POWER TOOLS MARKET ANALYSIS

Power Tools MarketSize and Trends

The global power tools market has accounted for US$ 27,680.9 Mn in terms of value in year 2022, and is expected to grow at CAGR of 8.36% for the period 2023-2030.

Lithium-ion batteries replacing NI-CD and NI-MH batteries

Previously, the majority of power tools were corded, which made it challenging to work in compact places. However, with cordless tools, it has become more convenient to work in any environment. Lithium-ion batteries are typically used in new cordless power tools, which are rapidly replacing NI-CD and NI-MH batteries. Li-ion batteries offer various advantages over NI-CD batteries including enhanced energy density, low maintenance, and easy replacement.

Rising DIY activities is another key trend in the market

Do-it-yourself or DIY activities refer to the method of repairing, building, and modifying objects without direct help from professionals. The trend of DIY activities increasing, especially in terms of home gardening, carpentry, and other activities, where people are using power tools such as electric drills and electric screwdrivers. Furthermore, as people were constrained at home due to COVID-19 pandemic and stringent laws related to public gatherings, DIY activities have gained a significant pace among people.