Battery Power Tools Market Manufacturers, Industry Size, Challenges, Drivers, Countries, and Technology Forecast to 2030
Growth of the battery power tools market is majorly driven by adoption of sustainable, affordable, low cost and energy-efficient battery power tools.
PORTLAND, OR, UNITED STATES, July 12, 2023/EINPresswire.com/ — The battery power tools market includes revenue generated by sales of battery power tools used for drilling, screw driving, chiseling, sanding and other such applications for production, packaging, assembly, and maintenance operations. These tools includes battery operated cordless handheld machine drills, saws, nailers, grinders, impact wrench, and other types of battery power tools.
Growth in popularity of brushless battery power tools, rise in adoption of battery power tools in the automotive industry, and surge in demand for affordable and energy-efficient power tools fuel the growth of the global battery power tools market. However, availability of low-cost alternatives and decrease in rate of new constructions in developed nations hinder the market growth. On the other hand, advancements in rechargeable batteries present new opportunities in the next few years.
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The global battery power tools market size was valued at $20.7 billion in 2020, and is projected to reach $41.2 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.
Covid-19 Scenario:
• The outbreak of the pandemic negatively impacted the battery power tools. The manufacturing facilities were suspended during the initial phase of lockdown. And supply chain management witnessed disruption.
• The market, however, has recovered in the third and fourth quarters, owing to increased sales in emerging economies.
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. However, availability of low cost or more powerful tools hampers the growth of the market. In addition, the rate for new construction in developing countries has decreased, which acts as restraint to the battery power tools market.
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The report offers a detailed segmentation of the global battery power tools market based on motor type, tool, application, and region.
By motor types, the brushed motor segment accounted for the largest market share in 2020, contributing to nearly three-fourths of the total market share, and is expected to maintain its leadership status during the forecast period. However, the brushless motor segment is projected to witness the largest CAGR of 7.9% from 2021 to 2028.
By application, the industrial segment held the highest market share in 2020, accounting for more than three-fifths of the global battery power tools market, and will maintain its dominance in terms of revenue during the forecast period. However, the DIY segment is expected to portray the highest CAGR of 7.7% from 2021 to 2028.
By region, North America contributed to the largest market share in 2020, accounting for more than one-third of the total market share, and will maintain its lead position by 2028. However, LAMEA is expected to maintain the highest CAGR of 9.6% during the forecast period. The market is also studied across Asia-Pacific and Europe.
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Leading Players:
Leading players of the global battery power tools market analyzed in the research include Robert Bosch GmbH, Snap-On Incorporated, Stanley Black and Decker, Techtronic Industries, Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll-Rand PLC, Hitachi Ltd., and Makita Corporation.
David Correa
Allied Analytics LLP
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