Power tools are tools being used in reducing the work duration in construction, gardening, and household tasks. Power tool batteries are used in supplementing power to electric-driven tools for increasing efficiency and reducing shock hazards. The global Power tool battery Market report by Market Research Future (MRFR) provides an outlook on the efforts by key players to attract audiences as well as its market share during the forecast period (2020-2027). The COVID-19 pandemic and its effects on the market are explored in high detail.
The global Power tool battery Market is projected to exhibit 8.52% CAGR over the forecast period. Portable nature of these batteries can drive the market demand exponentially. These batteries are light-weight and efficient and operates without relying on an external power source. The huge demand for fastening and power tools can bode well for the market. This is evident by establishment of new facilities to cater to the growing demand by the construction sector. Recently, Bosch set up a new unit in Chennai, India for the manufacture of 60 types of power tools.
The COVID-19 pandemic has negatively impacted the production chain of power tool batteries. But rise of cordless power tools and the growing trend of DIY are likely to accelerate the market demand significantly. Rise of repair and maintenance services and growing use of sanders, wrenches, drills, and other tools can augment the power tool battery market growth.
But high costs of cordless power tools can hamper market growth.
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Makita Corporation, BYD Co. Ltd., LG Chem Ltd., Samsung SDI, Sony Corporation, Hitachi Ltd., A-one Moli Energy Corp., Ryobi Ltd., Battery Xpress, Techtronic Industries Co. Ltd., and others are prominent names in the global power tool battery market. Launch of new products is the prime strategy of players looking to gain customer attention. Partnerships with online portals as well as offering discounts to ring in new sales can bode well for the market. For instance, Greenworks range of tools has been offered at slashed rates on Amazon.
By type, the global power tool battery market has been segmented into lithium-ion, nickel-cadmium, and nickel-metal hydride. The lithium-ion segment is expected to dominate the global power tool battery market. This is due to the declining prices for lithium-ion and its wide application across various industries. Lithium-ion batteries are gaining popularity due to its operation efficiency and ability to reduce electric shock. Additionally, countries such as the U.S. and China are investing in Li-ion batteries owing to the high demand in electric vehicles.
Based on tools, the market is segmented into lawn mower, drills, saws, impact wrench, and others. The ‘others’ segment includes polishers, grinders, nibblers, and hammers. The drill segment holds largest share due to its wide application in many industries globally. Drills are easier to operate in comparison to other tools and stands as a prominent repair and maintenance tool.
Major applications of the power tool battery market are segmented into residential, industrial, and commercial. The industrial segment accounted for the highest market share due to the application of power tools in marine, construction, manufacturing, and various other industries. Technological breakthroughs in materials and advanced construction methods can beckon the need for power tools for fast repairs. Power tool batteries can play a pivotal part in the segment to expedite the process.
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North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC) are regions considered for assessing the value of the global power tool battery market.
APAC is likely to lead in the market owing to heavy investments in construction and automotive sectors. Launch of new products in China and India to cater to growing industrialization and large number of infrastructural projects.
North America is set to be lucrative for the power tool battery market owing to the surge in construction activities. Rise in manufacturing and rebounding of resident housing can drive the regional market growth.
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Lowe’s Companies, Inc, and Chevron announce the launch of FLEX, a new line of cordless power tools. The batteries used in running the tools will be available on its own site as well as on B2B portals.