CLEVELAND, Feb.6, 2021 / PRNewswire / – Global Demand for Power Tools increase by 3.4% per year to $ 28.1 billion in 2024, according to a new analysis by the Freedonia Group:
- Despite declining sales in 2020 due to reduced construction and manufacturing activity during the COVID-19 pandemic, demand will begin to pick up in 2021 as these industries return to growth.
- The current switch to cordless power tools will allow particularly strong gains for these products.
Wireless electrical products are increasingly entering professional markets
In 2019, cordless products accounted for just 38% of power tool demand in professional markets, compared to 55% in consumer markets. Professional users generally have more stringent performance requirements for power and uptime, which has slowed their adoption of cordless tools.
However, advancements in technology – especially in battery capacities – are rapidly narrowing the performance gap between plug-in and cordless tools, and business users should quickly switch to cordless.
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