Increasing in urbanization, and growing demand for construction activities across the globe are the key factor in driving the market for power tool batteries
The global power tool batteries market is poised to reach US$ 58.94 Bn by 2030, expanding at a CAGR of 7.10% during the forecast period from 2022 to 2030. Increase in number of construction and infrastructure projects, rapid growth in automobile sector, and growing adoption of power tools are identified as the major factors driving demand for power tool batteries worldwide. However, higher cost for cordless tools, higher maintenance cost, and government policies and regulation constraints for its transportation are the major challenges faced by power tool batteries market.
Increasing demand for Power Tools in Construction activities are going to drive the market
Growing demand from construction activities such as residential buildings, industrial plants and refineries, roads and bridges, recreational facilities are expected to drive the market for power tools batteries. Increasing urbanization will also leads for the developments of various infrastructures, followed by increasing demand of power tools. Government policies, regulations and concepts on smart cities projects may also be considered as the propelling factors for the growth of power tools which in turn, will increase the demand for batteries over the forecast period. However, industries evolution along with technological developments have creates a need for the use of power tools in the construction industries.
North America to Dominate, Asia-Pacific to Witness Strong Growth
Increasing demand and investments on infrastructures are going to be the significant drivers, followed by continued positive growth in the residential and non-residential construction industries. In U.S., about 40% of total construction industry represents residential building segment which is expected to have a positive growth driving the demand for power tools batteries. Due to continued growth in economies of North America, the power tool batteries market is going to register a substantial growth over the forecast period owing to increasing in the construction activity.
Asia Pacific continues to grow at a significant rate due to increasing in low product penetration, investments in infrastructural developments, and increasing disposable incomes. In addition to this, increase in numbers of production of power tools in China and India will continue to drive market growth in coming years. In India, the real estate segment is expected to rise lucratively, owing to the demand for semi-urban and urban development. Growing investments in hospitality, retail, and commercial sector is going to fuel the demand for power tools batteries across the region.
Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study includes Bosch Ltd., Hitachi, Ltd., Makita Corporation, Panasonic Corporation, Ryobi Limited, Samsung SDI, Sony Corporation, Stanley Black and Decker Inc., Panasonic Industrial Devices & Solutions and LG Chem.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Power Tool Batteries market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Region Segment (2020–2030; US$ Million)
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Key questions answered in this report