Power Tool Battery Market Analysis:
Power Tool Battery Market is projected to be worth USD 5314.40 Million, registering a CAGR of 9.6% during the forecast period.
Several Factors to Bolster Market Growth
The portability of these batteries, which allows users to run the devices without an additional power supply, is a major element driving the power tool battery industry. Furthermore, these batteries are small in weight and extremely efficient. The increasing demand for power tools and fastening tools has fueled the growth of these batteries. For instance, Plus Power (US) won two bids and opened two battery plants, so opening up the market for batteries in New England (US). Similarly, Bosch (Germany) declared in December 2020 that it had reached 10-million-unit output for power tools at its Chennai, India manufacturing plant.
Currently, the company produces around 60 different types of power tools. As a result, rising demand for power tools would drive up the price of the batteries utilized in these tools. Such variables would boost battery usage in the power tool sector. In addition, the expanding construction industry is expected to increase the installation of power tool batteries.
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Market Segmentation
The worldwide power tool battery industry has been segmented based on type, tools, and application.
Based on type, the worldwide power tool battery industry has been segmented into Nickel-cadmium, nickel-metal hydride, and Lithium-ion. The lithium-ion sub-segment will likely dominate the worldwide power tool battery market. This segment's increased share is owing to falling lithium-ion prices and its widespread use in a variety of industries. Due to their high efficiency and ability to decrease electric shock, lithium-ion batteries are becoming increasingly popular. Moreover, countries like the United States and China are substantially investing in the production of lithium-ion batteries for power tools and electric vehicles. In addition, the rise in demand for fast charging batteries for equipment like saws and drills for efficient building activities in growing markets such as India, Singapore, Myanmar, Malaysia, and others has led to increased acceptance of these batteries.
On the basis of tools, the global power tool battery industry has been segmented into drills, saws, lawnmowers, impact wrench, and others. The other segment involves grinders, nibblers, polishers, and hammers. The drill segment holds the largest share due to its wide application in many industries globally.
Based on application, the worldwide power tool battery market has been segmented into industrial, commercial, and residential. The industrial segment earned the biggest share due to the application of power tools in construction, manufacturing, marine, and various other industries.
Regional Analysis
APAC to Dominate the Global Market
The Asian Pacific power tool battery industry is expected to account for the largest share, as key manufacturers in the region are substantially investing in creating sophisticated power tool batteries to improve tool efficiency. As per a Bloomberg Finance report published in September 2020, China is the leading supplier of lithium-ion batteries, followed by the US and Sweden. This is because China has a huge 72 GWh demand for lithium-ion batteries in its domestic market.
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Key Players
The key players in the global power tool battery market are Battery Xpress, BYD Co.Ltd., Techtronic Industries Co.Ltd., A-one Moli Energy Corp., Hitachi Ltd., Ryobi Ltd., Samsung SDI, Makita Corporation, LG Chem Ltd., Sony Corporation, and others.
