Power Tool Battery Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 2.78 Billion |
| Market Size (2029) | USD 4.15 Billion |
| CAGR (2024 - 2029) | 8.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Power Tool Battery Market Analysis
The Power Tool Batteries Market size is estimated at USD 2.78 billion in 2024, and is expected to reach USD 4.15 billion by 2029, growing at a CAGR of 8.30% during the forecast period (2024-2029).
- Over the medium term factors such as the increasing adoption of battery-powered power tools and the rapidly growing automotive industry are expected to drive the power tool batteries market during the forecast period.
- On the other hand, the high cost associated with cordless power tool equipment is likely to restrain the growth of the market during the forecast period.
- Nevertheless, the rising demand for fastening tools and the evolution of smart and connected power tools in the energy and automotive sectors are expected to provide immense opportunities for the market.
- North America is expected to dominate the market, with the majority of the demand coming from countries like the United States, Canada, etc.
Power Tool Battery Market Trends
The Lithium-ion Type is Expected to Dominate the Market
- Lithium-ion batteries are the advanced battery solutions used in power tools. Li-ion batteries are lightweight, have high energy density, and are environment-friendly. The increasing demand from end-user sectors like construction, automotive, and industrial is expected to drive the market.
- Moreover, Li-ion batteries are rechargeable batteries equipped with safety circuits to protect them from overheating, ease of use, longer run times, flexible charging, etc. Lithium-ion batteries are commonly used for portable electronic applications, and cordless power tools have been growing in prominence.
- Lithium-ion batteries, since their introduction, have quickly replaced conventional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) as a power source for power tools. Advancements in battery technologies are also contributing to the increasing adoption of cordless power tools with high-density batteries that can last longer once charged.
- For instance, in January 2023, Bosch Power Tools announced the launch of 32 new 18V Cordless tools to join the CORE18V platform in 2023. The brand's latest offerings expand the 18V line of tools, and the CORE18V battery platform powers the newest innovations.
- Furthermore, after experiencing unprecedented price surges in 2022, battery prices are witnessing a decline in the current year. According to research conducted by BloombergNEF (BNEF), the cost of lithium-ion battery packs has notably decreased by 14%, reaching a historic low of USD 139 per kilowatt-hour (kWh).
- This reduction is attributed to the fall in raw material and component prices, facilitated by an increase in production capacity across various segments of the battery value chain. The observed decline in demand growth, which did not meet certain industry expectations, has also contributed to this price adjustment.
- Therefore, owing to the above points, the lithium-ion technology type is expected to witness dominant growth during the forecast period.
North America is Expected to Dominate the Market
- Over the years, the North American region has emerged as one of the strongest economies in the world, with the United States, Canada, and Mexico being tightly integrated markets. North America, including the United States and Canada, remains a pioneer in the research and innovation in the power tool batteries market.
- The North American region also remains one of the largest consumers of power tool systems due to factors such as increased electric vehicle deployment, increased spending on consumer electronics, and increased consumer and manufacturing activities.
- North America, including the United States and Canada, is the world’s largest market for electric power tools. Demand for power tools is expected from the construction industry. The manufacturing industry for power tools in the region is also expected to grow significantly.
- For instance, in July 2023, Makita U.S.A., Inc., a manufacturer of high-quality professional tools and accessories, released three new battery-powered material handling solutions to assist with transportation needs on the job site.
- An increase in public spending on infrastructure is expected to be a significant driver, supported by continued positive growth in the residential and non-residential sectors in the construction industry.
- Construction activity in Canada continues to level off, following the last ten years of extraordinary growth driven by a protracted global resource expansion. In addition to the resource-sector development in oil and gas and mining, Canada’s construction sector benefited from coinciding investments in mega electric power generation and transmission and other significant infrastructure. These combined investments propelled growth well ahead of other countries, elevating Canada to one of the top 10 construction markets in the world.
