Power Equipment Batteries Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 3.45 Billion
Forecasted Value (2030)
USD 6.57 Billion
CAGR (2023 – 2030)
Fastest Growing Region (2023 - 2030)
Lithium-ion, Nickel-cadmium, Others
Driller, Chainsaw, Mower, Impact Driver, Secateur, Others
By Battery Voltage
Less than 15 V, 15 - 36 V, Above 36 V
Residential, Commercial, Industrial
The global Power Equipment Batteries Market was valued at USD 3.45 billion in 2022 and is projected to reach USD 6.57 billion by 2030, growing at a CAGR of 9.60% from 2023 to 2030.
The development of lithium-ion battery technology has had a significant impact on the power equipment industry. Lithium-ion batteries offer high energy density, low self-discharge, and no memory effect, making them ideal for powering various types of equipment, including power tools and electric vehicles. The advancements in lithium-ion battery technology have led to longer battery life, faster charging times, and improved overall performance. This has propelled the adoption of battery-powered equipment in the power equipment industry, providing users with more efficient and environmentally friendly alternatives to traditional fuel-powered equipment.
Analyst’s Review on Power Equipment Batteries Market
The integration of power equipment batteries with Industry 4.0 and smart precision manufacturing is a growing trend in the industry. Industry 4.0 refers to the use of advanced technologies like IoT, AI, and automation to create smart factories and optimize manufacturing processes. Smart Precision Manufacturing focuses on improving accuracy, efficiency, and quality through advanced technologies. The combination of power equipment batteries with these trends enables enhanced productivity, energy efficiency, and connectivity in the manufacturing sector. This integration allows for better monitoring, control, and optimization of power equipment, leading to improved performance and sustainability in the industry.
Power equipment batteries are specifically designed to power various types of equipment, such as electronics, power tools, outdoor equipment, and so forth. These batteries are typically rechargeable and offer a portable and convenient power source for devices that require mobility or are used in remote locations. These batteries, such as lithium-ion (Li-ion), nickel-cadmium (NiCd), nickel-metal hydride (NiMH), and lead-acid batteries, provide a reliable and efficient power solution for a variety of equipment, ranging from power tools to outdoor machinery. With their rechargeable capabilities and long-lasting performance, power equipment batteries enable businesses to enhance productivity and flexibility in their operations.
Li-ion batteries have gained significant popularity in the business sector due to their high energy density and lightweight design. These batteries are commonly used in electronics, power tools, and cordless outdoor equipment. Their ability to provide long-lasting power and durability makes them an ideal choice for businesses that require reliable and portable power sources. Additionally, NiCd batteries, although less common nowadays due to environmental concerns, still offer good performance in extreme temperatures and have a long cycle life, making them suitable for specific business applications.
Businesses that rely on larger power equipment, such as backup power systems and uninterruptible power supplies (UPS), often opt for lead-acid batteries. These batteries are known for their reliability and ability to deliver high current, making them suitable for critical applications. Although lead-acid batteries require regular maintenance and are relatively heavy, their robust performance and dependability make them a preferred choice for businesses that prioritize uninterrupted power supply. Overall, power equipment batteries play a crucial role in enabling businesses to operate efficiently and effectively, regardless of their location or power requirements.
The combination of power equipment batteries and the augmented growth in the construction sector presents significant opportunities for innovation and development. The increasing adoption of battery-powered outdoor power equipment, driven by environmental concerns, aligns with the construction industry's focus on sustainability. Additionally, the integration of augmented reality technology in construction processes can enhance efficiency, safety, and productivity. This convergence of battery technology and augmented reality has the potential to revolutionize the construction sector and drive further growth and advancements in the industry.
Fluctuations in raw material prices can have a significant impact on the power equipment batteries industry. The manufacturing of power equipment batteries requires various raw materials, such as metals and resins. Fluctuations in the prices of these raw materials can affect the overall production costs and profitability of battery manufacturers. Companies in the industry need to closely monitor and manage raw material prices to mitigate the impact on their operations and pricing strategies. Additionally, strategies such as diversifying suppliers and implementing cost-saving measures can help mitigate the effects of raw material price fluctuations in the power equipment batteries market.
The global power equipment batteries market is segmented based on type, equipment, battery voltage, application, and geography.
Based on the type, the power equipment batteries market is bifurcated into lithium-ion, nickel-cadmium, and others. The lithium-ion segment held the highest market revenue in 2022. The rising adoption of electric mobility and battery-powered equipment further fuels the demand for lithium-ion batteries, with even stronger growth projected in the future. These batteries provide users with ease of use, longer run times, and flexible charging options. They have gained significant popularity in portable electronic applications, and there is a the growing prominence of cordless power tools is a noticeable/notable trend drivings segment uptake.
According to the International Energy Agency (IEA), the demand for lithium-ion (Li-ion) batteries is expected to witness a significant surge of approximately 65% to reach 550 GWh in 2022, up from around 330 GWh in 2021. This growth can be largely attributed to the increasing sales of electric vehicles, the expansion of outdoor power equipment applications, and other related factors.
Based on equipment, the power equipment batteries market is divided into driller, chainsaw, mower, impact driver, secateurs and others. The driller segment held the largest market share in 2022. Cordless drills, powered by efficient Li-ion batteries, serve as the primary power tools for creating holes and fastening bolts and screws. These versatile tools find widespread applications in industries such as construction, shipbuilding, automotive, aerospace, and electrical & electronics. Additionally, they can be used for metal grinding, rust removal, and block sanding. Notably, cordless drills can even serve as a replacement for traditional screwdrivers. Moreover, drill bits, which are essential components of power equipment batteries, experience significant demand due to their diverse applications across various industries.
By application, the power equipment batteries market is divided into residential, commercial, and industrial. The industrial segment accumulated the largest market share in 2022, driven by the continuous demand for advanced tools from these industries and the growing adoption of precision manufacturing techniques.
Based on region, the global power equipment batteries market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
North America dominated the market in 2022 driven by several factors, including the rising adoption of electric vehicles, increased expenditure on consumer electronics, and a surge in both consumer and manufacturing activities. The expanding construction industry is expected to drive the demand for power tools, while the manufacturing sector is poised to witness substantial growth in the region. Furthermore, the construction sector in Canada has greatly benefited from simultaneous investments in large-scale electric power generation, transmission projects, and other significant infrastructure developments.
The global power equipment batteries industry study will provide valuable insight with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments are the major strategic initiatives. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization. The major manufacturers in the power equipment batteries market are
- Stanley Black & Decker, Inc.
- Bosch Limited
- Hitachi, Ltd.
- Techtronic Industries Co. Ltd.
- Atlas Copco
- Husqvarna Group
- Panasonic Industry Co., Ltd
- RYOBI Limited
- August 2023 (Launch): Hilti Corporation unveiled Nuron, a cutting-edge cordless platform designed to boost productivity, safety, and sustainability for construction experts in India. This innovative platform integrates a range of tools, batteries, and chargers that operate seamlessly within a single ecosystem, all powered by a unified battery voltage.
- August 2023 (Launch): DEWALT, a brand of Stanley Black & Decker, unveiled the 21 in. 60V MAX Single-Stage Snow Blower. This innovative snow blower has been specifically engineered to deliver exceptional performance, catering to the needs of professionals and efficiently clearing an impressive area of up to 16 parking spaces on a single charge.
- June 2023 (Partnership): Chervon and the parent company of EGO, entered into a strategic agreement with John Deere aims to offer customers enhanced access to EGO's highly acclaimed range of battery-powered lawn care solutions through John Deere dealers.
The global Power Equipment Batteries Market is segmented as:
- Impact Driver
By Battery Voltage
- Less than 15 V
- 15 - 36 V
- Above 36 V
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America