Power Tool Battery Market

The growing construction industry in emerging economies is driving the market growth.

Increasing construction activities worldwide, drive the construction industry's growth. The rise in population, urbanization, and the surge in residential and commercial construction projects contribute to the growing need for advanced infrastructure. Infrastructural development encompasses the construction of roads, railways, airports, energy systems, utilities, and residential and commercial buildings. Power tools are crucial in construction sites, offering specialized and powerful equipment such as cordless drills, demolition jackhammers, circular saws, jigsaws, and reciprocation saws. These tools are essential for drilling, demolishing stones or concrete bricks, cutting wooden pieces, and fastening screws, serving industrial and residential construction projects.

This factor drives the market CAGR.

Additionally, growth in the adoption of battery power tools in the automotive, construction, and manufacturing sector has led to a surge in the battery power tools market. Moreover, training for operating the battery power tools has increased power tools by professional and individual users. In addition, affordable and energy-efficient battery power tools have increased demand for power tools in do-it-yourself (DIY) techniques among household consumers. Platforms such as YouTube and OEM websites also offer training and user guidance for DIY consumers, thus offering aftersales support to them as well.

Further, the introduction of brushless battery power tools uses a magnet for their basic operation and, thus, significantly reduces the maintenance cost of the tools and leads to increased sales of the brushless battery power tools. These factors act as a driver in the battery power tools market.

Moreover, consumers often prefer using manual hand tools in residential applications such as furniture repair, plumbing, electrification, and residential construction projects. These tasks are called Do-it-yourself (DIY) applications, where households carry out the work. However, using manual hand tools can be labor-intensive and time-consuming.As a result, power tools are gaining popularity among residential users for tasks like furniture repair, remodeling, and home refurbishment. Power tools offer efficiency, speed, and ease in cutting, drilling, and fastening. They enable users to complete residential construction and repair tasks more quickly without causing disruptions.

Electric cordless power tools are especially favored among residential users due to their flexibility, portability, and compactness. These household power tools include hammers, cordless drills, jigsaws, sanders, cutters, and electric screwdrivers.Thus, driving the Power Tool Battery Market revenue.

The increasing preference for cordless power tools among professionals and DIY enthusiasts drives the Global Power Tool Battery Market Industry. Cordless tools offer enhanced mobility and convenience, which are essential for various applications in construction, woodworking, and automotive sectors. As of 2024, the market is valued at 3.29 USD Billion, reflecting a robust demand for efficient battery solutions. This trend is expected to continue as more users seek tools that provide flexibility without compromising performance. The shift towards cordless technology indicates a significant transformation in user preferences, further propelling the market forward.

The market study offers valuable insights into different regions, namely North America, Europe, Asia-Pacific, and Rest of the World. The North American power tool battery market area will dominate this market due to the large manufacturing industry and increased automobile sales in this Region.

The market report covers the major countries, including the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Global power Tool Battery Market Share By Region 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe's Power Tool Battery Market accounts for the second-largest market share due to the increasing number of construction and infrastructure projects. Further, the German Power Tool Battery industry witnessed the largest market share, and the UK Power Tool Battery Market was the fastest-growing market in the European Region.

The Asia-Pacific Power Tool Battery Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the shift in the manufacturing base of companies from developed economies to developing economies due to the cheap workforce. Moreover, China’s Power Tool Battery Market held the largest market share, and the Indian Power Tool Batteries industry emerged as the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Power Tool Battery Market grow even more. Market participants are also undertaking different strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Power Tool Battery industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Power Tool Battery industry to benefit clients and increase the market sector. The Power Tool Battery industry has offered some of the most significant advantages in recent years. Major players in the Power Tool Battery Market, including  Battery Xpress, BYD Co.Ltd., A-one Moli Energy Corp., Hitachi Ltd., Ryobi Ltd., Samsung SDI, Techtronic Industries Co., Ltd., Makita Corporation, LG Chem Ltd., Sony Corporation., and others, are attempting to increase market demand by investing in research and development operations.

DEWALT, a well-known brand belonging to the Stanley Black & Decker family, is highly regarded for its exceptional solutions tailored to professionals working in challenging job site conditions.Recently, DEWALT partnered with Jobsite Solutions to introduce the revolutionary DEWALT POWERSTACK 20V MAX Compact Battery. This groundbreaking advancement represents a significant leap forward in performance for DEWALT's cordless power tools. With cutting-edge technology and engineering, the DEWALT POWERSTACK 20V MAX Compact Battery sets new standards for efficiency and effectiveness, empowering users with enhanced power and unwavering reliability in their work.

The launch of this battery highlights DEWALT's unwavering dedication to providing professionals with top-quality tools, accessories, and services that inspire confidence and enable success in demanding environments.

Lowe's Companies, Inc. is a well-known American retailer specializing in home improvement. Headquartered in Mooresville, North Carolina, Lowe's recently joined forces with Chevron to introduce an exclusive line of cutting-edge cordless power tools known as FLEX. This innovative range of tools, accompanied by a comprehensive selection of accessories, batteries, and chargers, will be available exclusively on Lowe's official website and nationwide stores. The collaboration between Lowe's and Chevron underscores Lowe's commitment to providing customers in the home improvement industry with advanced and top-quality products.

This partnership aims to meet customers' diverse needs by offering various innovative solutions for various projects and tasks.