The cordless power-tools market by revenue is expected to grow at a CAGR of 9.49% during the period 2021-2026. This is according to a new report from ResearchAndMarkets, the “U.S. Cordless Power Tools Market.”
The increasing demand for efficient power tools is gaining traction in the global market. The surge in the infrastructure and the construction sectors is a boon to the power tools market that will enforce innovations in the future.
NiCd, NiMH, and Li-ion are some of the most common batteries widely used in cordless power tools. Advances in battery technology are enabling the introduction of new products and services in the industry.
The cordless power tools market in the U.S. is moderately fragmented and is dominated by vendors, such as Stanley Black & Decker, Bosch, and TTI. The competition among the players will be based solely on features such as durability, technology, services, cost, and customization.
Vendors must develop new technologies and remain upgraded with upcoming innovations to maintain a competitive advantage over other players. For instance, Bosch is the only vendor that offers cordless power tools that support inductive charging techniques.
The competition among companies is intensifying, leading to introducing innovative and advanced solutions in the industry. It’s expected that the global players will grow inorganically by acquiring regional or local players in the future.
U.S. geographic analysis
- South: The growth is supported by due to new construction projects and construction projects in the pipeline in the region. States such as Texas, Louisiana, Virginia, Georgia, North Carolina, Tennessee, Maryland, and Florida are the top states in this region that accounts for US construction project pipeline.
- West: According to the National Association of Home Builders (NAHB) survey, the states West region of the U.S. with the largest homes built are Arizona, Colorado, Idaho, Nevada, Utah, and Wyoming.
- Northeast: Nearly 190,000 new privately-owned housing units are under construction in 2021. Vendors are expected to gain the opportunities in the Northeast region to boom the sale of power tools.
- Midwest: Car production and maintenance operations are dependent on portable cordless power tools across the region.
- The U.S. is the leading exporter of manufacturing technology products, thereby surging the demand for cordless power tools.
- The drilling and fastening tools, demolition tools, and sawing and cutting tools segments are expected to contribute more than 55% to the incremental growth in the market in the upcoming years.
- Players are investing in new forms and fastening technologies for reshaping the requirements of fastening technologies. This is expected to drive the growth of the U.S. cordless power tools market share.
- Stanley Black & Decker
- Robert Bosch
- Techtronic Industries Company
To learn more or download the report, click here.