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A big business trend is that more and more lithium-ion cells are being used. Other types of batteries don't last as long or as light as these ones. That's why lithium-ion batteries are now used instead of other kinds in power tools. Lithium-ion batteries make small power tools easier to get and better at what they do, which is what people want.
A big trend in the business of battery-powered tools is to make them smart and connected. Power tools are getting better and easier to use as they get more built-in tech, like Bluetooth and thet of things. With this link, you can watch and control tools from afar. This makes things easier and faster. The market is likely to change because people want to do things in their daily lives in better ways. This is why companies are likely to focus on making new battery options for power tools that use more than one type of battery.
Batteries for power tools that are good for the earth are becoming very popular. People need eco-friendly power tools more than ever before because they know more about how the things they buy shape the earth. Recycling is important for battery makers because it helps them make cells that use less power and are better for the world. There is more work being done around the world to make it more environmentally friendly. This trend is likely to lead to even more progress in green power tool battery technology.
Power tool batteries are also being used in new ways because of do-it-yourself (DIY) projects. Power tools need to be able to change tools and be easy to use as more people do home improvements and other do-it-yourself jobs. So that people who do their own work can get what they need, batteries for power tools are being made that last longer, charge faster, and run for longer. Companies are changing their products to appeal to this new group of users as the do-it-yourself trend grows.
What people want is also changing because of changes in fast-charging technology. People want batteries for power tools that can be charged quickly because they like things to be easy and quick. This is why businesses have created fast-charging systems that cut down on users' downtime and help them get more done. This trend shows that the market is listening to what people want, which is goods that save time and make things work better.
Also, one can buy a lot of small, light batteries for power tools. Because people want tools that are easier to hold and use, companies are making batteries that have the same amount of power but take up less space. This trend is very clear in jobs like woodworking and building where accuracy and ease of use are very important. In general, small batteries make it easier to use power tools. They also meet the needs of workers who need to work long hours while being less tired and faster.
Power Tool Battery Market Highlights:
Global Power Tool Battery Market Overview:
The Power Tool Battery market industry is projected to grow from USD 2.74 Billion in 2023 to USD 5.70 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.60% during the forecast period (2024 - 2032). Power Tool Battery Market Size was valued at USD 2.5 billion in 2022. Increased demand for power tools would drive the Growth of the batteries used for these power tools are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Power Tool Battery Market Trends
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The growing construction industry in emerging economies is driving the market growth.
Increasing construction activities worldwide, drive the construction industry's growth. The rise in population, urbanization, and the surge in residential and commercial construction projects contribute to the growing need for advanced infrastructure. Infrastructural development encompasses the construction of roads, railways, airports, energy systems, utilities, and residential and commercial buildings. Power tools are crucial in construction sites, offering specialized and powerful equipment such as cordless drills, demolition jackhammers, circular saws, jigsaws, and reciprocation saws. These tools are essential for drilling, demolishing stones or concrete bricks, cutting wooden pieces, and fastening screws, serving industrial and residential construction projects. This factor drives the market CAGR.
Additionally, growth in the adoption of battery power tools in the automotive, construction, and manufacturing sector has led to a surge in the battery power tools market. Moreover, training for operating the battery power tools has increased power tools by professional and individual users. In addition, affordable and energy-efficient battery power tools have increased demand for power tools in do-it-yourself (DIY) techniques among household consumers. Platforms such as YouTube and OEM websites also offer training and user guidance for DIY consumers, thus offering aftersales support to them as well. Further, the introduction of brushless battery power tools uses a magnet for their basic operation and, thus, significantly reduces the maintenance cost of the tools and leads to increased sales of the brushless battery power tools. These factors act as a driver in the battery power tools market.
Moreover, consumers often prefer using manual hand tools in residential applications such as furniture repair, plumbing, electrification, and residential construction projects. These tasks are called Do-it-yourself (DIY) applications, where households carry out the work. However, using manual hand tools can be labor-intensive and time-consuming.As a result, power tools are gaining popularity among residential users for tasks like furniture repair, remodeling, and home refurbishment. Power tools offer efficiency, speed, and ease in cutting, drilling, and fastening. They enable users to complete residential construction and repair tasks more quickly without causing disruptions. Electric cordless power tools are especially favored among residential users due to their flexibility, portability, and compactness. These household power tools include hammers, cordless drills, jigsaws, sanders, cutters, and electric screwdrivers.Thus, driving the Power Tool Battery market revenue.
Power Tool Battery Market Segment Insights:
Power Tool Battery Type Insights
Based on type, the Power Tool Battery market segmentation includes nickel-cadmium, nickel-metal hydride, and lithium-ion. The lithium-ion segment dominated the market; the superior energy density, longer lifespan, lower self-discharge rate, and enhanced safety features of lithium-ion batteries have contributed to their dominance in the power tool battery market, making them the preferred choice for both professional and DIY users.Furthermore, lithium-ion battery technology advancements have improved safety features, such as built-in protection circuits that prevent overcharging, over-discharging, and short circuits. This enhances lithium-ion batteries' overall safety and reliability in power tool applications.
Power Tool Battery Tools Insights
Based on tools, the Power Tool Battery market segmentation includes drills, saws, lawn mowers, impact wrenches, and others. The drills segment dominated the market; drills are one of the most widely used power tools across various industries and applications. They are essential for drilling holes, driving screws, and fastening materials, making them versatile and in high demand.Furthermore, the portability and convenience offered by cordless drills have greatly contributed to their popularity.
