Both automotive and construction industries are witnessing rapid growth, which can particularly be ascribed to the rising disposable income of people and strong economic growth in both developed and developing countries. A larger number of people are now able to afford vehicles and renovation services at their homes. This growth of the automotive and construction industries is driving the demand for various products that are utilized in the manufacturing process of end-use products. Cordless equipment are among such devices that are utilized widely in both construction and automotive industries. This, in turn, is driving the demand for power tool batteries around the globe.


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The demand for cordless tools is growing due to the various problems associated with power cord tools. Cordless tools are safer and more efficient than their traditional counterparts and further provide cost savings construction and industrial users, as they eliminate the requirement for electrical cords, compressors, and additional tool maintenance. In addition to this, cordless tools are more durable and provide more power. The enhancements in battery technologies is the major reason behind the growing utilization of cordless power tools. As per a P&S Intelligence report, the global power tool batteries market is predicted to grow at a swift pace in the near future.


Power tool batteries are used for powering equipment such as circular saws, hammer drills, band saws, crimpers, impact wrenches, and impact drivers. These batteries decrease shock hazards and trips and provide operators with high working efficiency. According to a report of the National Council on Compensation Insurance, the utilization of power tool batteries decreased compensation claims of workers considerably in recent years. Different types of power tool batteries are lithium-ion, nickel-cadmium, and nickel-metal hydride, among which, the demand for lithium-ion batteries have been the highest up till now.


Based on region, the power tool batteries market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and the Middle East and Africa (MEA). North America holds a significant share, on account of the large manufacturing industry and increasing automotive sale in this region. Additionally, APAC is expected to witness promising growth, as a result of the rising number of construction and infrastructure projects and shift in the manufacturing base of companies from developed economies to developing economies, due to cheap labor.