Power Tool Batteries Market Is Predicted to Soar at A CAGR of 10% By 2033

According to Fact.MR's newly published industry report, worldwide demand for power tool batteries has reached a market valuation of US$ 2.5 billion in 2023 and is estimated to climb to US$ 6.5 billion by the end of 2033. The global power tool batteries market is predicted to soar at a CAGR of 10% from 2023 to 2033. Band saws, circular saws, crimpers, hammer drills, impact drivers, and impact wrenches all operate on power tool batteries. These batteries are an addition to the tools since they lessen trip and shock hazards and boost workers' productivity because they are lightweight and portable.

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.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁:https://www.factmr.com/connectus/sample?flag=S&rep_id=8776?PJ 

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.

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:

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.

Fast Charging: Rapid charging technology has become a key feature, allowing users to recharge their batteries quickly and minimize downtime.

Battery Compatibility: Some manufacturers are designing batteries to be compatible across multiple power tool models, providing users with flexibility and cost savings.

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.

Sustainability: There's an increasing emphasis on sustainable battery disposal and recycling as the awareness of environmental impacts grows.

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).

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗳𝗼𝗿 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀:https://www.factmr.com/connectus/sample?flag=RC&rep_id=8776?PJ

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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.