Global Power Tool Batteries Market Size study, by Type (Lithium-ion, Nickel-cadmium, Nickel-metal Hydride, Others), by Tool (Drills, Saws, Lawn Mowers, Impact Wrenches, Others), by Application (Residential, Commercial, Industrial) and Regional Forecasts 2

Global Power Tool Batteries Market Size study, by Type (Lithium-ion, Nickel-cadmium, Nickel-metal Hydride, Others), by Tool (Drills, Saws, Lawn Mowers, Impact Wrenches, Others), by Application (Residential, Commercial, Industrial) and Regional Forecasts 2022-2032

The Global Power Tool Batteries Market is valued at USD 2.5 billion in 2023 and is projected to grow at a robust CAGR of 10% from 2024 to 2032. Power tool batteries are essential components for operating various tools, including band saws, circular saws, crimpers, hammer drills, impact drivers, and impact wrenches. These batteries offer significant advantages by reducing trip and shock hazards and enhancing worker productivity through their lightweight and portable nature. The surge in consumer preference for cordless power tools, driven by the demand for more portable equipment, is a notable trend in the Power Tool Batteries Market. Modern battery-powered tools now boast longer operational periods between charges, thus creating lucrative opportunities in the market. Drills, widely used across multiple fields and applications, exemplify this trend due to their versatility and high demand for drilling holes, driving screws, and securing materials. The portability of cordless drills significantly enhances their appeal, allowing users to operate in remote areas without a power source, thereby increasing the demand for power tool batteries.

During the forecast period, the adoption of battery-powered power tools and the rapidly expanding automotive industry are expected to drive market growth. Lithium-ion batteries dominate the Power Tool Batteries Market due to increasing demand from the automotive sector. Key innovations in power tool batteries, the rising demand for fastening tools, and the development of smart, connected power tools in the automotive and energy industries are poised to significantly boost the market. The popularity of DIY projects and the growing focus on sustainability and energy efficiency further elevate the demand for power tool batteries.

The key regions study in Global Power Tool Batteries Market includes Asia Pacific, Europe, North America, Latin Amera and Middle East and Africa. The North America dominate the global Power Tool Batteries Market, driven by substantial construction industry growth and the adoption of advanced power tools. The region's market is bolstered by a strong presence in the manufacturing sector and rising consumer electronics spending. The expanding need for power tools in mining and oil and gas sectors further propels market share. In the United States, the focus on energy efficiency and the popularity of DIY projects are key market drivers. Meanwhile, Asia Pacific is projected to register fastest growth fuelled by infrastructure development, urbanization, and increased government initiatives supporting industrial manufacturing facilities.

Major market players included in this report are:

BYD Co. Ltd.

Hitachi, Ltd.

Ryobi Limited

Samsung SDI

Techtronic Industries

Makita Corporation

LG Chem Ltd.

Sony Corporation

Panasonic Holdings Corporation

Hilti Corporation

Bosch Power Tools

Milwaukee Tool Corporation

DeWalt

Black & Decker

Stanley Works

The detailed segments and sub-segment of the market are explained below:

By Type:

Lithium-ion

Nickel-cadmium

Nickel-metal Hydride

Others

By Tool:

Drills

Saws

Lawn Mowers

Impact Wrenches

Others

By Application:

Residential

Commercial

Industrial

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Australia

Rest of Asia Pacific

Latin America

Brazil

Mexico

Rest of Latin America

Middle East & Africa

Saudi Arabia

South Africa

Rest of Middle East & Africa

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with country-level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.



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