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The economy has a big impact on the changes in the market for power tool batteries. The state of the economy in a place has a big impact on the goods and services that are made there. That, in turn, changes the need for power tools and their batteries. Durable and strong power tool batteries are becoming more and more important as the economy grows and more production and building work is done. People might not want to buy the same things if these businesses slow down during a slump.
The business of power tool batteries is also affected by government rules. Batteries must follow strict rules about being safe and eco-friendly, and the companies that make them must do the same. Being legal helps buyers trust you and makes sure you can get to the market. The market for power tool batteries has changed because the batteries are now made with eco-friendly materials and ways that follow government rules.
Population and tastes of the people who live there have a big impact on the market. Portable power tools are becoming more popular because they are easy to carry and use. To follow the "do it yourself" (DIY) trend, many people, especially younger people, want power tools that are flexible and simple to use. Therefore, battery makers had to create cells that were just right for these uses. Power tool batteries that are made in a way that is good for the environment are more likely to be bought by people who care about the ecosystem. When this happens, the market moves toward a better product.
The market for power tool batteries will move forward based on trends in the region and around the world. Building styles, factory automation, and the general desire for power tools in different parts of the world all have an impact on the market. In well-known shops, for instance, people may want to update and make their things better. People may want to buy more power tools and batteries in places that are quickly becoming more developed, on the other hand.
It's how long a business has been around that it fights for market share: it makes new products, charges low prices, and adds more features. Because there is a lot of competition, battery technology, style, and usefulness are always getting better. This gives buyers a lot of options. The market is more competitive and changes the way it works when producers and technology companies work together and form strategic agreements.
A big part of the market for power tool batteries is how easy it is to get to the market and how the batteries are distributed. It's important for customers to know how easy it is to get things in different shopping channels, such as online and in real shops. The people who make the goods often work with the shops and sellers to make sure that a lot of people can find them. For more sales and to change what people want, they do this.
Power Tool Battery Market Highlights:
Global Power Tool Battery Market Overview:
The Power Tool Battery market industry is projected to grow from USD 2.74 Billion in 2023 to USD 5.70 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.60% during the forecast period (2024 - 2032). Power Tool Battery Market Size was valued at USD 2.5 billion in 2022. Increased demand for power tools would drive the Growth of the batteries used for these power tools are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Power Tool Battery Market Trends
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The growing construction industry in emerging economies is driving the market growth.
Increasing construction activities worldwide, drive the construction industry's growth. The rise in population, urbanization, and the surge in residential and commercial construction projects contribute to the growing need for advanced infrastructure. Infrastructural development encompasses the construction of roads, railways, airports, energy systems, utilities, and residential and commercial buildings. Power tools are crucial in construction sites, offering specialized and powerful equipment such as cordless drills, demolition jackhammers, circular saws, jigsaws, and reciprocation saws. These tools are essential for drilling, demolishing stones or concrete bricks, cutting wooden pieces, and fastening screws, serving industrial and residential construction projects. This factor drives the market CAGR.
Additionally, growth in the adoption of battery power tools in the automotive, construction, and manufacturing sector has led to a surge in the battery power tools market. Moreover, training for operating the battery power tools has increased power tools by professional and individual users. In addition, affordable and energy-efficient battery power tools have increased demand for power tools in do-it-yourself (DIY) techniques among household consumers. Platforms such as YouTube and OEM websites also offer training and user guidance for DIY consumers, thus offering aftersales support to them as well. Further, the introduction of brushless battery power tools uses a magnet for their basic operation and, thus, significantly reduces the maintenance cost of the tools and leads to increased sales of the brushless battery power tools. These factors act as a driver in the battery power tools market.
Moreover, consumers often prefer using manual hand tools in residential applications such as furniture repair, plumbing, electrification, and residential construction projects. These tasks are called Do-it-yourself (DIY) applications, where households carry out the work. However, using manual hand tools can be labor-intensive and time-consuming.As a result, power tools are gaining popularity among residential users for tasks like furniture repair, remodeling, and home refurbishment. Power tools offer efficiency, speed, and ease in cutting, drilling, and fastening. They enable users to complete residential construction and repair tasks more quickly without causing disruptions. Electric cordless power tools are especially favored among residential users due to their flexibility, portability, and compactness. These household power tools include hammers, cordless drills, jigsaws, sanders, cutters, and electric screwdrivers.Thus, driving the Power Tool Battery market revenue.
Power Tool Battery Market Segment Insights:
Power Tool Battery Type Insights
Based on type, the Power Tool Battery market segmentation includes nickel-cadmium, nickel-metal hydride, and lithium-ion. The lithium-ion segment dominated the market; the superior energy density, longer lifespan, lower self-discharge rate, and enhanced safety features of lithium-ion batteries have contributed to their dominance in the power tool battery market, making them the preferred choice for both professional and DIY users.Furthermore, lithium-ion battery technology advancements have improved safety features, such as built-in protection circuits that prevent overcharging, over-discharging, and short circuits. This enhances lithium-ion batteries' overall safety and reliability in power tool applications.
