The Future for Battery-Powered Tools Looks Strong
All of these benefits are primarily why the technology is rapidly growing and will dominate the future market for power tools. “The global power tool battery market is expected to expand at a rapid pace, owing to increased demand for power tool batteries in industrial, commercial, and residential applications,” says analysis by Market Research Future, which expects the global power tool battery market to grow at an 8.52% compound annual growth rate from 2020 to 2027. The bulk of this growth will be in lithium-ion products, the firm anticipates.
But another reason why lithium-ion battery technology has become so attractive to tool manufacturers is that it has become more affordable. Market Research Future says lithium-ion battery prices fell 89% in 2020 to $137 per kilowatt hour. When you combine performance and price, it’s easy to speculate on the future of lithium power tools with a high level of confidence.