June 20, 2024

Battery Power Tools Market Size to Attain USD 49.70 Bn by 2033

The global battery power tools market size is expected to increase USD 49.70 billion by 2033 from USD 25.43 billion in 2023 with a CAGR of 6.93% between 2024 and 2033.

Key Points

  • Asia Pacific held the largest share of the battery power tools market in 2023.
  • By motor type, the brushed motor segment dominated the market in 2023.
  • By motor type, the brushless motor segment is observed to be the fastest growing in the battery power tools market during the forecast period.
  • By tools, the drills segment dominated the market in 2023.
  • By tools, the lawn mower segment is observed to be the fastest growing market during the forecast period.
  • By application, the industrial segment dominated the battery power tools market in 2023.
  • By application, the DIY segment is observed to be the fastest growing in the battery power tools market during the forecast period.

Battery Power Tools Market Size 2024 to 2033

The battery power tools market has witnessed substantial growth in recent years, driven by the increasing demand for cordless and portable tools across various industries and households. Battery power tools offer convenience, mobility, and ease of use compared to traditional corded tools, driving their adoption worldwide. These tools utilize rechargeable batteries, eliminating the need for electrical outlets and cords, thereby enhancing flexibility and safety in various applications.

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Growth Factors

Several factors contribute to the growth of the battery power tools market. The primary driver is the rapid advancements in battery technology, leading to the development of high-performance lithium-ion batteries with longer runtimes and faster charging capabilities. Additionally, the growing focus on sustainability and environmental concerns has propelled the adoption of battery-powered tools over their gasoline-powered counterparts, as they produce fewer emissions and reduce reliance on fossil fuels.

Region Insights

The battery power tools market exhibits significant regional variation in terms of adoption and market dynamics. Developed regions such as North America and Europe have a higher penetration of battery power tools, driven by stringent regulations regarding emissions and noise pollution, coupled with a mature industrial sector. In contrast, emerging economies in Asia Pacific, particularly China and India, are experiencing rapid growth due to increasing industrialization, urbanization, and infrastructure development projects.

Battery Power Tools Market Scope

Report CoverageDetails
Growth Rate from 2024 to 2033CAGR of 6.93%
Battery Power Tools Market Size in 2023USD 25.43 Billion
Battery Power Tools Market Size in 2024USD 27.19 Billion
Battery Power Tools Market Size by 2033USD 49.70 Billion
Largest MarketAsia Pacific
Base Year2023
Forecast Period2024 to 2033
Segments CoveredBy Motor Type, By Tools, and By Application
Regions CoveredNorth America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Battery Power Tools Market Dynamics

Drivers

Several key drivers are influencing the growth of the battery power tools market. The shift towards electric vehicles and renewable energy sources has led to increased investments in battery technology, resulting in the development of more efficient and cost-effective batteries for power tools. Furthermore, the proliferation of do-it-yourself (DIY) culture and home improvement activities, coupled with the expansion of the construction industry, are driving the demand for battery power tools among homeowners, professionals, and contractors alike.

Opportunities

The battery power tools market presents numerous opportunities for manufacturers, distributors, and stakeholders. Expansion into untapped markets, such as emerging economies and niche application areas, can unlock new revenue streams. Moreover, strategic partnerships with battery suppliers, research institutions, and technology companies can facilitate innovation and product development, catering to evolving customer needs and preferences.

Challenges:

Despite the promising growth prospects, the battery power tools market faces several challenges. One of the primary concerns is the high initial cost of battery-powered tools compared to their corded counterparts, which may deter price-sensitive consumers from adoption. Moreover, concerns regarding battery safety, reliability, and recycling pose challenges for manufacturers and regulatory authorities, necessitating continuous research and development efforts to address these issues effectively.

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Battery Power Tools Market Recent Developments

  • In February 2024, Alpha and Omega Semiconductor Limited (AOS) has released the AOZ32063MQV gate driver for BLDC motor applications. AOS is a designer, developer, and worldwide provider of a comprehensive range of discrete power devices, wide band gap power devices, power management ICs, and modules.
  • In January 2024, Bosch Power Tools plans to introduce more than thirty new cordless items, therefore expanding its range of cordless tools and accessories. During the 2024 World of Concrete Conference in Las Vegas, NV, this new product range and time-honored favorites will be displayed. This will demonstrate the brand’s dedication to maintaining tool quality and optimizing solutions for diligent workers on the construction site.
  • In September 2023, Echo added 21 new goods to its lineup. The lineup includes a complete variety of handheld eFORCE 56-volt battery-powered tools, including nine new X Series 56V tools. A new battery and two new chargers provide longer run times and more charging choices for the professional landscaper.

Battery Power Tools Market Companies

  • Apex Tool Group
  • Atlas Copco AB
  • Hilti Corporation
  • Snap-On Incorporated
  • Stanley Black and Decker
  • Techtronic Industries
  • Ingersoll-Rand PLC
  • Hitachi Ltd.
  • Makita Corporation
  • Robert Bosch GmbH

Segments Covered in the Report

By Motor Type

  • Brushed Motor
  • Brushless Motor

By Tools

  • Drills
  • Saws
  • Lawn Mower
  • Impact Wrench
  • Others

By Application

  • Industrial
  • DIY

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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