Power Tool Battery Tools Insights
Based on tools, the Power Tool Battery market segmentation includes drills, saws, lawn mowers, impact wrenches, and others. The drills segment dominated the market; drills are one of the most widely used power tools across various industries and applications. They are essential for drilling holes, driving screws, and fastening materials, making them versatile and in high demand.Furthermore, the portability and convenience offered by cordless drills have greatly contributed to their popularity.
Power Tool Battery Application Insights
Based on application, the Power Tool Battery market segmentation includes residential, commercial, and industrial. The industrial segment dominated the market; industrial applications often involve heavy-duty tasks and require reliable and powerful tools to meet the demands of rigorous work environments. Power tools powered by high-performance batteries are crucial for various industrial operations such as manufacturing, construction, mining, and oil and gas. Moreover, advancements in battery technology, such as fast-charging capabilities and improved battery life, have further strengthened the dominance of the industrial segment. Industrial users benefit from reduced downtime and increased productivity with batteries that can be quickly recharged and provide extended usage.
Figure1: Power Tool Battery Market, by Application, 2024 &2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Power Tool Battery Regional Insights
The market study offers valuable insights into different regions, namely North America, Europe, Asia-Pacific, and Rest of the World. The North American power tool battery market area will dominate this market due to the large manufacturing industry and increased automobile sales in this Region.
The market report covers the major countries, including the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Global power Tool Battery Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Power Tool Battery market accounts for the second-largest market share due to the increasing number of construction and infrastructure projects. Further, the German Power Tool Battery industry witnessed the largest market share, and the UK Power Tool Battery market was the fastest-growing market in the European Region.
The Asia-Pacific Power Tool Battery Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the shift in the manufacturing base of companies from developed economies to developing economies due to the cheap workforce. Moreover, China’s Power Tool Battery market held the largest market share, and the Indian Power Tool Batteries industry emerged as the fastest-growing market in the Asia-Pacific region.
Power Tool Batteries Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Power Tool Battery market grow even more. Market participants are also undertaking different strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Power Tool Battery industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Power Tool Battery industry to benefit clients and increase the market sector. The Power Tool Battery industry has offered some of the most significant advantages in recent years. Major players in the Power Tool Battery market, including  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, are attempting to increase market demand by investing in research and development operations.
DEWALT, a well-known brand belonging to the Stanley Black & Decker family, is highly regarded for its exceptional solutions tailored to professionals working in challenging job site conditions.Recently, DEWALT partnered with Jobsite Solutions to introduce the revolutionary DEWALT POWERSTACK 20V MAX Compact Battery. This groundbreaking advancement represents a significant leap forward in performance for DEWALT's cordless power tools. With cutting-edge technology and engineering, the DEWALT POWERSTACK 20V MAX Compact Battery sets new standards for efficiency and effectiveness, empowering users with enhanced power and unwavering reliability in their work. The launch of this battery highlights DEWALT's unwavering dedication to providing professionals with top-quality tools, accessories, and services that inspire confidence and enable success in demanding environments.
Lowe's Companies, Inc. is a well-known American retailer specializing in home improvement. Headquartered in Mooresville, North Carolina, Lowe's recently joined forces with Chevron to introduce an exclusive line of cutting-edge cordless power tools known as FLEX. This innovative range of tools, accompanied by a comprehensive selection of accessories, batteries, and chargers, will be available exclusively on Lowe's official website and nationwide stores. The collaboration between Lowe's and Chevron underscores Lowe's commitment to providing customers in the home improvement industry with advanced and top-quality products. This partnership aims to meet customers' diverse needs by offering various innovative solutions for various projects and tasks.
Key CompaniesIn The Power Tool Battery Market Include
- 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
Power Tool Battery Industry Developments
October 2021: DEWALT, a Stanley Black & Decker brand known for its expertise in Jobsite Solutions, recently unveiled the worldwide release of the DEWALT POWERSTACK 20V MAX Compact Battery. This cutting-edge battery technology represents a significant leap forward in performance for DEWALT's range of cordless power tools. With its launch, DEWALT ushers in a new era of advanced capabilities, providing professionals with enhanced performance and efficiency on the job. The introduction of the DEWALT POWERSTACK 20V MAX Compact Battery demonstrates the brand's ongoing commitment to delivering top-quality tools and solutions that empower professionals to confidently tackle demanding tasks.
March 2021:Lowe's Companies Inc. and Chevron announced the exclusive launch of FLEX, a line of cutting-edge, cordless power tools. The first FLEX tools, accessories, batteries, and chargers will be available on the company website and nationwide stores.
Power Tool Battery Market Segmentation:
Power Tool Batteries by Type Outlook
- Nickel-cadmium
- Nickel-Metal Hydride
- Lithium-ion
Power Tool Batteries by Tools Outlook
- Drills
- Saws
- Lawn Mower
- Impact Wrench
- Others
Power Tool Batteries by Application Outlook
- Residential
- Commercial
- Industrial
Power Tool Batteries by Regional Outlook
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North America- US
- Canada
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Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World- Middle East
- Africa
- Latin America
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