Global Cordless Power Tools Industry To Reach USD 46,729.5 Million by 2030

NEW YORK - Jan. 31, 2023 - PRLog -- The size of the cordless power tools market in 2021 was USD 21,233.4 million, and it will advance at a rate of 9.2% in the years to come, to reach USD 46,729.5 million by 2030, as per a report published by P&S Intelligence.

The industry is distinguished by a lot of competition, and to keep a strong presence, businesses must refine and modify their characteristic value propositions. The market is moderately fragmented, led by local vendors, and distinguished by the existence of many regional and global providers.

The industrial sector dominated the cordless power tools market, because of its regular usage of cordless power tools. The main reason for this is the acceptance of trailblazing technology, particularly in the construction industry.

Because of the growing construction and restoration activities, the construction sector leads the industry, followed by the automobile industry, involving the assembling of high-precision parts.

APAC will grow the fastest, at over 10.1% CAGR, because the booming automotive industry in India and China, increasing disposable income, and growing construction and infra development activities.

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Moreover, the lack of economical labor encourages the acceptance of the DIY ideology, promoting the growth of the regional industry.

It is because of the increasing requirement for fastening tools in the industrial sector, the demand for cordless power tools will grow substantially in the future.