Global Cordless Power Tools Market 2017-2021
Global Cordless Power Tools Market 2017-2021 - Key Vendors are Makita, Robert Bosch, Stanley Black & Decker & Techtronic Industries - Research and Markets
June 01, 2017 01:07 PM Eastern Daylight Time
DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Cordless Power Tools Market 2017-2021" report to their offering.
The global cordless power tools market to grow at a CAGR of 6.63% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global cordless power tools market for 2017-2021. To calculate the market size, the report considers the demand for cordless power tools. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
According to the report, one driver in the market is the advances in battery technology. Li-ion battery-powered cordless power tools are preferred over nickel metal hydride (NiMH) battery-powered and nickel cadmium (NiCd) battery-powered cordless power tools.
One trend in the market is the rise in EV sales. Over the past few years, interest in EVs in the US automotive sector has surged, with manufacturers beginning to introduce new EV models with advanced technology. The country aims to become a global leader in next-generation vehicle technologies. With the support of financial incentives and R&D, the country seeks to lessen its dependence on petroleum products for transportation. The sales of plug-in hybrid electric vehicles (PHEVs) in the US was 50.1 thousand units in 2005, and it increased to 116.10 thousand units in 2015.
Further, the report states that one challenge in the market is the decline in construction and automobile industries in China. The recent slowdown that the Chinese economy has been experiencing will have an adverse effect on the power tools and accessories market. China‘s GDP grew at only 7.4% in 2014, the slowest recorded since 1990. The slowdown is mainly attributed to the sluggish performance of the country‘s real estate sector, together with the huge manufacturing overcapacity in state-owned enterprises.
