Power Tool Batteries Market

Global Power Tool Batteries Market Size (2024 to 2032)

The size of the global power tool batteries market was worth USD 3.16 billion in 2023. The global market is anticipated to grow at a CAGR of 9.6% from 2024 to 2032 and be worth USD 7.21 billion by 2032 from USD 3.46 billion in 2024. 

The power tool is an activated device by a battery power source. The most used types of power tools are drills, hammers, saws, sanders, grinders, screwdrivers, and others. These tools are widely used by commercial users for drilling in industries as they do not require an additional power source for operation.

MARKET DRIVERS

The growth of the construction business and the need for efficient power tools for various operations have led to the increased penetration of power tools in the construction industry.

Basic operations such as cutting, chipping, drilling, hammering, and grinding can be easily performed using cordless power tools with greater efficiency and ease. Therefore, the rise of power tools in the construction industry is expected to drive the growth of the power tool batteries market. In addition, recent product developments in batteries, motors, and other technologies have improved product efficiency and accelerated the adoption of power tools.

Cordless power tools comprise a wide range of battery-operated tools such as impact drills, impact wrenches, circular saws, and nailers and staplers. The request for extra mobile, flexible, and compact tools drives the cordless tools market. Lithium-ion batteries are replacing conventional nickel-cadmium and nickel metal hydride power tools. Advances in battery technology are the driving factors leading to the growth and adoption of cordless power tools with high-density batteries that can last longer when charged. Lithium-ion batteries provide higher energy density and longer life for power tools. These batteries are very light in weight and do not exhibit self-discharge. Hence, lithium-ion batteries have become the most popular choice for powering cordless tools. Additionally, with the appeal of cordless tools to the consumer, toolmakers are focusing on cordless power tools and bringing innovative products to market.

MARKET RESTRAINTS

Power tools, like assembly tools, need regular maintenance of their moving parts. Power tools must be recalibrated at regular intervals for accurate operations. Motors, batteries, electrical connections, and other components in power tools wear out and fail over time. Regular maintenance, for example, greasing, sharpening, and replacing parts and other repairs, is necessary for the proper functioning of the tools, which in turn results in high costs. End users, especially in developing countries, are reluctant to spend on power tool maintenance due to the availability of low-cost labour. Therefore, the high maintenance cost is holding back the growth of the power tool market. Also, the cost of owning power tools increases due to the need for maintenance and repairs. Therefore, consumers in developing countries rent power tools, which also hampers the growth of the power tool market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Power Tool Batteries Market Analysis By Tools

The drills segment is expected to grow at a CAGR of more than 5% over the forecast period. The application of corded and battery drill accessories has penetrated DIY enthusiasts. Circular saw blades were the second dominant segment as they are primarily used for wood and metal work that requires precision cuts.

Global Power Tool Batteries Market Analysis By Application

The construction segment is expected to grow at a CAGR of 6% during the forecast period. The global construction industry is expected to grow 85% in 2030, with China, the United States and India expected to dominate the market. Along with new public and residential construction activities, renovation and modernization activities will increase the demand for power tools over the next five years.

REGIONAL ANALYSIS

North America held a notable share of the global market in 2023 and is expected to continue dominating the power tool batteries market during the forecast period. The domination of the North American region is majorly due to the large manufacturing industry and increased automobile sales in this region. Also, the APAC region is expected to experience promising growth due to the increasing number of construction and infrastructure projects and the shift in the manufacturing base of companies from developed economies to developing economies due to the cheap workforce.

KEY PLAYERS IN THE GLOBAL POWER TOOL BATTERIES MARKET

Atlas Copco AB (Sweden), Apex Tool Group, LLC (US), Robert Bosch GmbH (Germany), Hilti Corporation (Liechtenstein), Makita Corporation (Japan), Ingersoll-Rand plc (Ireland), Stanley Black & Decker, Inc. (US), Techtronic Industries Co., Ltd. (Hong Kong), KOKI Holdings (Japan), and Snap-on Incorporated (US) are a few of the leading players in the global market.

RECENT HAPPENINGS IN THE GLOBAL MARKET

• In 2019, Bosch Power Tools launched a modern range of cordless power tools like wireless screwdrivers powered by lithium-ion batteries. These power tools will boost convenience to the workers 4 times when compared to the present screwdrivers, claimed Bosch.
• In 2020, Makita, a maker of high-quality professional tools and accessories, is enthusiastic to launch the 18Volts X2 LXT Cordless/Corded Upright L.E.D. Area Light (DML810, tool only).

DETAILED SEGMENTATION OF THE GLOBAL POWER TOOL BATTERIES MARKET INCLUDED IN THIS REPORT

This research report on the global power tool batteries market has been segmented and sub-segmented based on tools, application, and region.

By Tools

• Drills
• Saws
• Lawn Mower
• Impact Wrench
• Others

By Application

• Construction
• Automotive
• Aerospace
• Energy
• DIY

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa