Dublin, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The "Power Equipment Batteries Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global power equipment batteries market is poised for remarkable growth, projected to achieve a valuation of $7.85 billion by 2028, a significant increase from its $5.6 billion worth in 2022. This impressive trajectory is driven by a steady Compound Annual Growth Rate (CAGR) of 5.80% spanning from 2022 to 2028.
Notably, this market thrives within a landscape marked by both low market concentration and intense competition. In this scenario, vendors strategically tailor their value propositions to establish a robust market presence. As the market stands, it's characterized by fragmentation, with noteworthy dominance from key players such as Stanley Black & Decker, Bosch, and TTI.
Moreover, the industry resonates with diversity, as domestic tool manufacturers emulate designs and shapes from renowned counterparts. These major players span across the globe, strategically establishing their footprint in pivotal regions, including North America, APAC, and Europe.
Speaking of which, North America emerged as the frontrunner in the global power equipment batteries market in 2022 and is poised to retain its supremacy throughout the forecast period. The United States, being the economic giant in the region, contributes substantially to the revenue pie.
North America's prominence in various sectors, including automobile, construction, aerospace, electronics, and packaging, further solidifies its stature. Particularly intriguing is the surging demand for battery-related tools, driven by advancements in Li-ion battery technology.
The North American cordless power tools industry anticipates notable expansion, riding the waves of this technological progression. As these dynamics unfold, the global power equipment batteries market stands ready to harness the full potential of innovation and industry growth.
Industry 4.0 & Smart Precision Manufacturing
Industrial automation architectures have witnessed the emergence of new industrial automation system architectures along with the application of several advanced technologies in recent years.
Such initiatives were mainly intended to create efficient, responsive, and flexible manufacturing processes. These advances have supported the development of innovative and sophisticated cordless power tools and propelled the demand for power equipment batteries. Further, precision manufacturing is used in industries with an extremely low tolerance.
For instance, defense equipment and machines, semiconductors and chips, and automobile and aerospace manufacturing industries require precise tolerance and generate a high demand for precision tools such as Electrical Discharge Machining (EDM), lathe machines, drilling machines, and milling machines. Thus, using such power tools in these industries will also stir the demand for power equipment batteries.
Rise in the Number of Infrastructure Development Programs
The rise in residential building construction projects is expected to drive the demand for a comprehensive range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws.
Adopting modern, innovative, and green equipment & technologies and building materials for faster and quality construction of houses will require power tools. Consequently, the demand for power equipment batteries will increase due to the surge in construction projects in the coming years.
INSIGHTS BY BATTERY TYPE
The lithium-ion battery type held the largest global power equipment batteries market share in 2022
According to International Energy Agency (IEA), the lithium-ion (Li-ion) battery demand is poised by about 65% to 550 GWh in 2022, from around 330 GWh in 2021, primarily as a result of growth in electric in automobile sales, outdoor power equipment works and others.
Power equipment manufacturers are striving hard to increase the efficiency, power density, cost, flexibility, battery life, recharge time, and other properties of these batteries, as well as research applications and methodologies. The increasing use of electric mobility and battery-powered equipment has increased lithium-ion battery use, which is projected to surge even more rapidly.
INSIGHTS BY EQUIPMENT TYPE
The type of equipment used is highly dependent on the power tool and the nature of the work
For instance, light tools like drills, drivers, and wrenches need personal and professional bits and batteries. Similarly, blades are crucial for wood and metalworking, frequently changed in tools like circular saws, reciprocating saws, band saws, and jigsaws.
The growth of complexity and precision requirement in EV manufacturing, electrical and electronic circuits have fueled the growth of fasteners and fastening tools. Equipment types of the powered equipment batteries market can be categorized as a driller, chainsaw, lawn mower, impact wrench, and other equipment.
INSIGHTS BY END-USER TYPE
The industrial end-user segment of the global power equipment batteries market includes major contributors, such as the automotive and construction industries, which generated the highest revenue in 2022.
The scenario is expected to remain consistent throughout the forecast period due to the demand for sophisticated tools from these industries and the increase in precision manufacturing processes. The considerable rise in renovation, retrofitting, and DIY projects is expected to drive the demand for power equipment batteries in the residential and commercial segments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 307 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $5.6 Billion |
| Forecasted Market Value (USD) by 2028 | $7.85 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Market Opportunities & Trends
- Industry 4.0 & Smart Precision Manufacturing
- Exponential Growth of Construction Sector
- Manufacturing Industry
- Hospitality
- Corporate Offices
- Growing Prominence of Asian Manufacturing
- Rising Demand for Home Ownership & Improvement
Market Growth Enablers
- Development of Lithium-Ion Battery Technology
- Rise in Residential Improvement & Diy Projects
- Rise in Initiatives in Manufacturer-Led Programs
- Rise in Number of Infrastructure Development Projects
Market Restraints
- High Availability of Hand Tools and Low-Cost Labor
- Fluctuations in Raw Material Prices
- End-User Variability
- Turbulent Global Political and Trade Relations
Premium Insights
- Manufacturing Industry
- Hospitality
- Battery Type
- Equipment Type
- End-User
- Geography
- Competitive Landscape
Overview
- Consumer Preference
- Major Growth Opportunities for Power Equipment Market
- Different Usage of Power Equipment
- Contributions of Key Vendors
- Other Driving Factors
- Lithium-Ion Batteries Market Growth
- Supply Chain Disruptions in Europe
- Looming Global Recession
- Emerging Market Scenario During Post-Covid-19 Period
Value Chain Analysis
- Raw Materials & Component Suppliers
- Manufacturers
- Dealers/Distributors
- Retailers
- End-Users
Key Company Profiles
- Stanley Black & Decker
- Bosch
- Techtronic Industries Co. Ltd.
- Makita
- Hilti
- Husqvarna
Other Prominent Vendors
- Apex Tool Group
- Ariens Company (Ariensco)
- Atlas Copco
- Snap On
- Koki Holdings
- Einhell
- Echo
- Fortive
- Masport
- Positec
- CHERVON
- Fein
- FERM
- Aimco
- Festool
- CS Unitec
- Dynabrade
- Deere &Company
- STIHL
- Blount
- Kyocera
- INTERSKOL
- Panasonic
- Uryu Seisaku
- Ingersoll Rand
- Emerson
For more information about this report visit https://www.researchandmarkets.com/r/x3lwk4
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