Exponential Growth Seen in Cordless Power Tools Market
Cordless power tools refers to the tools that is actuated by an additional mechanism and better as power source, rather than depending on the manual labor and conventional hand instruments to accomplish the required tasks. These conventional equipment used to sport fat Ni-Cd batteries that were difficult to handle for wielders, which over the years have witnessed significant technological and design improvements. Next generation equipment are extremely compact, sleek and are built with the aim to enhance the mobility of the instruments for any sorts of job.
Ability of these ubiquitous equipment to reduce the manual labor and enhance productivity is expected to remain the primary growth driver
Cordless power tools market has witnessed significant traction over the last few years owing to its extensive portfolio that is broadly classified under drills, saws, sanders, grinders, nail guns, bare tools, carpentry tools, and other related accessories. These find significant applications in mending and developing household projects in conjunction with exhaustive list off applications in industries that include automotive, electronics, and industrial assembly among many others. Moreover, owing to decreasing charging times, increased voltage capacity and storage have in turn led to increased usability in the heavier work load applications. These factors reduce the manual effort, time consumption and costs associated with the tasks, which will propel the overall cordless power tools market growth over the forecast period.
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Increasing demands for automotive production are expected to provide significant boost to the demand growth
According to Organisation Internationale des Constructeurs d’Automobiles (OICA), international production of vehicles witnessed an increase of around 4.5% over the year, accounting for an increase of around 94 million units in 2016. Requirement of power tools to enable human workforce to support the production tasks along with the high-tech machinery is expected to drive the demands for power tools. Moreover, Substantial benefits of cordless equipment over the corded alternatives is expected to generate the demand for replacement of the conventional instruments. Chief global trends such as demand growth for electronic vehicles and do-it-yourself (DIY) are expected to augment major growth prospects to the industry.
Lithium-ion (Li-ion) batteries segment is expected to register highest growth over the forecast period
Nickel Cadmium batteries are the conventional form of batteries that have acquired significant consumer base in the cordless power tools market. Moreover, low-cost availability and large scale adoption of equipment powered by these NiCad batteries are expected to witness significant demands. Li-ion batteries have witnessed significant growth momentum owing to significant featured benefits over the Ni-Cad batteries, such as low charging times, long power backups, and high charge density. However, owing to considerable difference in the overall equipment costs, and occasional requirement in household and few other application segments, NiCad is expected to witness consistent demand.
Professional end use segment is expected to continue its dominance the cordless power tools market share
Major requirements in the professional application segments such as construction, manufacturing, automotive and high affordability of the segment industry participants is expected to provide strong foothold to the business growth. The household segment is expected to gain major traction, owing to increasing of manual labor and lack of human resource for small household projects.
Increased affordability and increasing activities for transformative automotive technologies such as V2V communication and connected automotive will drive the demands for cordless power tools in the region. Improving economic conditions in Asia Pacific, and large base of manufacturing activities in the countries such as China, India, Japan, Indonesia and South Korea, are expected to present potential growth landscape over the next few years.
Industry is characterized by the consolidated presence of chief players in the region sharing major cordless power tools market share. These players include Emerson Electric Co., Makita, Robert Bosch, Stanley Black & Decker and Techtronic Industries. Other key players include Atlas Copco, Hilti, Husqvarna, Hitachi, and Snap-on.
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