Power Tool Battery Market Overviews
Power Tool Battery Market size was valued at US$ 26078.66 Mn. in 2023. Global Power Tool Battery Market is estimated to grow at a CAGR of 8.20% over the forecast period.
Power Tool Batteries are rechargeable batteries that are used in a variety of power tools, including saws, drills, and crimpers. These batteries are used to augment power tools in order to reduce electric trips, shock hazards, and operating costs. Lithium-ion batteries, nickel-cadmium batteries, and nickel-metal hydride batteries are the three primary types of batteries used in power tools. Power Tool batteries have a wide range of advantages such as being easy to use, longer run durations, flexible charging, and the battery will not drain if stored for a lengthy period of time. The Global Power Tool Battery Market report provides the segment analysis on the basis of type, tool, mode of operation, application and region.
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Power Tool Battery Market Scope and Methodology:
Power tool sales are boosted by increased demand from the construction industry as a result of enhanced infrastructure initiatives especially in developing countries like India, China, and Brazil. In the construction sector, power tools are widely used, as they provide better efficiency and accuracy, along with increased worker safety. The construction industry's growth stimulates demand for power tools, resulting in sophisticated infrastructure advancements. In addition, strong government support and rising income levels, the construction sector in emerging nations such as India and China is expected to increase significantly, fueling the growth of the power tool battery market. For example, in 2021, the Indian government has allocated US$ 32.02 billion for construction activities and in 2020, the construction industry value in China accounted for US$ 1049 billion.
Power Tool Battery Market Regional Insights
The North American region dominated the market with a 37.9% share in 2023. The United States and Canada make up the largest market for electric power tools in the region. Power tool demand is related to construction activity, which is increasing power tool demand in the region. Increased government infrastructure spending along with ongoing strong growth in the residential and non-residential building industries are driving the regional power tool battery market growth.
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Power Tool Battery Market Segmentation
By Type, the Power Tool Battery Market is segmented into Nickel-cadmium, Nickel-metal hydride, and lithium-ion. The lithium-ion segment has dominated the market with a 64.2% share in 2023. Thanks to their high energy density and long cycle life, lithium batteries are becoming increasingly used in power tools. Lithium-ion batteries are compact and have a high energy density. The market is expected to be driven by falling lithium-ion battery prices, environmentally beneficial properties, and fast rising end users such as the construction and industrial sectors. For Instance, Lithium-ion battery prices have fallen by 89% to USD 137 kWh in 2023, and as firms create batteries for diverse uses in power tool equipment, usage of these batteries is expected to grow throughout the forecast period.
Power Tool Battery Market Key Players
Apex Tool GroupAtlas Copco ABHilti CorporationIngersoll-Rand PLCHitachi Ltd.Makita CorporationRobert Bosch GmbHSnap-On Incorporated
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