Battery Power Tools Market Expected to Reach $41.2 Billion by 2030—Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, May 9, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Battery Power Tools Market by Motor Type, Tool, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global battery power tools market size was valued at $20.7 billion in 2020, and is projected to reach $41.2 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.
The global battery power tools market is experiencing robust growth, driven by several factors. The automotive industry’s increasing embrace of battery-powered tools, coupled with the rising popularity of brushless variants and the demand for efficient and cost-effective options, are key drivers of this expansion. Additionally, advancements in rechargeable battery technology are poised to open up new opportunities in the coming years.
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KEY FINDINGS OF THE STUDY
By motor type, the brushed motor segment was the highest revenue contributor in 2020.
By tool, the drill segment generated the highest revenue in 2020.
By end user, the industrial segment generated the highest revenue in 2020.
In 2020, the drills segment led the battery power tools market, closely followed by other segments. This market encompasses revenue generated from the sale of battery-powered tools used for drilling, screw driving, chiseling, sanding, and various other applications across production, packaging, assembly, and maintenance operations. These tools range from cordless handheld machine drills to saws, nailers, grinders, impact wrenches, and more.
The dominance of the brushed motor segment is expected to persist in the foreseeable future. While the brushed motor segment accounted for approximately three-fourths of the global battery power tools market in 2020, its cost-effectiveness is anticipated to uphold its leading position. On the other hand, the brushless motor segment is forecasted to witness the highest Compound Annual Growth Rate (CAGR) of 7.2% from 2021 to 2030, attributed to its lower maintenance requirements.
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In terms of application, the industrial segment held the largest share in 2020 and is projected to maintain its dominance owing to widespread adoption in manufacturing and service industries. However, the DIY segment is poised to register the highest CAGR of 7.1% from 2021 to 2030, fueled by the growing DIY culture in North America and Europe.
Regionally, North America led the market in revenue in 2020, driven by significant investments in battery power tools. It is expected to maintain its dominance by 2030. Conversely, the LAMEA region is forecasted to experience the fastest CAGR of 8.6% during the forecast period, fueled by rapid industrialization in the area.
Top Players:
The major players profiled in the battery power tools market include Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll-Rand PLC, Hitachi Ltd., Makita Corporation, Robert Bosch GmbH, Snap-On Incorporated, Stanley Black and Decker, and Techtronic Industries. These major companies in the market have adopted strategies such as business expansion, collaboration, acquisition, and product launch, to offer better products and services to customers in the battery power tools market.
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David Correa
Allied Market Research
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