Portland, OR, May 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global battery power tools market garnered $20.77 billion in 2020, and is estimated to generate $37.40 billion by 2028, portraying a CAGR of 7.5% from 2021 to 2028. The report provides an extensive analysis of changing market dynamics, key segments, value chain, top investment pockets, regional landscape, and competitive scenario.
Growth in popularity of brushless battery power tools, rise in adoption of battery power tools in the automotive industry, and surge in demand for affordable and energy-efficient power tools fuel the growth of the global battery power tools market. However, availability of low-cost alternatives and decrease in rate of new constructions in developed nations hinder the market growth. On the other hand, advancements in rechargeable batteries present new opportunities in the next few years.
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Covid-19 Scenario:
- The outbreak of the pandemic negatively impacted the battery power tools. The manufacturing facilities were suspended during the initial phase of lockdown. And supply chain management witnessed disruption.
- The market, however, has recovered in the third and fourth quarters, owing to increased sales in emerging economies.
The report offers a detailed segmentation of the global battery power tools market based on motor type, tool, application, and region.
By motor types, the brushed motorsegment accounted for the largest market share in 2020, contributing to nearly three-fourths of the total market share, and is expected to maintain its leadership status during the forecast period. However, the brushless motor segment is projected to witness the largest CAGR of 7.9% from 2021 to 2028.
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By application, the industrial segment held the highest market share in 2020, accounting for more than three-fifths of the global battery power tools market, and will maintain its dominance in terms of revenue during the forecast period. However, the DIY segment is expected to portray the highest CAGR of 7.7% from 2021 to 2028.
By region, North America contributed to the largest market share in 2020, accounting for more than one-third of the total market share, and will maintain its lead position by 2028. However, LAMEA is expected to maintain the highest CAGR of 9.6% during the forecast period. The market is also studied across Asia-Pacific and Europe.
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Leading Players:
Leading players of the global battery power tools market analyzed in the research include Robert Bosch GmbH, Snap-On Incorporated, Stanley Black and Decker, Techtronic Industries, Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll-Rand PLC, Hitachi Ltd., and Makita Corporation.
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