Cordless Drills Market size is projected to grow at substantial growth rate during the forecast period i.e., between 2024-2036. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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Regional Scope |
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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 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.
Our in-depth analysis of the global market includes the following segments:
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By Battery Type |
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By Drill Type |
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By Application |
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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 industry is likely to account for largest revenue share by 2036, driven by 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
March 15, 2022: Hitachi Energy to accelerate sustainable mobility by providing smart charging infrastructure for public transport in Germany.
February 28, 2022: Milwaukee Electric Tool Corporation to start the production of the fastest 18-volt cordless tire inflator for the market.
Author Credits: Abhishek Verma
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