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Battery Power Tools Market Analysis with Technology Advancements by Key Players: Apex Tool Group, LLC, Atlas Copco, Hilti, Ingersoll-Rand plc, Koki, Makita

05-29-2020 01:17 PM CET | Energy & Environment

Press release from: Allied Analytics LLP

Battery Power Tools

Battery Power Tools

Allied Market Research published a new report, titled, "Battery Power Tools Market". The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Global battery power tools market size was valued at $22.4 billion in 2018, and is projected to reach $44.0 billion by 2026, growing at a CAGR of 8.5% from 2019 to 2026. The adoption of battery power tools is witnessed to increase due to their high work efficiency achieved through advanced sensors, which are used to analyze and perform tasks with minimal errors. Moreover, these tools have diverse applications in the commercial and industrial sectors. Furthermore, the revenue of the global battery power tools market has increased, owing to rise in trend of automation, enabling enhanced returns on investments and cost optimization.

The utilization of these power tools simplifies human work, reduces the burden of repetitive tasks, and decreases the chances of human errors & injury, which further contribute toward the growth of the global market. In addition, surge in adoption of smart technologies and development of durable & highly efficient tools boost the growth of the market. However, decline in growth of the construction industry acts as a major restraining factor of the global battery power tools market.

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Conversely, the advent of technologies such as smart and GPS-based wireless battery-operated tools are expected to boost the growth of the global market. The introduction of wireless technology has further augmented the adoption of power tools in various sectors, thereby supplementing the battery power tools market growth. For instance, in February 2019, Apex Tool Group launched CellCore, a new line of cordless assembly tools, through its brand Cleco. It is a smart, durable, and designed to withstand the toughest environments.

Key market players in market have developed affordable, small, compact, and energy-efficient battery power tools to reach a wider customer base. For instance, in May 2017, Hilti Corporation launched cordless rotary hammer TE 6-A36-AVR and the cordless angle grinder AG 600-A36. These include a chiseling feature for light-duty corrective chipping.

Key market players aim to explore new technologies and applications to meet the increasing customer demands. Thus, developmental strategies such as product launch and business expansion are expected to enable them to expand their product portfolios and penetrate into different regions. For instance, in January 2018, Apex Tool Group expanded its product offerings such as assembly systems and tightening solutions globally across multiple industries such as automotive and aerospace through its brand Cleco.

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By tool, the drills segment secured the highest share in the battery power tools market in 2018, however, the lawn mower segment is expected to grow at highest CAGR during the forecast period. In terms of application, the DIY segment is expected to contribute the highest share in the coming years, due to advancements in rechargeable batteries.

The major players such as Apex Tool Group and Makita Corporation in global battery power tools industry focus on developing new products to strengthen their foothold in the market. Moreover, these companies expand their business by developing new power tools to sustain the intense competition.

The key market players profiled in the report include Apex Tool Group, LLC, Atlas Copco, Hilti Corporation, Ingersoll-Rand plc, Koki Holdings, Makita Corporation, Robert Bosch GmbH, Snap-On Incorporated, Stanley Black and Decker, and Techtronic Industries. Many players have adopted product launch as its key developmental strategy improve its product portfolio. For instance, in March 2019, Makita Corporation launched 18V LXT lithium-ion brushless cordless hedge trimmer and 30" hedge trimmer. Both these devices allow the operator to match and control the speed to the application. Similarly, in June 2019, Robert Bosch GmbH launched its range of cordless power tools such as wireless screwdriver powered by lithium-ion batteries. These power tools boost the working efficiency four times as compared to the existing screwdrivers.

Key offerings of the report:

1. Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
2. Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
3. Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
4. Regional Analysis: Thorough analysis of each region helps market players devise expansion strategies and take a leap.
5. Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.

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About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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