Battery Power Tools Market to Reach $44.06 Bn, Globally, by 2026 at 8.5% CAGR, Says Allied Market Research

PORTLAND, Oregon, Nov. 22, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Battery Power Tools Market by Motor Type (Brushed Motor and Brushless Motor), Tools (Drills, Saws, Lawn Mower, Impact Wrench, and Others), and Application (Industrial and DIY): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global battery power tools industry was pegged at $22.44 billion in 2018 and is projected to reach $44.06 billion by 2026, registering a CAGR of 8.5% from 2019 to 2026.

Drivers, restraints, and opportunities–

Rise in adoption of battery power tools in the automotive industry, surge in popularity of brushless battery power tools, and growing demand for affordable and energy-efficient power tools have boosted the growth of the global battery power tools market. However, the availability of low-cost alternatives and decline in growth of the construction industry hamper the market. On the contrary, advancements of rechargeable batteries are expected to create lucrative opportunities in the near future.

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Brushed segment to dominate the market–

The brushed segment held the largest share in 2018, accounting for nearly three-fourths of the global battery power tools market, owing to their cost-effectiveness and prolonged service life. However, the brushless segment is projected to register the fastest CAGR of 9.1% during the forecast period, owing to its advantages including less maintenance, long battery life, less heat dissipation, and noiseless operation.

DIY segment to portray fastest growth by 2026–

The DIY segment is expected to manifest the fastest CAGR of 8.9% during the study period, due to high labor costs. However, the industrial segment dominated the global battery power tools market in 2018, contributing nearly two-thirds of the market. This is due to significant investments in construction and infrastructural development activities by government.

Drills segment to rule the market in 2018–

The drills segment held the highest share in 2018, accounting for nearly one-third of the global battery power tools market, owing to rise in popularity of cordless drills. On the other hand, the lawn mower segment is expected to manifest the fastest CAGR of 9.9% during the study period, owing to increase in consumer interest in gardening activities, increased usage of lawn mowers equipment to maintain public facilities, and increase in adoption of cordless lawn mowers.

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North America holds lion's share

The global battery power tools market across North America held the largest share in 2018, contributing nearly two-fifths of the market, owing to rise in need for home improvement and increase in popularity of DIY trend. However, the market across the LAMEA region is anticipated to register the fastest CAGR of 10.3% during the forecast period, owing to rise in industrialization and growing adoption of industrial and manufacturing applications.

Major market players

• Ingersoll-Rand Plc           
• Apex Tool Group, LLC
• Atlas Copco, Hilti Corporation
• Koki Holdings
• Makita Corporation
• Stanley Black and Decker
• Techtronic Industries
• Snap-On Incorporated
• Robert Bosch GmbH

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