The size of the cordless power tools market in 2021 was USD 21,233.4 million, and it will advance at a rate of 9.2% in the years to come, to reach USD 46,729.5 million by 2030, as per a report published by P&S Intelligence.
The industry is distinguished by a lot of competition, and to keep a strong presence, businesses must refine and modify their characteristic value propositions. The market is moderately fragmented, led by local vendors, and distinguished by the existence of many regional and global providers.
Regional vendors are finding it more and more difficult to compete with global businesses as global players expand their reach. The competition will be entirely based on sturdiness, technology, services, price, and personalization.
Also, the abundant availability of raw material is crucial for the manufacturers of cordless power tools. Fluctuating components, raw material, and finished goods costs can create manufacturing disruptions, delays, inadequacies, or an incapability of marketing the products.
APAC will grow the fastest, at over 10.1% CAGR, because the booming automotive industry in India and China, increasing disposable income, and growing construction and infra development activities.
North America holds a major revenue share of over 28% in the past. The demand for cordless power tools is driven by the region's expanding infra and industrial sectors and the existence of big firms.
Moreover, the lack of economical labor encourages the acceptance of the DIY ideology, promoting the growth of the regional industry.
It is because of the increasing requirement for fastening tools in the industrial sector, the demand for cordless power tools will grow substantially in the future.
Cordless Power Tools Market Growth, Development and Demand Forecast Report 2030
The size of the cordless power tools market in 2021 was USD 21,233.4 million, and it will advance at a rate of 9.2% in the years to come, to reach USD 46,729.5 million by 2030, as per a report published by P&S Intelligence.The industry is distinguished...
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