Battery Power Tools Market Size, Trends, Share, Opportunities and Forecast 2030
Battery Power Tools Market Expected to Reach $41.2 Billion by 2030
PORTLAND, OR, UNITES STATES, October 13, 2023 /EINPresswire.com/ — Surge in adoption of battery power tools in the automotive industry, rise in popularity of brushless battery power tools, and upsurge in demand for affordable & energy-efficient power tools drive the growth of the global battery power tools market. However, availability of low cost alternative and decline in rate of new construction in developed nations hinder the market growth. On the other hand, advancements of rechargeable batteries present new opportunities in the coming years.
Growing adoption of battery power tools in automotive industry is a major factor that drives the battery power tools market. In addition, introduction of large number of brushless power tools and adoption of affordable and energy-efficient power tools are the factors that are driving the battery power tools market.
According to the report, the global battery power tools industry generated $20.7 billion in 2020, and is anticipated to generate $41.1 billion by 2030, witnessing a CAGR of 6.9% from 2021 to 2030.
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The brushed motor segment to maintain its leadership status throughout the forecast period
Based on motor type, the brushed motor segment held the highest market share in 2020, accounting for nearly three-fourths of the global battery power tools market, and is estimated to maintain its leadership status throughout the forecast period, owing to its lower cost. Moreover, the brushless motor segment is projected to manifest the highest CAGR of 7.2% from 2021 to 2030, owing to its low maintenances.
The industrial segment to maintain its lead position during the forecast period
Based on application, the industrial segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global battery power tools market, and is projected to maintain its lead position during the forecast period. This is due to use of battery power tools on large scale in manufacturing and service industries. However, the DIY segment is expected to portray the largest CAGR of 7.1% from 2021 to 2030, owing to rise in DIY culture in North America and Europe region.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global battery power tools market, owing to high expenditure on battery power tools. Moreover, the LAMEA region is expected to witness the fastest CAGR of 8.6% during the forecast period, owing to rapid industrialization in the region.
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Top Players:
The major players profiled in the battery power tools market include Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll-Rand PLC, Hitachi Ltd., Makita Corporation, Robert Bosch GmbH, Snap-On Incorporated, Stanley Black and Decker, and Techtronic Industries. These major companies in the market have adopted strategies such as business expansion, collaboration, acquisition, and product launch, to offer better products and services to customers in the battery power tools market.
Segmentation Based On:
By Motor Type
• Brushed Motor
• Brushless Motor
By Tools
• Drills
• Saws
• Lawn Mower
• Impact Wrench
• Others
By Application
• Industrial
• DIY
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David Correa
Allied Analytics LLP
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