Press release
Battery Power Tools Market Increasing Demand with Emerging Trends to Reach $41.2 Billion by 2030
Battery Power Tools Market
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. 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.
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The brushed motor segment is anticipated to maintain its dominant position throughout the forecast period.
In terms of motor type, the brushed motor segment held the largest market share in 2020, accounting for approximately three-fourths of the global battery power tools market, and is expected to sustain its leadership due to its cost-effectiveness. Conversely, the brushless motor segment is forecasted to exhibit the highest Compound Annual Growth Rate (CAGR) of 7.2% from 2021 to 2030, attributed to its lower maintenance requirements.
The industrial segment is projected to retain its leading position throughout the forecast period.
Regarding application, the industrial segment commanded the largest share in 2020, contributing to nearly three-fifths of the global battery power tools market, and is forecasted to maintain its prominence due to widespread utilization of battery power tools in manufacturing and service industries. However, the DIY segment is expected to witness the highest CAGR of 7.1% from 2021 to 2030, driven by the growing DIY culture particularly in North America and Europe.
North America is expected to uphold its market dominance by 2030.
Regionally, North America held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global battery power tools market, driven by significant investments in battery power tools. Moreover, the LAMEA region is anticipated to experience the fastest CAGR of 8.6% during the forecast period, fueled by rapid industrialization in the region.
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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.
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