LONDON--(BUSINESS WIRE)--Technavio has been monitoring the cordless power tools market and it is poised to grow by USD 6.17 billion during 2020-2024, progressing at a CAGR of over 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Frequently Asked Questions-
- What was the size of the cordless power tools market in 2019?
- Technavio says that the value of the market was USD 16.82 billion in 2019 and it is projected to reach USD 22.99 billion by 2024.
- Based on segmentation by end-user, which is the leading segment in the market?
- The professional segment is expected to be the leading segment in the global market during the forecast period.
- At what rate is the market projected to grow?
- Growing at a CAGR of over 6%, the incremental growth of the market is anticipated to be USD 6.17 billion during the forecast period.
- Who are the top players in the market?
- 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. are some of the major market participants.
- What are the key market drivers and challenges?
- Advances in battery technology and the rise in EV sales are the major factors driving the market. However, the declining growth of the construction and automobile industries in China restraints the market growth.
- How big is the North American market?
- The market in the North America region was valued at USD 5.86 billion in 2019 and it is anticipated to grow to USD 7.96 billion during 2024.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 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. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Advances in battery technology have been instrumental in driving the growth of the market.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Cordless Power Tools Market 2020-2024: Segmentation
Cordless Power Tools Market is segmented as below:
- North America
- South America
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Cordless Power Tools Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The cordless power tools market report covers the following areas:
- Cordless Power Tools Market Size
- Cordless Power Tools Market Trends
- Cordless Power Tools Market Analysis
This study identifies the rise in EV sales as one of the prime reasons driving the cordless power tools market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Cordless Power Tools Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist cordless power tools market growth during the next five years
- Estimation of the cordless power tools market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the cordless power tools market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of cordless power tools market vendors
Table of Contents:
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Professional - Market size and forecast 2019-2024
- Consumer - Market size and forecast 2019-2024
- Market opportunity by End-user
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Atlas Copco AB
- Robert Bosch GmbH
- Hilti Corp.
- Hitachi Ltd.
- Makita Corp.
- MTD Products Inc.
- Panasonic Corp.
- Snap-on Inc.
- Stanley Black & Decker Inc.
- Techtronic Industries Co. Ltd.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.