Market Size of Power Tool Batteries Industry
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Power Tool Batteries Market Analysis
The power tool batteries market is expected to register a CAGR of more than 8% during the forecast period of 2022 – 2027. With the COVID-19 outbreak in Q1 of 2020, manufacturers have limited the production of power tool batteries due to the shortage of raw materials, which further declined the sales of power tool equipment. This has negatively impacted the power tool batteries market. 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. However, the high cost associated with cordless power tool equipment is likely to restrain the growth of the market during the forecast period.
Lithium-ion batteries for power tools dominated the market, owing to the increasing demand from the automotive industry.
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.
