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The power tool batteries market size is forecast to increase by USD 1.52 billion and is estimated to grow at a CAGR of 8.1% between 2023 and 2027. The report includes historic market data from 2017-2021. The market is witnessing a growing demand for the li-ion batteries replacing NiCd technology in power tool batteries, the integration of 3D printing technology, and the rise in EV sales.
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A key factor shaping the power tool batteries market growth is the integration of 3D printing technology. There is increasing adoption of 3D printing technology for prosthetics, full-scale clothing, and electronic products, even though they have huge potential for use in the industrial sector. The technological advancement in 3D printing technology is expected to fuel the demand for power tool batteries.
As a result, several power tool manufacturers are increasingly emphasizing integrating 3D printing technology into their equipment in order to introduce new products in the market. Additionally, the development cost required for manufacturing using 3D printing is only half when compared to traditional manufacturing techniques. Hence, such factors are expected to drive market growth during the forecast period.
The industrial segment is estimated to witness significant growth during the forecast period. Some of the key industrial sectors that are widely adopting power tool batteries include construction, mining, chemical manufacturing, and semiconductor fabrication. There is an increasing demand for uninterrupted power supply due to rapid industrialization across the world, especially in developing countries such as China, Brazil, and India. Additionally, factors such as an increase in construction activities and growing spending globally are expected to fuel the demand for this segment.
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Furthermore, there is a growing demand for power tool batteries in the industrial sector. Uninterrupted power supply is a crucial factor for any industrial sector and industries rely on these power tool batteries to prevent losses resulting from the non-operation of the plant and machinery due to the unavailability of electricity. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the global power tools batteries market growth during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly driving the global power tool batteries market in North America is the increase in investments in industries such as construction, automobile, and aerospace. Additionally, the growth of the construction sector in the region is expected to fuel the demand for power tool batteries in North America.
In addition, some of the main countries in North America which have significant construction activities both in the residential and commercial sectors include the US and Canada. Furthermore, the rise in demand from automobile and construction industries in these countries is fuelling capital investment projects such as free trade agreements. Hence, such factors are expected to drive the global power tool batteries market growth in the region during the forecast period.
One of the key factors driving the power tool batteries market growth is the declining Li-ion battery prices. As the demand for Li-ion batteries is growing significantly, it will impact the market for lead acid batteries as the only differentiating factor between the two batteries which determines their preference is the price. Additionally, there is an increase in investment in technological advances by Li-ion battery manufacturing in order to reduce the prices of batteries.
Furthermore, Li-ion batter is being promoted by several companies which will positively impact the market growth. Moreover, there has been a decline in Li-ion battery prices an average of 23% per year since 2010. Additionally, there is a decline in energy storage system cost which has led to a decrease in installation cost by 17% from USD 3,400/kWh to USD 1,600/kWh. Hence, such factors are expected to drive the power tool batteries market growth during the forecast period.
The high cost of power tool batteries equipment is one of the key challenges hindering the power tool batteries market growth. The main application of power tools is for the easy and efficient movement of goods. Also, power tools are equipped with several capabilities and features in order to enhance operational efficiency. The main advantage of power tools is that they eliminate the risks of mishandling high-speed power tools due to factors such as increased usability, accurate controls, and foolproof technology.
However, these benefits and advantages offered by power tools come at a high price. The high cost associated with power tools can be attributed to the high cost of consumables, along with their high maintenance costs. As a result, it is expected to have a decline in the adoption of power tools by small-scale industries. Hence, such factors are expected to hinder market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Power Tool Batteries Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Atlas Copco AB: The company offers power tool batteries such as Stihl lithium ion pro batteries.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The power tool batteries market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Power Tool Batteries Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.1% |
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Market growth 2023-2027 |
USD 1.52 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.56 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 36% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Atlas Copco AB, BYD Co. Ltd., E One Moli Energy Corp., EGO, GS Yuasa Corp., Hilti AG, Husqvarna AB, Ingersoll Rand Inc., LG Chem Ltd., Makita Corp., Panasonic Holdings Corp., Renesas Electronics Corp., Robert Bosch GmbH, Samsung SDI Co. Ltd., Snap On Inc., Techtronic Industries Co. Ltd., Wanxiang Group, ANDREAS STIHL AG and Co. KG, Honda Motor Co. Ltd., and Stanley Black and Decker Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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