ELMHURST, IL—Global sales of cordless power tools are expected to increase from $12.5 billion in 2022 to more than $16.9 billion in 2027, representing a compound annual growth rate of 4.5 percent, according to market research firm Technavio.

The surge in demand for cordless power tools can be attributed to several factors, including advancements in battery technology, the rise of the do-it-yourself culture, and the integration of 3D printing in manufacturing processes.

 Lithium-ion batteries are at the forefront of this technological revolution, offering numerous benefits over traditional battery types, such as nickel-metal hydride and nickel-cadmium. These advantages include a lightweight design, higher energy density, and a longer rechargeable life, which have led manufacturers to increasingly incorporate lithium-ion batteries into their cordless tools.

3D printing technology is also influencing the market by enabling manufacturers to speed up product development, cut costs, and enhance competitiveness. This trend is expected to foster innovation and market expansion in the years to come.

Despite these positive indicators, the market faces challenges, such as economic uncertainties that can affect credit availability and manufacturing costs, potentially impacting product prices and demand. However, the professional segment, which includes industries like construction, manufacturing and automotive, continues to dominate the market. The consumer segment is also expected to grow, influenced by the performance of the housing sector and consumer financial stability.