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The major trend identified in the power tool batteries market is the growing consumer preference toward cordless power tools, owing to an increase in the demand for more-mobile and easy-to-carry equipment. In addition, present-day battery-powered tools are also able to run longer on one charge than they have in recent years, which encourages manufacturers to increase the production of battery-based power tools.
Power tool batteries are devices on which equipment such as band saws, circular saws, crimpers, hammer drills, impact drivers, and impact wrenches, work. These batteries supplement the tools, as they reduce trips and shock hazards and provide high working efficiency to operators, as they are easy to handle, owing to their mobility. In addition, as per a report of the National Council on Compensation Insurance (NCCI), the use of power tool batteries reduced workers’ compensation claims in recent years. The power tool batteries market is segmented on the basis of type, application, and region.
The market is categorized on the basis of type into nickel–cadmium, nickel–metal hydride, and lithium-ion batteries. Lithium-ion batteries hold the largest share in the power tool batteries market, owing to their ability to last longer on one charge and less susceptibility to voltage depression, which is common in nickel–cadmium batteries. In addition, these batteries are low-maintenance compared to other batteries, suffer less instances of self-discharge, and are lighter in weight.
On the basis of application, the power tool batteries market is categorized into residential, commercial, and industrial. Commercial and industrial applications together hold a significant share in the market, owing to use of power tools in driving (fasteners), drilling, cutting, shaping, sanding, grinding, metalworking, routing, polishing, painting, heating, and other processes. In addition, the government investments in the construction and infrastructure development also result in a high use of power tools, mainly to complete the work on time.
Based on region, the power tool batteries market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and the Middle East and Africa (MEA). North America holds a significant share, on account of the large manufacturing industry and increasing automotive sale in this region. Additionally, APAC is expected to witness promising growth, as a result of the rising number of construction and infrastructure projects and shift in the manufacturing base of companies from developed economies to developing economies, due to cheap labor.
Power Tool Batteries Market Dynamics
The power tool batteries market is growing on account of the surging use of cordless equipment in the automotive and construction industries and increasing use of power tools for household applications. The automotive and construction industries are expected to hold a significant share in the market, due to an increase in the demand for mobile equipment, to increase the operational efficiency, and reducing tripping and shock hazards.
Similarly, the usage of battery-based power tools is growing in household applications, due to high labor costs, which is pushing people to adopt the do-it-yourself approach, which, in turn, is leading to a rising requirement for user-friendly power tools. In addition, remodeling and renovation projects also fuel the demand for cordless power tools, due to a decrease in the availability of handymen for household applications, mainly in developed countries.
The growth in the power tool batteries market is moderately restrained by the stringent regulations on the shipment of batteries across domestic as well as international territories, by land, sea, and air. In addition, the high cost of batteries and maintenance also hinders the growth of the market.
Power Tool Batteries Market Competitive Landscape
Some of the major players operating in the global power tool batteries market are Robert Bosch GmbH, Milwaukee Electric Tool Corporation, Makita Corporation, LG Chem Ltd., Samsung SDI Co. Ltd., A123 Systems LLC, Stanley Black & Decker Inc., Techtronic Industries Co. Ltd., Husqvarna AB, and STIHL AG & Co. KG.
The study provides the historical as well forecast market size for various countries, including the U.S., Canada, France, Germany, U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, Argentina, Saudi Arabia, and South Africa.
Market Size Breakdown by Segment
The Global Power Tool Batteries Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Application