Press release
Battery Power Tools Market at a CAGR of 6.9% hits future opportunities by 2030 according to a research report
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 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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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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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).
Competitors Analysis:
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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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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each 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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