- Therefore, North America is expected to be the dominant region in the power tool batteries market during the forecast period, supported by increasing adoption in numerous end-user applications.
Power Tool Battery Industry Overview
The power tool batteries market is fragmented. Some of the major companies (in no particular order) are Bosch Ltd, Hitachi Ltd, Makita Corporation, Panasonic Corporation, and Samsung SDI Co. Ltd., among others.
Power Tool Battery Market Leaders
-
Bosch Ltd
-
Hitachi, Ltd.
-
Panasonic Corporation
-
Makita Corporation
-
Samsung SDI Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Power Tool Battery Market News
- In January 2023, Hilti North America, a global leader providing innovative tools, technology, software, and services to the commercial construction industry announced that in 2023 more than 30 new cordless tools will be added to its portfolio of more than 70 existing Nuron battery-powered tools.
- In October 2022, Stanley Black & Decker brand Black & Decker announced the retail launch of its new line of Reviva cordless power tools.
Power Tool Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Adoption Of Battery-Powered Power Tools
4.5.1.2 Rapidly Growing Automotive Industry
4.5.2 Restraints
4.5.2.1 High Cost Associated With Cordless Power Tool Equipment
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Technology Type
5.1.1 Lithium-ion
5.1.2 Nickel-cadmium
5.1.3 Other Technology Types
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 France
5.2.2.3 United Kingdom
5.2.2.4 Italy
5.2.2.5 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 Australia
5.2.3.5 Rest of Asia Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Chile
5.2.4.4 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 Qatar
5.2.5.4 South Africa
5.2.5.5 Egypt
5.2.5.6 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Bosch Ltd
6.3.2 Hitachi Ltd
6.3.3 Makita Corporation
6.3.4 Panasonic Corporation
6.3.5 Ryobi Limited
6.3.6 Samsung SDI Co. Ltd
6.3.7 Sony Group Corporation
6.3.8 Stanley Black & Decker Inc.
6.3.9 Techtronic Industries Company Limited
6.3.10 Hilti Corporation
- *List Not Exhaustive
6.4 Market Ranking/Share (%) Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Demand For Fastening Tools In The Energy And Automotive Sectors
Power Tool Battery Industry Segmentation
Power tool batteries are rechargeable energy storage devices explicitly designed for use with power tools. These batteries provide the necessary electrical energy to operate cordless power tools, eliminating the need for a direct electrical connection. They come in various chemistries, such as lithium-ion, nickel-cadmium, or nickel-metal hydride, depending on the specific requirements and advancements in battery technology.
The power tools batteries market is segmented by technology type and geography. By technology, the market is segmented into Lithium-ion, Nickel-Cadmium, and Other Technology types. The report also covers the market size and forecasts for power tool batteries across the major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Technology Type | |
| Lithium-ion | |
| Nickel-cadmium | |
| Other Technology Types |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Power Tool Battery Market Research FAQs
How big is the Power Tool Batteries Market?
The Power Tool Batteries Market size is expected to reach USD 2.78 billion in 2024 and grow at a CAGR of 8.30% to reach USD 4.15 billion by 2029.
What is the current Power Tool Batteries Market size?
In 2024, the Power Tool Batteries Market size is expected to reach USD 2.78 billion.
Who are the key players in Power Tool Batteries Market?
Bosch Ltd, Hitachi, Ltd., Panasonic Corporation, Makita Corporation and Samsung SDI Co., Ltd. are the major companies operating in the Power Tool Batteries Market.
Which is the fastest growing region in Power Tool Batteries Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Tool Batteries Market?
In 2024, the North America accounts for the largest market share in Power Tool Batteries Market.
What years does this Power Tool Batteries Market cover, and what was the market size in 2023?
In 2023, the Power Tool Batteries Market size was estimated at USD 2.55 billion. The report covers the Power Tool Batteries Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Power Tool Batteries Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Tools Battery Industry Report
Statistics for the 2024 Power Tools Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Power Tools Battery analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Power Tools Battery Market Report Snapshots
