Global Power Tool Batteries Market Is Predicted To Soar At A CAGR Of 10% by 2033

The demand for power tool batteries has reportedly achieved a market valuation of US$ 2.5 billion in 2023 and is predicted to rise to US$ 6.5 billion by the end of 2033, according to Fact.MR’s recently released industry report. From 2023 to 2033, the market for power tool batteries is expected to grow at a 10% CAGR.Growing customer preference for cordless power tools, caused by a rise in the need for equipment that is more portable, has been highlighted as the key trend in the market for power tool batteries.

Power tool batteries are rechargeable batteries designed to power cordless power tools such as drills, saws, and impact drivers. These batteries store and deliver electrical energy to the tool, eliminating the need for a constant power source and enabling users to work in remote locations or areas without access to electricity.Modern battery-powered tools can operate for longer periods between charges, which is creating opportunities in the power tool batteries market.

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The market has witnessed significant growth in recent years, driven by the increasing demand for cordless power tools in various industries such as construction, automotive, and manufacturing. Power tool batteries provide the advantage of mobility, convenience, and improved productivity. Lithium-ion power tool batteries have several benefits, such as their lightweight nature, which makes it easier to handle tools, and the fact that they charge completely in less than an hour and can run continuously for more than an hour.

One of the main drivers fueling market expansion is the rise in power tool usage among consumers. Another factor boosting the demand for battery-powered power tools is an increase in the volume of home construction activities.

Governments and organizations are promoting the use of energy-efficient tools and appliances to reduce environmental impact. Power tool manufacturers have responded to this demand by developing batteries with improved energy efficiency and lower environmental footprint, further driving the adoption of power tool batteries.

Key Takeaways from Market Study

• The global power tool batteries market is valued at US$ 2.5 billion in 2023.
• Worldwide sales of power tool batteries are estimated to reach US$ 6.5 billion by 2033.
• The market is forecasted to rise at a high-value CAGR of 10% through 2033.
• North America leads the global market with 40% share.
• Lithium-ion power tool batteries account for 60% share of overall sales.

“Power tools that are driven by high-performance batteries are essential for many industrial processes, including manufacturing, construction, mining, and oil and gas. Recent developments in battery technology, such as faster charging times and longer battery lives, are boosting the usage of power tool batteries in industrial applications. Batteries that can be quickly recharged and have a long lifespan help industrial users work more efficiently and result in less downtime,” says a Fact.MR analyst

Key Companies Profiled in This Report

• BYD Co. Ltd.
• Hitachi, Ltd.
• Ryobi Limited
• Samsung SDI
• Techtronic Industries
• Makita Corporation
• LG Chem Ltd.
• Sony Corporation
• Panasonic Holdings Corporation
• Hilti Corporation

Winning Strategy

According to this study by Fact.MR, a market research and competitive intelligence provider, several businesses are introducing new items to broaden their product offerings. Market participants are also engaging in various strategic actions such as new developments and product standards to increase their presence.

Manufacturers are incorporating features such as battery indicators, smart diagnostics, and enhanced safety mechanisms to improve user experience and optimize battery performance. The introduction of innovative battery technologies and features has attracted users and contributed to the growing demand for power tool batteries.

For instance,

• In 2021, the exclusive release of FLEX, a series of modern, cordless power tools, was announced by Lowe’s Companies Inc. and Chevron.

Key Segments of Power Tool Batteries Industry Research Report

• 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
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Trends and Developments:

1. Higher Voltage Batteries: Power tool manufacturers are producing higher voltage batteries (e.g., 18V, 20V, and even higher) to provide greater power and performance for demanding tasks.
2. Fast Charging: Rapid charging technology has become a key feature, allowing users to recharge their batteries quickly and minimize downtime.
3. Battery Compatibility: Some manufacturers are designing batteries to be compatible across multiple power tool models, providing users with flexibility and cost savings.
4. Smart Batteries: Smart batteries equipped with built-in electronics for monitoring battery health, usage, and charging cycles are gaining traction, enhancing user experience and battery management.
5. Sustainability: There’s an increasing emphasis on sustainable battery disposal and recycling as the awareness of environmental impacts grows.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global power tool batteries market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights on the power tool batteries market based on type (lithium-ion, nickel-cadmium, nickel-metal hydride, others), tool (drills, saws, lawn mowers, impact wrenches, others), and application (residential, commercial, industrial), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).