Battery Power Tools Market Size, Share, Competitive Landscape and Trend Analysis Report by 2030
WILMINGTON, DELAWARE, UNITED STATES, July 3, 2024 /EINPresswire.com/ — Market Scope
The battery power tools market covers revenue from cordless, handheld power tools used in various industries for tasks like drilling, screwing, sanding, and more. These tools include drills, saws, nailers, grinders, impact wrenches, and others.
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. In 2020, the drills segment dominated the battery power tools market, followed by the others segment.
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Growth Drivers
Automotive Industry: Battery power tools are increasingly popular in the automotive sector, driving market growth.
Advanced Technology: The introduction of brushless motors and affordable, energy-efficient tools are further propelling the market forward.
Market Challenges
Competition: The availability of cheaper or more powerful corded tools can hinder battery-powered tool sales.
Economic Slowdown: Reduced new construction rates in developing countries can limit market expansion.
Pandemic Impact: The COVID-19 outbreak initially caused disruptions in construction, manufacturing, and logistics, impacting the battery power tools market.
Market Recovery and Future Outlook
Post-Pandemic Rebound: As industries recover and vaccine rollouts progress, the market is expected to regain momentum by the end of 2021.
Technological Advancements: Improvements in rechargeable battery technology, particularly the adoption of reliable Lithium-ion batteries, are anticipated to fuel significant market growth in the coming years.
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Segmentation Based On:
The global battery power tools market is segmented into motor type, tool, application, and region.
Depending on motor type, the market is divided into brushed motor and brushless motor.
By tool, it is classified into drills, saws, lawn mower, impact wrench, and others. The others segment includes hammers, grinders, nibbler, polishers, planers, staplers, nailers, and others. The applications covered in the study are industrial and DIY.
The global battery power tools market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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.
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