Global Power Equipment Batteries Market to Hit USD 6.57 Billion by 2030, Recording Growth at 9.60% CAGR, Fueled by Developments in Lithium-ion Battery Technology, States Kings Research

DUBAI, UAE, Jan. 3, 2024 /PRNewswire/ -- As per the latest report published by Kings Research, the global Power Equipment Batteries Market size was recorded at USD 3.45 billion in 2022 and is estimated to grow to USD 6.57 billion by 2030, exhibiting a CAGR of 9.60% over the forecast period of 2023-2030. Recent developments in lithium-ion battery technology have resulted in extended battery lifespan, reduced charging durations, and enhanced overall functionality. As a result, there has been widespread adoption of battery-operated equipment in the power equipment sector, presenting users with more effective and eco-friendly options compared to conventional fuel-based machinery.

Power equipment batteries are mainly engineered to provide energy for different kinds of equipment, including electronics, power tools, outdoor gear, and similar items. Generally, these batteries can be recharged and serve as a convenient and portable power supply for devices that need to be mobile or are utilized in remote areas. Various types of batteries, including lithium-ion (Li-ion), nickel-cadmium (NiCd), nickel-metal hydride (NiMH), and lead-acid batteries, offer a dependable and effective power solution for a wide range of equipment, from power tools to outdoor machinery. These rechargeable batteries possess the ability to provide long-lasting performance, allowing businesses to improve productivity and operational flexibility.

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Trending Now: Dewalt Introduced Battery-Powered Snow Blower

In August 2023, Stanley Black & Decker's brand, Dewalt, introduced its inaugural snow blower, the 21-inch 60V Max Single-Stage Snow Blower, capable of clearing up to 16 parking spaces on one charge.

The trend toward battery-powered outdoor equipment is gaining momentum with snow blowers now shifting from gas to battery. Dewalt, a trailblazer in battery tech, introduces a professional-grade snow solution packed with powerful and innovative features.

Competitive Landscape

Leading companies in the global power equipment batteries market are focusing on several business growth strategies such as product development to expand their global reach. For instance, in August 2022, Nuron, an advanced wireless system developed by Hilti Corporation, was introduced in India with the aim of enhancing efficiency, safety, and environmental consciousness among construction professionals. This groundbreaking platform seamlessly integrates a variety of tools, batteries, and chargers to create a unified and synchronized operating environment, all powered by a standardized battery voltage.

Key participants in the global power equipment batteries market include:

• Stanley Black & Decker, Inc.
• Bosch Limited
• Hitachi, Ltd.
• Techtronic Industries Co. Ltd.
• Makita
• Atlas Copco
• Hilti
• Husqvarna Group
• Panasonic Industry Co., Ltd
• RYOBI Limited
• CHERVON

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The global Power Equipment Batteries Market is segmented as:

By Type

• Lithium-ion
• Nickel-cadmium
• Others

Rising Applications of Lithium-ion Power Equipment Batteries to Support Market Expansion

On the basis of type, the lithium-ion segment accounted for the largest share of the global power equipment batteries market in 2022. The increasing adoption of electric transportation and battery-operated devices contributes significantly to the rising demand for lithium-ion batteries, which is expected to experience substantial growth in the coming years. These batteries offer users convenience, extended usage periods, and versatile charging capabilities. They have become highly favored in portable electronic devices, and the rising prominence of cordless power tools is a significant factor driving segment expansion.

By Equipment

• Driller
• Chainsaw
• Mower
• Impact Driver
• Secateur
• Others

Growing Use of Drillers in Various Industries to Aid Power Equipment Batteries Market Growth

In terms of equipment, the driller segment led the global power equipment batteries market in 2022. The major power tool used for drilling holes and tightening nuts and screws is a cordless drill, which is powered by Li-ion batteries. Numerous industries, including construction, shipbuilding, automotive, aerospace, and electrical and electronics, use this adaptable equipment extensively. They can also be used for block sanding, rust removal, and metal grinding. Additionally, cordless drills can even take the spot of conventional screwdrivers. Furthermore, because drill bits are used in so many different industries, they are in high demand. Drill bits are crucial parts of batteries used in power equipment.

