According to a report published by Allied Market Research, the global battery power tools market size is anticipated to reach $41.1 billion with a considerable CAGR from 2021 to 2030. North America is currently holding the highest market share, owing to growth in adoption of battery power tools in automotive, construction and manufacturing sector in this region.
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. However, availability of low cost or more powerful tools hampers the growth of the market.
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With this drift on board, the key market players are implementing new strategies and are investing in research and development in order to improve tool strength & life span. Cell manufacturers are constantly advancing the technology so they provide a wide array of latest technology cells for use in every industry that uses Li-ion batteries.
For instance, Milwaukee launched a kind of lithium battery that can maintain more power in heavy applications and has a five times greater run time than standard lithium batteries. Similarly, Matabo, a power tool manufacturer based in Germany, recently released new grinders that include a 75% longer battery run time. These grinders consist of a small head design that makes tiny spaces and narrow angles of up to 40 degrees accessible. Also, based on latest cell technology, Bosch launched batteries that can put more power into a cell with a small increase in volume.
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At the same time, tool companies are focused on voltage platforms, providing improved batteries for platforms where they sell the most tools. For example, Dewalt, one of the key power tool manufacturers, launched a battery named the Flexvolt that automatically changes its voltage with each tool it is operated with, thereby can serve different voltage platforms. Likewise, Hilti is working on batteries that can offer the right power and run time for an application.
Furthermore, carbon ion cell technology is becoming more popular as it involves zero risks and are recyclable. Carbon ion cells also have the fast charging characteristics and are soon expected to match the energy density of lithium ion batteries. The advantages of carbon ion cells are likely to be recognized by firms globally as time goes by, which sequentially, is going to gather exponential growth for the battery power tools market in the near future.
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