Rise in adoption of batter power tools in the automotive industry, increase in demand for affordable & energy-efficient power tools, and surge in popularity of brushless battery power tools have boosted the growth of the global battery power tools market. The market across North America held the lion’s share in 2020, accounting for more than one-third of the market. Due to stoppage of manufacturing and transportation activities, the supply chains of battery power tools were hampered.
Portland, OR, Sept. 21, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global battery power tools market was pegged at $20.77 billion in 2020, and is expected to reach $41.19 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.
Rise in adoption of batter power tools in the automotive industry, increase in demand for affordable & energy-efficient power tools, and surge in popularity of brushless battery power tools have boosted the growth of the global battery power tools market. However, decline in rate of new construction in developed countries and availability of low-cost alternatives hinder the market growth. On the contrary, advancements in rechargeable batteries would open new opportunities for the market players in the future.
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The Covid-19 outbreak and followed lockdown decreased the rate of new constructions, manufacturing, and growth of the hospitality and tourism industries across the globe, which led to decline in sales of battery power tools.
Due to stoppage of manufacturing and transportation activities, the supply chains of battery power tools were hampered. However, as all industries resume their full-scale manufacturing and services during the post-lockdown, the demand for battery power tools is expected to get back on track.
The report segments the global battery power tools market on the basis of analysis motor type, applications, tool, and region.
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On the basis of application, the drills segment dominated the market in 2020, contributing to nearly one-third of the market. However, the lawn mower segment is projected to manifest the highest CAGR of 8.6% during the forecast period.
Based on motor type, the brushed motor segment held the largest share in 2020, accounting for nearly three-fourths of the market. However, the brushless motor segment is estimated to register the highest CAGR of 7.2% during the forecast period.
The global battery power tools market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than one-third of the market. Moreover, the LAMEA region is expected to portray the highest CAGR of 8.6% from 2021 to 2030.
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The global battery power tools market includes an in-depth analysis of the prime market players such as Atlas Copco AB, Apex Tool Group, Ingersoll-Rand PLC, Hilti Corporation, Makita Corporation, Hitachi Ltd., Snap-On Incorporated, Robert Bosch GmbH, Techtronic Industries, and Stanley Black and Decker.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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