The global cordless power tools market was valued at USD 14 billion in 2016 and is expected to surpass USD 19 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global cordless power tools market, under its test and measurement portfolio. This market analysis discusses the key drivers and major evolving trends and offers a competitive analysis of key vendors like Makita, Robert Bosch, Stanley Black & Decker, and Techtronic Industries.
According to Anju Ajaykumar, a lead analyst for test and measurement research at Technavio, “The advances in battery technology is expected to drive the demand for cordless power tools. Li-ion battery-powered cordless power tools are preferred over nickel-metal hydride battery-powered and nickel cadmium battery-powered cordless power tools.”
The major reason for preferring Li-ion battery-powered cordless tools are that it is lightweight when compared with other types of batteries used in cordless power tools. Li-ion batteries offer higher energy density than NiMH batteries and are less sensitive to damage from a rise in temperature than NiMH batteries. Moreover, these batteries do not suffer from memory and self-discharge effects unlike NiMH and NiCd batteries. These factors have led to the increasing preference for Li-ion batteries in power tools, thus increasing the demand for Li-ion battery-powered power tools.
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Rise in EV sales
Over the past few years, interest in Electric Vehicles in the US automotive sector has surged, with manufacturers beginning to introduce new EV models with advanced technology. The country aims to become a global leader in next-generation vehicle technologies. With the support of financial incentives and R&D, the country seeks to lessen its dependence on petroleum products for transportation. The EV market in China also has enormous growth potential, driven by supportive government subsidies and improving battery technology in the country.
Integration of 3D printing technology
3D printers are increasingly being used to create prosthetics, full-scale clothing, and electronic products. The dramatic changes that 3D printing technology has brought about are expected to have an impact on cordless and corded power tools. Many power tools manufacturers are trying to take advantage of 3D printing’s popularity by incorporating this technology into their equipment. The world’s largest manufacturer of power tools, Stanley Black and Decker, has manufactured prototypes of power tools in-house with the help of 3D printing, and thereby shorten the development cycle.
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This market research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. A competitive analysis of the key firms, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Cordless Power Tools Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
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