Global Cordless Drills Market Highlights over 2022 – 2031
The global cordless drills market is estimated to grow at a prominent CAGR over the forecast period, i.e., 2022 – 2031. Cordless drills are battery powered drilling machines, which are characterized by the absence of an electric cord or wire. The growth of the market can be attributed to the rising adoption of battery-powered power tools across the various end-use industries. Drilling machines find extensive application in the construction sector for conveniently drilling holes through rigid materials, and for inserting screws. Other than this, drills are also commonly used in residences and hardware workshops for general repair activities. Moreover, cordless drills are handy, compact, and do not require an electricity connection, which means they can be used outdoors as well. This is another major factor, which is estimated to boost the market growth. Furthermore, cordless drills are majorly used in prefabricated construction, or modular construction, where the construction of basic structure takes place off-site. The demand for modular construction, the market of which reached USD 10 billion in 2018, and is estimated to cross ISD 170 billion in 2025, is constantly increasing, and is therefore anticipated to contribute to the growth of the global cordless drill market during the forecast period.
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The market is segmented by drill type into hammer & rotary drill, impact power drill, and others, out of which, the impact power drill segment is anticipated to hold a substantial share in the global cordless drills market over the forecast period on account of higher demand for impact power drill in the construction sector, as it is much stronger and delivers extra torque.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Cordless Drills Market Regional Synopsis
On the basis of geographical analysis, the global cordless drills market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing construction activities in the developing countries.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of increasing construction activities in the region. The U.S. construction industry was valued at around USD 1.4 trillion in 2020. Moreover, a majority of the population in U.S. participates in DIY home decoration projects due to high cost of labor. This is expected to increase the demand for cordless drills amongst the common public for domestic use, which is estimated to boost the market growth.
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The global cordless drills market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cordless drills market includes the following segments:
By Battery Type
By Drill Type
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing demand for portable, easy to use, and compact drilling machine is estimated to boost the market growth.
The market is anticipated to attain a prominent CAGR over the forecast period, i.e., 2022 – 2031.
The major players in the market are Black+Decker Inc., Robert Bosch GmbH, Hilti India Private Limited, Stanley Black & Decker, Inc., Hitachi, Ltd., Techtronic Industries Co. Ltd., DeWalt Industrial Tool Company, and STIHL Incorporated.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drill type, battery type, application, and by region.
The residential segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
Lack of general awareness about the product is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing construction industry.
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