NEW YORK, March 20, 2024 /PRNewswire/ — The power tool batteries market size is expected to grow by USD 1.52 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 8.1% during the forecast period. The industrial sector is poised for substantial expansion in the upcoming forecast period, with key segments such as construction, mining, chemical manufacturing, and semiconductor fabrication leading the charge. With burgeoning industrialization, particularly in emerging economies like China, Brazil, and India, the demand for uninterrupted power supply is soaring. This surge is driven by heightened construction activities and increased global expenditure. The industrial realm hinges on uninterrupted power to avert losses stemming from machinery downtime due to power shortages. Consequently, this demand surge is set to propel market growth significantly in the forecast period, highlighting the pivotal role of uninterrupted power solutions in industrial operations.
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.1% |
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Market growth 2023-2027 |
USD 1.52 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.56 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 36% |
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Key countries |
US, China, Japan, Germany, and UK |
Key Companies
The power tool batteries market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The global off-grid power tool batteries market is expected to grow rapidly during the forecast period due to the increase in consumer use of power tools. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market’s competitive landscape and offers information on several market companies. Atlas Copco AB, BYD Co. Ltd., E One Moli Energy Corp., EGO, GS Yuasa Corp., Hilti AG, Husqvarna AB, Ingersoll Rand Inc., LG Chem Ltd., Makita Corp., Panasonic Holdings Corp., Renesas Electronics Corp., Robert Bosch GmbH, Samsung SDI Co. Ltd., Snap On Inc., Techtronic Industries Co. Ltd., Wanxiang Group, ANDREAS STIHL AG and Co. KG, Honda Motor Co. Ltd., and Stanley Black and Decker Inc.
Segmentation Analysis
End-user
- The industrial segment is significant during the forecast period. Construction, mining, chemical manufacturing, and semiconductor fabrication are some of the end-user industries for the market in focus. The uninterrupted power supply is in high demand due to rapid industrialization across the world. This can be observed especially in developing countries such as China, Brazil, and India. Additionally, an increase in construction activities and growing spending globally are expected to fuel the demand for this segment.
Geography
- North America will contribute 36% to the growth of the global market during the forecast period. The increase in investments in industries such as construction, automobile, and aerospace are some of the factors driving the market growth in the region during the forecast period.
- Other regions include Europe, APAC, South America, and Middle East and Africa
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Analyst Review
The battery power tools market is experiencing dynamic growth, fueled by a myriad of factors ranging from the increasing demand for portable and convenient tools to the rising adoption of battery-powered equipment in various sectors such as automotive, construction, and manufacturing. This surge in demand is not only driven by professional users but also by individual consumers embracing DIY techniques, often inspired by online platforms like YouTube.
Key players in the market, including Apex Tool Group, Hilti Corporation, Ingersoll-Rand PLC, Hitachi Ltd., Makita Corporation, and Snap-On Incorporated, are continuously innovating to cater to diverse needs. One notable innovation is the shift towards brushless battery power tools, offering enhanced performance, efficiency, and longer lifespan compared to traditional brushed motor tools.
The versatility of battery power tools extends across a wide range of applications, from packaging and assembly to maintenance operations in both industrial and domestic settings. Handheld machine drills, saws, nailers, grinders, impact wrenches, and more, are powered by rechargeable batteries, notably lithium-ion (Li-ion) batteries, known for their high energy density and long-lasting performance.
These tools find extensive usage in drilling, sawing, chiseling, sanding, and other tasks, catering to industrial as well as DIY applications across regions like North America, Europe, Asia-Pacific, and LAMEA. The market size continues to expand, driven by growing construction activities, manufacturing needs, and the hotel and tourism industry’s demand for maintenance and repair solutions.
Stakeholders are actively involved in various strategic initiatives such as business expansions, collaborations, acquisitions, and product launches to strengthen their market positioning and gain a competitive edge. Companies like Atlas Copco AB, Robert Bosch GmbH, Stanley Black and Decker, and Techtronic Industries are key players driving market trends and shaping the competitive outlook.
While battery power tools offer convenience and mobility, they also pose challenges such as maintenance costs and the need for low-cost alternatives in some segments. However, the benefits of cordless operation and freedom from manual labor associated with traditional hand tools are driving widespread adoption, particularly in the manufacturing sector where efficiency and productivity are paramount.
In conclusion, the battery power tools market is vibrant and evolving rapidly, with technological advancements, changing consumer preferences, and market dynamics shaping its trajectory towards continued growth and innovation.
Market Overview
The battery power tools market is experiencing robust growth across various sectors like automotive, construction, and manufacturing. With increased demand for convenience and portability, handheld machine drills, saws, nailers, grinders, and impact wrenches powered by batteries have become indispensable. The packaging of these tools ensures ease of transportation and storage, while assembly and maintenance operations are simplified due to their cordless nature. In the automotive sector, battery-powered tools facilitate efficient repairs and maintenance tasks. Similarly, in the construction sector, they offer mobility and versatility on job sites. Manufacturers are continuously innovating to enhance battery technology, prolonging runtime and improving performance, thereby driving further expansion in the power tool batteries market.
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
