Asia-Pacific’s power tools market will top US$ 7.67 billion by 2031 (CAGR 6), according to a new study by Transparency Market Research (TMR).
China is expected to dominate the cordless power tools market in the region, with a whopping 39% share by 2031.
Growing demand for cordless power tools for the rising DIY market is among the drivers, as well as from industries currently favouring more cordless power, including the automotive and construction sectors. The automotive industry favours cordless power tools thanks to their ability to provide the required and precise torque for works involving threaded fasteners, while the construction sector favours them for their extensive use in demolition and building works, so says TMR.
Manufacturers in the Asia-Pacific region are focused on boosting local production capacities to reduce reliance on other countries, the report says.
While the full report is only available to those that pay for it, there are further insights being shared by the research agency:
- Manufacturers are increasing the production of cordless circular saw machines integrated with shared battery for devices such as impact wrench, screwdrivers, and reciprocating saw. For instance, the cordless circular saw model with the design code Yato YT- 82810 and 18V wattage is marketed for wood cutting applications.
- Upswing in demand for cordless circular saws used in plywood, plastics, and cutting formwork boards is being witnessed in Asia Pacific cordless power tools market. Sales of robust cordless circular saws are witnessing an upsurge due to their compact design and easy to be carried advantages.
- Product innovations in cordless impact drill drivers integrated with lithium ion battery technology underway in the cordless power tools market
- Befitting use of cordless power tools in automotive assemblers for applications such as installing dashboards and instrument panels boosts the Asia Pacific cordless power tools market
- Prospects of role of manufacturers and distributors to educate and train end users, along with product sales underscores growth. This, coupled with streamlined after sales service to propel the Asia Pacific cordless power tools market.
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