New York, US, May 17, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Power Tool Battery Market Information by Type, Tools, Application and Region - Forecast till 2030”, Power Tool Battery Market could thrive at a rate of 9.6% between 2021 and 2030. The market size will be reaching around USD 5.31 Billion by the end of the year 2030
Power Tool Battery Market Overview
A Power Tool Battery is a rechargeable battery used to power various handheld power tools, such as drills, saws, and sanders. These batteries provide mobility and convenience to users by eliminating the need for a corded power supply. They typically use Lithium-ion technology, which offers high energy density and a longer lifespan than other types of rechargeable batteries.
Power Tool Batteries find their use in a wide range of applications, including construction, woodworking, metalworking, and DIY projects. They are preferred by professionals and DIY enthusiasts alike for their portability, durability, and reliability. Power Tool Batteries come in different sizes and voltages, and compatibility varies between tool brands and models.
Market Competitive Landscape:
The affluent companies in the Power Tool Battery industry include
- Battery Xpress
- BYD Co Ltd
- A-one Moli Energy Corp
- Hitachi Ltd
- Ryobi Ltd
- Samsung SDI
- Techtronic Industries
- Makita Corporation
- LG Chem Ltd
- Sony Corporation
- Among others.
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December 2020
Bosch Power Tools announced the launch of its latest 18V CORE18V 4.0 Ah Compact Battery, which features improved power density and longer runtime than previous models. This development is expected to drive the growth of the Power Tool Battery Market by providing users with a more powerful and efficient battery solution.
COVID 19 Analysis
The COVID-19 pandemic had a moderate impact on the Power Tool Battery Market. On one hand, the increasing popularity of DIY projects and home improvement during lockdowns has driven demand for cordless power tools and Power Tool Batteries. However, supply chain disruptions and economic uncertainty have also impacted the market. Moving forward, the market is expected to recover and grow as economies reopen and demand for cordless power tools continues to increase.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: 5314.40 Million 2032: Significant Value |
| CAGR during 2023-2032 | 9.6% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Tools, Application |
| Key Market Opportunities | Increasing demand for power tools and rising demand for fastening tools has propelled the growth of these batteries |
| Key Market Drivers | Increasing demand for power tools would drive the growth of the batteries used for these power tools. |
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Market USP Covered:
Market Drivers:
The increasing demand for cordless power tools is one of the key market driving factors for the Power Tool Battery Market. Cordless power tools offer greater flexibility and portability, allowing users to work in remote locations or areas without a power source. As a result, there is a growing trend of professionals and consumers seeking out cordless power tool options, driving demand for Power Tool Batteries.
The growing popularity of DIY projects is another factor driving the Power Tool Battery Market. DIY projects have become increasingly popular, especially during the COVID-19 pandemic, as people spend more time at home. DIY projects often involve the use of power tools, such as drills, saws, and sanders, which require Power Tool Batteries. As a result, the growing trend of DIY projects is expected to drive demand for Power Tool Batteries.
The increasing focus on sustainability and energy efficiency is also driving the Power Tool Battery Market. As sustainability and energy efficiency become more important considerations, Power Tool Batteries offer a more environmentally friendly and efficient alternative to traditional corded power tools. By eliminating the need for a power cord, Power Tool Batteries can reduce energy consumption and minimize environmental impact. As a result, the increasing focus on sustainability and energy efficiency is expected to drive demand for Power Tool Batteries.
Overall, the Power Tool Battery Market is expected to grow due to a combination of these market-driving factors. The increasing demand for cordless power tools, the growing popularity of DIY projects, and the increasing focus on sustainability and energy efficiency are all expected to drive demand for Power Tool Batteries. As a result, the market for Power Tool Batteries is expected to continue to grow in the coming years, driven by these market-driving factors.
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Market Restraints:
One of the main market restraints for the Power Tool Battery Market is the high cost of these batteries compared to traditional corded power tools. Additionally, the limited lifespan of these batteries and the need for regular replacement can also be a significant expense for users.
Market Segmentation
By Type
The Type in the market includes Nickel-cadmium, Nickel-Metal Hydride, and Lithium-ion.
By Tools
The Tools in the market include Drills, Saws, Lawn mowers, Impact Wrenches, and Others.
By Application
The Application in the market includes Residential, Commercial, and Industrial.
Regional Insights
In terms of regional analysis, North America, Europe, and Asia-Pacific are the top three regions for the Power Tool Battery Market. North America is expected to dominate the market due to the presence of major players and a strong focus on sustainability and energy efficiency.
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Europe is expected to see significant growth due to increasing demand for cordless power tools and the growing trend of DIY projects. Asia-Pacific is expected to see strong growth due to the increasing adoption of cordless power tools in the construction and manufacturing industries.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