Power Tool Battery Application Insights
Based on application, the Power Tool Battery market segmentation includes residential, commercial, and industrial. The industrial segment dominated the market; industrial applications often involve heavy-duty tasks and require reliable and powerful tools to meet the demands of rigorous work environments. Power tools powered by high-performance batteries are crucial for various industrial operations such as manufacturing, construction, mining, and oil and gas. Moreover, advancements in battery technology, such as fast-charging capabilities and improved battery life, have further strengthened the dominance of the industrial segment. Industrial users benefit from reduced downtime and increased productivity with batteries that can be quickly recharged and provide extended usage.
Figure1: Power Tool Battery Market, by Application, 2024 &2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Power Tool Battery Regional Insights
The market study offers valuable insights into different regions, namely North America, Europe, Asia-Pacific, and Rest of the World. The North American power tool battery market area will dominate this market due to the large manufacturing industry and increased automobile sales in this Region.
The market report covers the major countries, including the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Global power Tool Battery Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Power Tool Battery market accounts for the second-largest market share due to the increasing number of construction and infrastructure projects. Further, the German Power Tool Battery industry witnessed the largest market share, and the UK Power Tool Battery market was the fastest-growing market in the European Region.
The Asia-Pacific Power Tool Battery Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the shift in the manufacturing base of companies from developed economies to developing economies due to the cheap workforce. Moreover, China’s Power Tool Battery market held the largest market share, and the Indian Power Tool Batteries industry emerged as the fastest-growing market in the Asia-Pacific region.
Power Tool Batteries Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Power Tool Battery market grow even more. Market participants are also undertaking different strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Power Tool Battery industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Power Tool Battery industry to benefit clients and increase the market sector. The Power Tool Battery industry has offered some of the most significant advantages in recent years. Major players in the Power Tool Battery market, including  Battery Xpress, BYD Co.Ltd., A-one Moli Energy Corp., Hitachi Ltd., Ryobi Ltd., Samsung SDI, Techtronic Industries Co., Ltd., Makita Corporation, LG Chem Ltd., Sony Corporation., and others, are attempting to increase market demand by investing in research and development operations.
DEWALT, a well-known brand belonging to the Stanley Black & Decker family, is highly regarded for its exceptional solutions tailored to professionals working in challenging job site conditions.Recently, DEWALT partnered with Jobsite Solutions to introduce the revolutionary DEWALT POWERSTACK 20V MAX Compact Battery. This groundbreaking advancement represents a significant leap forward in performance for DEWALT's cordless power tools. With cutting-edge technology and engineering, the DEWALT POWERSTACK 20V MAX Compact Battery sets new standards for efficiency and effectiveness, empowering users with enhanced power and unwavering reliability in their work. The launch of this battery highlights DEWALT's unwavering dedication to providing professionals with top-quality tools, accessories, and services that inspire confidence and enable success in demanding environments.
Lowe's Companies, Inc. is a well-known American retailer specializing in home improvement. Headquartered in Mooresville, North Carolina, Lowe's recently joined forces with Chevron to introduce an exclusive line of cutting-edge cordless power tools known as FLEX. This innovative range of tools, accompanied by a comprehensive selection of accessories, batteries, and chargers, will be available exclusively on Lowe's official website and nationwide stores. The collaboration between Lowe's and Chevron underscores Lowe's commitment to providing customers in the home improvement industry with advanced and top-quality products. This partnership aims to meet customers' diverse needs by offering various innovative solutions for various projects and tasks.
Key CompaniesIn The Power Tool Battery Market Include
- Battery Xpress
- BYD Co.Ltd.
- A-one Moli Energy Corp.
- Hitachi Ltd.
- Ryobi Ltd.
- Samsung SDI
- Techtronic Industries Co.Ltd.
- Makita Corporation
- LG Chem Ltd.
- Sony Corporation
Power Tool Battery Industry Developments
October 2021: DEWALT, a Stanley Black & Decker brand known for its expertise in Jobsite Solutions, recently unveiled the worldwide release of the DEWALT POWERSTACK 20V MAX Compact Battery. This cutting-edge battery technology represents a significant leap forward in performance for DEWALT's range of cordless power tools. With its launch, DEWALT ushers in a new era of advanced capabilities, providing professionals with enhanced performance and efficiency on the job. The introduction of the DEWALT POWERSTACK 20V MAX Compact Battery demonstrates the brand's ongoing commitment to delivering top-quality tools and solutions that empower professionals to confidently tackle demanding tasks.
March 2021:Lowe's Companies Inc. and Chevron announced the exclusive launch of FLEX, a line of cutting-edge, cordless power tools. The first FLEX tools, accessories, batteries, and chargers will be available on the company website and nationwide stores.
Power Tool Battery Market Segmentation:
Power Tool Batteries by Type Outlook
- Nickel-cadmium
- Nickel-Metal Hydride
- Lithium-ion
Power Tool Batteries by Tools Outlook
- Drills
- Saws
- Lawn Mower
- Impact Wrench
- Others
Power Tool Batteries by Application Outlook
- Residential
- Commercial
- Industrial
Power Tool Batteries by Regional Outlook
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North America- US
- Canada
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Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World- Middle East
- Africa
- Latin America
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