LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global cordless power tools market size to grow to USD 19,35 billion by 2021, at a CAGR of close to 7%, according to their latest report.
“DIY, or do it yourself, is the method of building, repairing, and modifying things without the help of professionals. There are many companies such as IKEA offering DIY products at extremely affordable prices, which is driving the demand for tools such as cordless power tools”
The research study by Technavio on the global cordless power tools market for 2017-2021 provides a detailed industry analysis based on end-user (professional and consumer) and geography (the Americas, EMEA, and APAC).
Cordless power tools are operated without a power cord connected to a fixed electricity supply. These power tools are finding application in various industries such as automotive, infrastructure, construction, woodworking, aerospace, and electrical and electronics.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global cordless power tools market:
- Advances in battery technology
- Growth in production of light vehicles
- DIY concept gaining momentum in developed countries
Advances in battery technology
“Lithium ion batteries are quickly establishing themselves as the most efficient battery and advanced battery. These batteries are light, have high energy density, do not exhibit self-discharge, and have the longest rechargeable lifecycle,” says Anju Ajaykumar, a lead analyst in Technavio for test and measurement research.
The above-mentioned properties of Li-ion batteries have made them the most popular option for powering cordless power tools. Li-ion batteries not only provide the power tools a longer operational life but also makes them more efficient, thereby driving for their increased adoption.
Growth in production of light vehicles
The automotive industry is witnessing a healthy increase in demand for light vehicles, especially in developing regions in APAC such as Japan and South Asia. Additionally, Japan’s automotive sector contains some of the most innovative and technologically advanced products, requiring power tools that can match up to them. The rise in demand for light vehicles can be attributed to the need for safer and cleaner transport and shifting mobility needs. This growth in the automotive industry is fueling the demand for both new cordless power tools and as replacements for corded power tools.
DIY concept gaining momentum in developed countries
“DIY, or do it yourself, is the method of building, repairing, and modifying things without the help of professionals. There are many companies such as IKEA offering DIY products at extremely affordable prices, which is driving the demand for tools such as cordless power tools,” says Anju.
DIY companies usually provide all the parts needed to make an object or a product, along with a detailed set of instructions regarding their assembly. This not only saves operational expenses for the vendors but also reduces the price of ownership for the consumers. Consumers from developed economies are quickly catching on to the DIY trend and equipping their toolkits with all the necessary equipment, thereby driving the global cordless power tools market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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