Portland, ore.And Jan 21 2022 /PRNewswire/ Allied Market Research published a report titled “Battery Power Tools Market by Engine Type (Brushed and Brushless), Tool (Drills, Saws, Lawn Drives, Wrench etc.) and Application (Industrial and DIY): Global Opportunity Analysis and Industry Forecast, 2021-2030According to the report, the global battery power tools industry $20.7 billion In 2020, it is expected to generate $41.1 billion By 2030, we could see a compound annual growth rate of 6.9% from 2021 to 2030.
basic determinants of growth
Increasing use of battery power tools in the auto industry, increasing popularity of brushless battery power tools, and increasing demand for affordable and energy-saving power tools, leading to the growth of the global battery power tools market. However, the availability of a low-cost alternative and the low rate of new construction in developed countries hampers market growth. On the other hand, developments in rechargeable batteries present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global market for battery power tools in the first and second quarters, due to the implementation of the global shutdown.
- However, the market recovered in the third and fourth quarters of the epidemic, mainly due to the recovery of sales in North America And Europe.
Polished engine segment to maintain its leadership position throughout the forecast period
Based on engine type, the brushed engine segment occupied the highest market share in 2020, accounting for nearly three quarters of the global battery power tools market and is estimated to maintain its leadership position throughout the forecast period, owing to its low cost. Moreover, the brushless motors segment is expected to show the highest compound annual growth rate of 7.2% from 2021 to 2030, owing to its low maintenance.
Get a detailed analysis of the impact of COVID-19 on Battery Power Tools Market:
That the industrial sector maintains its leading position during the forecast period
Depending on application, the industrial segment captured the largest share in 2020, contributing nearly three-fifths of the global battery power tools market, and is expected to maintain its leading position during the forecast period. This is due to the widespread use of battery power tools in the manufacturing and service industries. However, the DIY sector is expected to display the largest compound annual growth rate of 7.1% from 2021 to 2030, due to the rise in DIY culture in North America And Europe Area.
North America to maintain its dominance by 2030
based on the area, North America It had the highest market share by revenue for 2020, capturing nearly two-fifths of the global battery power tools market, due to higher spending on battery power tools. Moreover, the Lamia region is expected to experience the fastest compound annual growth rate of 8.6% during the forecast period, due to the rapid industrialization in the region.
Leading market players
- Apex Toolkit
- Atlas Copco AB
- Hilti company
- Ingersoll Rand plc
- Hitachi Co., Ltd.
- Makita company
- Robert Bosch GmbH
- Snap On Incorporated
- Stanley Black and Decker
- Tektronic industries
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