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Ongoing Advancements in the Construction Sector to Boost Product Demand

The potential for innovation and advancement in the construction sector is substantial due to the integration of power equipment batteries. The construction sector's focus on sustainability is well-matched with the increasing use of battery-powered outdoor power equipment, driven by environmental concerns. Furthermore, the utilization of augmented reality technology in construction procedures can greatly improve efficiency, safety, and productivity. This blending of battery technology and augmented reality has the ability to bring about a revolutionary transformation in the construction sector, leading to further growth and advancements in the power equipment batteries industry.

North America to Lead Power Equipment Batteries Market Due to Surging Adoption of Electric Vehicles

North America led the global power equipment market in 2022 driven by factors such as the growing adoption of electric vehicles, increased spending on consumer electronics, and a surge in consumer and manufacturing activities. The expanding construction industry is set to boost demand for power tools, and the manufacturing sector in the region is poised to depict significant growth. Additionally, Canada's construction sector has seen substantial benefits from concurrent investments in large-scale electric power generation, transmission projects, and other significant infrastructure developments.

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Major Points from TOC:

Chapter 1 Introduction of the Global Power Equipment Batteries Market 

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

Chapter 4 Global Power Equipment Batteries Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Power Equipment Batteries Market, By Type

Chapter 7 Global Power Equipment Batteries Market, By Equipment

Chapter 8 Global Power Equipment Batteries Market, By Battery Voltage

Chapter 9 Global Power Equipment Batteries Market, By Application

Chapter 10 Global Power Equipment Batteries Market, By Geography

Chapter 11 North America 

Chapter 12 Europe 

Chapter 13 Asia Pacific 

Chapter 14 Middle East & Africa 

Chapter 15 Latin America 

Chapter 16 Global Power Equipment Batteries Market Competitive Landscape

16.1 Overview

16.2 Key Developments

16.3 Key Strategic Developments

16.4 Company Market Ranking

16.5 Regional Footprint

16.6 Industry Footprint

Chapter 17 Company Profiles

17.1 Stanley Black & Decker, Inc.

17.1.1 Key Facts

17.1.2 Financial Overview

17.1.3 Product Benchmarking

17.1.4 Recent Developments

17.1.5 Winning Imperatives

17.1.6 Current Focus & Strategies

17.1.7 Threat from competition

17.1.8 SWOT Analysis

17.2 Bosch Limited

17.2.1 Key Facts

17.2.2 Financial Overview

17.2.3 Product Benchmarking

17.2.4 Recent Developments

17.2.5 Winning Imperatives

17.2.6 Current Focus & Strategies

17.2.7 Threat from competition

17.2.8 SWOT Analysis

17.3 Hitachi, Ltd.

17.3.1 Key Facts

17.3.2 Financial Overview

17.3.3 Product Benchmarking

17.3.4 Recent Developments

17.3.5 Winning Imperatives

17.3.6 Current Focus & Strategies

17.3.7 Threat from competition

17.3.8 SWOT Analysis

17.4 Techtronic Industries Co. Ltd.

17.4.1 Key Facts

17.4.2 Financial Overview

17.4.3 Product Benchmarking

17.4.4 Recent Developments

17.4.5 Winning Imperatives

17.4.6 Current Focus & Strategies

17.4.7 Threat from competition

17.4.8 SWOT Analysis

17.5 Makita

17.5.1 Key Facts

17.5.2 Financial Overview

17.5.3 Product Benchmarking

17.5.4 Recent Developments

17.5.5 Winning Imperatives

17.5.6 Current Focus & Strategies

17.5.7 Threat from competition

17.5.8 SWOT Analysis

Continued…….

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