Battery Power Tools Market size to touch USD 41,196.3 Million by 2030: Valuates Reports

The global battery power tools market size was valued at $20,772.3 million in 2020 and is projected to reach $41,196.3 million by 2030, growing at a CAGR of 6.9% from 2021 to 2030. Power tools that are cordless and operated with the help of batteries for drilling, screw driving, chiseling, and sanding are known as battery power tools. These tools are used for various applications such as production, packaging, assembly, and maintenance operations. These tools include handheld machine drills, saws, nailers, grinders, impact wrench, and other types of battery power tools.

The drills segment dominated the battery power tools market, followed by the others segment. 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.

The battery power tools market was hampered in the first and second quarter owing to lockdown in several major countries, however, the market recovered in the third and fourth quarter due to recovery of sales majorly in North America and Europe region.

Get Detailed Analysis of COVID-19 Impact on Battery Power Tools Market @ https://reports.valuates.com/request/customisation/ALLI-Manu-3H78/Battery_Power_Tools_Market

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. In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistic services has led to halt in the packaging industry, which, in turn, hinders the growth of the battery power tools market. However, industries are gradually getting back on track and vaccine discovery would lead to recovery of the battery power tools market by end of 2021. Further, increase in technological advancements of rechargeable batteries and introduction of dependable Li-ion batteries for operating the power tools are anticipated to boost the battery power tools market growth during the forecast period.

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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).

KEY FINDINGS OF THE STUDY

➣By motor type, the brushed motor segment was the highest revenue contributor in 2020.
➣By tool, the drill segment generated the highest revenue in 2020.
➣By end user, the industrial segment generated the highest revenue in 2020.

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.

Similar Reports:

Hand Tools Market: https://reports.valuates.com/reports/ALLI-Manu-1S61/hand-tools

Power Tools Market: https://reports.valuates.com/market-reports/QYRE-Auto-21Y9063/global-power-tools

South Korea Battery Power Tools Market: https://reports.valuates.com/reports/ALLI-Manu-3K74/south-korea-battery-power-tools

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This release was published on openPR.