Increasing urbanization and growing demand for construction activities across the globe is the key factor in driving the market for power tool batteries.
The global power tool batteries market is poised to reach US$ 55.04 Bn by 2027, expanding at a CAGR of 7.10% during the forecast period from 2019 to 2027. An increase in the number of construction and infrastructure projects, rapid growth in the automobile sector, and growing adoption of power tools are the major factors driving demand for power tool batteries worldwide. However, higher costs for cordless tools, higher maintenance costs, and government policies and regulation constraints for its transportation are the major challenges faced by the power tool batteries market.
Market Synopsis
Increasing demand for Power Tools in Construction activities is going to drive the market.
Growing demand from construction activities such as residential buildings, industrial plants, refineries, roads, bridges, and recreational facilities is expected to drive the market for power tool batteries. Increasing urbanization will also lead to the development of various infrastructures, followed by increasing demand for power tools. Government policies, regulations, and concepts on smart city projects may also be considered as the propelling factors for the growth of power tools which, in turn, will increase the demand for batteries over the forecast period. However, industry evolution, along with technological developments, has created a need for the use of power tools in the construction industries.
North America to Dominate, Asia-Pacific to Witness Strong Growth
Increasing demand and infrastructure investments will be the significant drivers, followed by continued positive growth in the residential and non-residential construction industries. In the U.S., about 40% of the total construction industry represents the residential building segment which is expected to have a positive growth driving the demand for power tools batteries. Due to continue furthermore, duegrowth in the economies of North America, the power tool batteries market is going to register substantial growth over the forecast period owing to an increase in construction activity.
The Asia Pacific continues to grow at a significant rate due to an increase in low product penetration, investments in infrastructural developments, and increasing disposable incomes. In addition, the increase in numbers of production of power tools in China and India will continue to drive market growth in the coming years. In India, the real estate segment is expected to rise lucratively, owing to the demand for semi-urban and urban development. In addition, growing investments in the hospitality, retail, and commercial sector are going to fuel the demand for power tool batteries across the region.
Key Players & Competitive Landscape:
The leading manufacturers profiled in the study include Bosch Ltd., Hitachi Ltd., Makita Corporation, Panasonic Corporation, Ryobi Limited, Samsung SDI, Sony Corporation, Stanley Black and Decker Inc., Panasonic Industrial Devices & Solutions, and LG Chem.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The research study on the power tool batteries market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. In addition, the report provides an all-around view of the global power tool batteries market based on its technology type, application, and geography. Key segments covered in the report are as follows:
