The Global Battery Operated Power Tools Market
Lithium-Ion power tools were initially made from nickel cadmium and nickel metal hydride batteries. Today, manufacturers have turned to Li-Ion batteries that have higher energy density, low toxicity, and no memory effect. They also have a low rate of self-discharge. These benefits allow manufacturers to produce battery-powered tools that meet the growing demands of construction workers. They also provide increased work-per-charge.
Lithium-ion batteries are the most commonly used battery in power tools, as they have longer runtimes without the weight penalty. They are also the preferred choice for users, as they can last for long periods without losing their power. And unlike other types of batteries, they are not affected by temperature or other environmental factors, like humidity and temperature. This makes them the most versatile option for professionals and home owners. Moreover, they are much more affordable compared to their corded counterparts.
The battery-powered tools market is segmented by motor type, tool, and application. The industrial segment held the highest market share in the global battery-powered tools market in 2020, accounting for more than three-fifths of the total market. In terms of revenue, this segment will remain dominant over the next seven years. The DIY segment is anticipated to experience the highest CAGR, which is 7.2 percent. The manufacturers of these tools also have the widest range of models and applications.
The cost of lithium-ion batteries has decreased significantly in recent years, making them more affordable for consumers. By 2020, the price of a lithium-ion battery will be less than $137 per kilowatt hour, allowing manufacturers to offer a wider variety of products. With these advantages, they will continue to grow in popularity. The market for battery-operated power tools will grow at an average CAGR of 7.7% over the next five years.
Lithium-Ion battery-powered power tools are becoming the most popular among DIYers. Their lightweight, compact design means they can be used almost anywhere, so they are the most environmentally friendly option available. The battery-operated power tools are ideal for many applications, but are prone to having some drawbacks. One of these is the need to purchase the right batteries. Using the correct batteries can be dangerous. However, lithium-ion batteries are very safe to use.
The cost of a battery-operated power tool is the only downside. While most hand tools are available in both corded and cordless versions, the cost of a battery-operated tool is higher. For instance, a corded tool can be used for a small, repetitive task, while a battery-operated tool is better for heavier materials. This is due to the increased weight of lithium-ion battery.