Growing Trend of “Do It Yourself” (DIY) Projects Playing Significant Role in the Overall Development of Cordless Power Tools Market

 

Cordless Power Tool
Cordless Power Tool

Rapid urbanization and industrialization are key factors
uplifting the overall growth of the global cordless power tools market. The
growing trend of “Do it Yourself” (DIY) projects, which is creating demand for
amateurs and enthusiasts to upgrade or rebuild material possessions such as
household appliances are again expanding the growth of the cordless power tools
market size. Rise in the end-user segments such as Automobile, aerospace,
construction, electronics, shipbuilding industries are also anticipated to
foster market growth. Drilling & fastening devices, sawing & cutting,
and demolition machines segments are gaining tremendous demand from a wide
range of applications. The increasing global electric vehicles market has
further resulted in the high demand for cordless power tools such as fastening
and other material removal devices.



North America is estimated to exhibit tremendous growth in
the near future and this attributed to the rapid growth in the end-user
segments such as automobiles, electronics, construction, and aerospace in the
region. Also, expanding oil &gas industry in the region due to high demand
for crude oil and increasing investment has further augmented the cordless
power tools market
growth. According to the International Energy Agency, The crude oil production
in the United States increased by 10.9% compared to 2018. As such, the United
States remained the world’s top producer, followed by the Russian Federation,
Saudi Arabia, Canada and Iraq



Cordless power tools that are available today come with a
variety of different options and functions, allowing users to customize them to
meet their exact needs. Drilling & fastening devices, Material Removal
Tools, Routing Tools, demolition machines, and sawing & cutting are some of
the cordless power tools. They are widely used across end-user industries such
as automobile, construction, aerospace, electronics, and shipbuilding
industries.



Key Developments:



1.      In June 2019, Bosch Power Tools has launched its range of
cordless power tools like wireless screwdrivers powered by lithium-ion
batteries. These power tools will boost convenience to the workers 4X compared
to the existing screwdrivers



2.      In June 2017, DEWALT has launched a new range of cordless
power tools that guarantee sustained, all-day onsite performance without the
need for mains power supply



3.      In February 2020, Bosch Power Tools India, a provider of the
power tools segment that offers a complete range of power tools for
construction, woodworking, and the metalworking industry has launched
innovations in the measuring and imaging categories for Indian professions



4.      In February 2019, Peugeot Outillage launched its complete
range of tools: hammer drill, jackhammer, circular saw, jigsaw, orbital sander,
angle grinder, restorer, and multi-function tool


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