Battery Power Tools Market Share

APAC Market Statistics

Asia Pacific industry is predicted to hold largest revenue share of 35% by 2037. The quick urbanization trends in the APAC region will drive the market of battery power tools in this region.

According to the ESCAP (2022), between 2010 and 2050, it is predicted that South-East Asia's urban land area will quadruple. Compact, mixed-use, green, and all-encompassing spatial urban patterns are more efficient from a planning standpoint and help build more sustainable cities.

Battery power tools are especially in actual demand in China, driven by the rising advancement of residential infrastructure. While still higher than the 5.1 percent increase in 2019, fixed asset investments expanded by 4.9 percent in 2021, up from 2.9 percent in 2020.

In Japan, battery power tools will encounter massive growth because of the rising advancement of the manufacturing of residents in this region. According to the Asian Development Bank published in 2019, the Tokyo Nagoya-Osaka-Kyoto-Kobe mega-region in Japan is evaluated to have 60 million people living in it.

The battery power tools sector will also be huge in Korea due to the presence of manufacturers and exporters of electrical appliances namely cordless drills. With USD 217 billion in electrical machinery and electronics shipped in 2022, South Korea ranked third globally in this category of exporters.

North American Market Analysis

The North America region will encounter massive growth in the sector of the battery power tools market during the anticipated period. Moreover, the battery power tools sector will increase by a significant CAGR till 2037.

This growth will be noticed mainly due to the rising expansion in the construction industry in this region. It is foreseen that in 2026, the total value of construction projects implemented in the United States which includes non-residential, residential, and non-building segments will begin to increase once more.

The battery power tools market has expanded in the U.S. as a result of the presence of the large automobile industry. Light truck market share reached a record-breaking 79.3 percent in 2022, up 3.4 percent from the previous year.

The Canadian battery power tools sector will grow mainly due to the rising demand for EVs. Since 2020, sales of electric cars have surged in Canada. In 2023, there were almost 1.6 million electric vehicles sold in Canada, a 60% increase over the 1 million sold in 2022.