless Drills to Favor the Market Growth
Product advancement is another factor which is likely to influence the growth of cordless drills market. In addition to rising need of power tools, technical enhancement is emerging as a prominent factor for boosted sales of cordless equipment. For instance, the one of a kind battery innovation, FLEXVOLT hit the market in 2017 by one of the largest power tool manufacturers, Dewalt of the Stanely Company. It is a battery that adjusts its voltage according to the tool attached to it. Additionally, Milwaukee released of the 9.0Ah battery packs of lithium ion battery. This battery depends on high power cell and low resistance. It has an ability to give 5 times higher run-time than standard lithium battery.
Global Cordless Drills Market: Regional Overview
The global ear and nasal packing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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High Manufacturing of Power Tools to Elevate the Growth in the Asia-Pacific Region
Growing demand of cordless power tools in Asia Pacific market owing to mobility, accessibility and myriad of variants, persuade manufacturers to increase the production of power tools. In 2020, approximately 30 million units of drills were consumed in the Asia-pacific region and it is further expected to hold out nearly 49 million units by 2027. China is one of the leading country in manufacturing equipment with most updated feature is anticipated to propel the growth of Asia-pacific region. Rise in investment from public and private sector in India’s tools manufacturing industries is expected to outpace the rest of the emerging market. For instance, JCB, an US based prime construction equipment company announced an investment of Rs. 1000 crore for setting up an exclusive export facility in Vadodara, India.
North America Cordless Drill Market is to Grow on the Account of DIY Revolution
Do it yourself revolution has prompted people to buy equipment which are easy to use and carry around. Power tools comes to rescue for the people wanting to renovate their garage into office or to make a comfortable furniture by themselves. In case of any confusion among people to use these gadgets or to buy a suitable gadget, there are thousands of informative videos which further helps them to understand their needs better and thus, attracts them to buy the tools. In America, nearly 60% of people have at least 5 power tools and approximately 25 % owns more than ten tools. Almost 90% of power tools users utilize them for household construction activities.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
North America (U.S., Canada)
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Cordless Drills Market, Segmentation by Battery Type
Nickel-Cadmium
Lithium-ion
Others
Lithium-ion battery is to hold prominent share in the market over the forecast period of 2022-2031. Lithium-ion batteries are now extensively used for portable and non-electric devices. Key features of these batteries such as higher energy density in smaller packages, greater power capacity and in terms of work it provides more flexibility are expected to drive large scale adoption throughout the forecast years. Cordless devices using lithium-ion batteries are easy to use and saves user from muscle fatigue. Unlike nickel cadmium battery, lithium-ion should not necessarily be completely discharged before recharging, it can be used at user’s convenience. Lithium-ion battery has higher energy density thus, draws more current and operate for a longer period than nickel- cadmium one. The typical lithium-ion battery lasts nearly 12 months before losing its usable charge, compared to the nickel cadmium battery’s short lifespan of a few months. Also, the production of lithium-ion has also shown an upward trend in recent years. In 2018 the total lithium-ion battery production stood approximately at 310 gigawatt-hours. By 2028, the number is expected to topple over 2 terawatt-hours.
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Global Cordless Drills Market, Segmentation by Drill Type
Hammer & Rotary drill
Impact Power drill
Others
Impact power drills is gaining popularity on the account of delivering direct torque in larger application. They are usually used for bolting and drilling application and provide compact and comfortable solutions. Impact drills delivers a constant power of nearly 550in/lbs. torque and around 1500 rotations per minute (RPMs). The combination of intense power with easy to carry feature of impact power drills is likely to propel the overall growth of cordless drills market.
Global Cordless Drills Market, Segmentation by Application
Residential
Industrial
Others
Few of the well-known market leaders in the global cordless drills market that are profiled by Research Nester are Robert Bosch GmbH, Black+Decker Inc., Milwaukee Electric Tool Corporation, Stanley Black & Decker Inc., Hilti India Private Limited, Techtronic Industries Co. Ltd., Hitachi, Ltd., DeWalt Industrial Tool Company, STIHL Incorporated, and others.
Recent Developments in the Global Cordless Drills Market
In February 2022, Milwaukee Tool, introduced fastest 18V cordless tire inflator to mitigate the problems of accuracy, speed and capacity occur during tire filling. This technology takes less than a minute to fill 33’ light truck tires. It is designed with inflator holes and nozzle storage with much more durability and versatility.
In March 2022, Hitachi Energy, announced its selection to accelerate sustainable mobility in Germany, by winning an order from Germany’s biggest municipal transportation company named, Berliner Verkehrsbetriebe (BVG). Hitachi offers help in BVG transition to sustainable mobility by supplying its Grid-eMotion Fleet smart charging infrastructure.
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