Battery Power Tools Market Trends, Market Share, Growth Opportunities and Business Strategies By 2030
PORTLAND, OR, UNITES STATES, September 16, 2021 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Battery Power Tools Market by Motor Type, Tool, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global battery power tools market size was valued at $20.7 billion in 2020, and is projected to reach $41.2 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030. In 2020, the drills segment dominated the battery power tools market, followed by the others segment.
The battery power tools market includes revenue generated by sales of battery power tools used for drilling, screw driving, chiseling, sanding and other such applications for production, packaging, assembly, and maintenance operations. These tools includes battery operated cordless handheld machine drills, saws, nailers, grinders, impact wrench, and other types of battery power tools.
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The major players profiled in the battery power tools market include Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll-Rand PLC, Hitachi Ltd., Makita Corporation, Robert Bosch GmbH, Snap-On Incorporated, Stanley Black and Decker, and Techtronic Industries. These major companies in the market have adopted strategies such as business expansion, collaboration, acquisition, and product launch, to offer better products and services to customers in the battery power tools market.
Growing adoption of battery power tools in automotive industry is a major factor that drives the battery power tools market. In addition, introduction of large number of brushless power tools and adoption of affordable and energy-efficient power tools are the factors that are driving the battery power tools market.
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Key Market Segments:
• Lawn Mower
• Impact Wrench
KEY FINDINGS OF THE STUDY
• By motor type, the brushed motor segment was the highest revenue contributor in 2020.
• By tool, the drill segment generated the highest revenue in 2020.
• By end user, the industrial segment generated the highest revenue in 2020.
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Source: EIN Presswire