ID: MRFR/IA - E/8974-HCR | 111 Pages | Author: Pradeep Nandi | June 2023
Power Tool Battery Market is projected to be worth USD 5314.40 Million, registering a CAGR of 9.6% during the forecast period
Power Tool Battery Market is expected to reach valuation of USD 5314.40 Million, exhibiting CAGR of 9.6% during the forecast period 2022-2030.
The major factor driving the power tool battery market is portability of these batteries which makes it easier for the users to operate the devices without external power supply. Moreover, these batteries are light in weight and highly efficient. Increasing demand for power tools and rising demand for fastening tools has propelled the growth of these batteries. For instance, Plus Power (US) won two bids and opened two battery plants which would break open market for batteries in New England (US). Similarly, Bosch (Germany) announced in December 2020 that it has crossed the 10-million-unit production for power tools in its manufacturing plant in Chennai, India. The company currently manufactures about 60 types of power tools. Thus, increasing demand for power tools would drive the growth of the batteries used for these power tools. Such factors would increase the use of batteries in the power tool industry.
Moreover, the growing construction industry is also likely to boost the installation of power tool batteries. However, high cost of maintenance is one of the factors that would hinder the growth of power tool battery market.
Battery Xpress, BYD Co.Ltd., A-one Moli Energy Corp., Hitachi Ltd., Ryobi Ltd., Samsung SDI, Techtronic Industries Co.Ltd., Makita Corporation, LG Chem Ltd., Sony Corporation, and others.
Global Power Tool Battery Market is projected to grow at a significant growth rate during the forecast period owing to the increase in demand for power tool battery across industrial, commercial, and residential applications. As per Bloomberg Finance, lithium-ion prices have fallen 89% to USD 137 kWh in 2020 and adoption of these batteries will increase with companies to develop the batteries for different applications in power tool equipment. Moreover, industries including automotive and construction are expected to hold a significant share in the market, due to an increase in the demand for mobile equipment and growing market for batteries with operational efficiency.
Global Power Tool Battery Market has been segmented based on Type, Tools, Application, and Region. Based on type, the global market has been segmented into Nickel-cadmium, nickel-metal hydride, and Lithium-ion. The lithium-ion subsegment is expected to dominate the global power tool battery market. Higher share for this segment is due to the declining prices for lithium-ion and its wide application across various industries. Lithium-ion batteries are gaining popularity due to its operation efficiency and ability to reduce electric shock. Additionally, countries such as the US and China are focusing on investing heavily in manufacturing lithium-ion batteries for power tools and electric vehicles. Furthermore, the growth in demand for fast charging batteries for equipment including saws, drills, and others for efficient construction activities in emerging countries including India, Singapore, Myanmar, Malaysia, and others has resulted in increasing adoption of these batteries. Based on tools, the market is segmented into drills, saws, lawn mower, impact wrench, and others. The other segment includes grinders, nibblers, polishers, and hammers. The drill segment holds largest share due to its wide application in many industries globally. Based on application, the market is segmented into industrial, commercial, and residential. The industrial segment accounted for the highest share due to the application of power tools in construction, manufacturing, marine, and various other industries.
Power Tool Batteries are rechargeable batteries used for various power tools including band saws, drills, crimpers, and others. these batteries help to supplement the power tools to reduce electric trips, shock hazards, and provide high efficiency to operate. There are majorly three types of batteries used for power tools including a lithium-ion battery, nickel cadmium, and nickel metal hydride battery. Advantages of lithium-ion battery for power tools include east to handle, improved run times, flexible charging, and the battery will not discharge if stored for an extended time period.
Geographically, the global power tool battery market has been segmented into five major regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The power tool battery market in Asia-Pacific is estimated to account for the highest share, as the key players in the region are heavily investing in developing advanced power tool batteries to increase the efficiency of tools. As per the Bloomberg Finance article in September 2020, China leads in supplying lithium-ion batteries followed by the US and Sweden. This is due to the fact that China faces a vast 72 GWh demand for lithium-ion batteries in the country’s domestic market.
Global power tool battery market is expected to witness substantial growth during the forecast period owing to the rapidly growing demand for efficient power tools that would reduce workload of employees and perform tasks with higher productivity and in less time. For instance, in July 2019, Makita Corporation (Japan) launched 18V LXT lithium-ion cordless rebar cutter. It provides spark-free cutting of rebar and steel rod, which makes it preferable for cutting rebar in retaining walls, tilt-up walls, bridges, tanks, and swimming pools.
|Market Size||2030: 5314.40 Million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Tools, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Battery Xpress, BYD Co.Ltd., A-one Moli Energy Corp., Hitachi Ltd., Ryobi Ltd., Samsung SDI, Techtronic Industries Co.Ltd., Makita Corporation, LG Chem Ltd., Sony Corporation|
|Key Market Opportunities||Increasing demand for power tools and rising demand for fastening tools has propelled the growth of these batteries|
|Key Market Drivers||Increasing demand for power tools would drive the growth of the batteries used for these power tools.|
Power Tool Battery market is predicted to grow at 9.6% through forecast period of 2022-2030.
The forecast period for Power Tool Battery market research report is 2022-2030.
Global POWER TOOL BATTERY market is dominated by North America region.
Key Questions Answered
Why Choose Market Research Future?