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2022
South Korea Battery Power Tools Market

South Korea Battery Power Tools Market

by Motor Type (Brushed and Brushless) Tool Type (Drills, Saws, Lawn Mower, Impact Wrench, Angle Grinder, and Other) and Application (Industrial and DIY): Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A15173
Pages: 152
Jan 2022 | 2495 Views
Author(s) : Aadarsh M, Amar C , Onkar S
Tables: 60
Charts: 60
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The South Korea battery power tools market size was valued at $141.1 million in 2020, and is projected to reach $351.2 million by 2030, registering a CAGR of 9.5% from 2021 to 2030. The South Korea battery power tools market was 1,066 thousand units in 2020, and is projected to reach 2,946 thousand units by 2030, registering a CAGR of 10.6% from 2021 to 2030. 

The COVID 19 outbreak has affected the growth of the South Korea battery power tools industry owing to the lockdown measure in the countries and delay in production and manufacturing of South Korea battery power tools which are utilized in construction, automotive, and others sectors.

Battery power tools are cordless and battery-operated power tools that can be used for drilling, screw driving, chiseling, and sanding. These tools are utilized in a variety of applications, including manufacturing, packaging, assembling, and maintenance. They have long operating lifespans, as well as a high-capacity, long-lasting battery system that uses very little power usage. In construction and renovations, battery-powered tools are used. Drills, impact tools, and torque wrenches are just a few examples.

South-Korea-Battery-Power-Tools-Market

Battery power tools are generally utilized as drilling, impact tools, angle grinders, and impact wrenches and are employed in automotive industry. Transmissions, gearboxes, engine cylinder heads, and flywheels are just a few of the parts that are completed with battery power tools. Disk brakes, brake drums, and rotors are all manufactured with angle grinders. As a result, the South Korea battery power tools market will be propelled by the wide range of such applications in vehicle manufacturing. Furthermore, in home improvements task and maintenance, drilling a hole in a wall, attaching screws, cutting woods, and metals are few tasks for DIY users. As a result, the demand for battery-powered tools is increasing due to an increase in household applications and construction.

South Korea Battery Power Tools Market
By Motor Type

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Brushless segment is projected to grow at a highest CAGR

Brushless battery power tools have a number of advantages over other equipment in terms of performance, dependability, and durability. Brushless motors are more energy efficient than brushed motors and can run on batteries for up to 50% longer. Because there are no brushes rubbed against anything, no energy is lost during friction. Brushes in brush power tools must be replaced after 50 to 60 hours of operation, however brushes in brushless power tools do not need to be replaced. As a result of multiple benefits, many major key manufacturers are concentrating on developing brushless battery power tools with longer runtime. For example, DeWalt, in January 2021, has launched its brushless drive motors, self-propelled mowers, and push mowers. Brushless motors are driven by 10.0 Ah batteries for high voltage, long run time, and increased cutting capacity. Such latest and advanced battery power tools by the companies act as driver and will provide lucrative growth in the South Korea battery power tools market.  

Moreover, technological advancement in battery power tools will provide positive impact in South Korea battery power tools market during the forecast period. In the coming years, industry trends will likely focus on these improvements, particularly as they relate to automation, which will raise demand for battery-powered equipment in the automotive and other industries. Furthermore, with effective process monitoring, manufacturers can now create the proper designs and maintain product quality while reducing manufacturing times. For instance, in February 2020, Makita Corporation has introduced the CS01Z 12V max CXT Brushless Cordless Threaded Rod Cutter, which can cut threaded rod from 1/4" to 3/8" in diameter. Similarly, in December 2020, Hilti Corporation has introduced the new TE 70-ATC/AVR, a powerful SDS-Max combination hammer. Heavy-Duty Concrete Drilling is up to 40% faster with the new hammer. Hence, such advancement in power tools by the manufacturer will increase productivity and reduce time consumption and therefore will create lucrative growth opportunity in the South Korea battery power tools market. 

South Korea Battery Power Tools Market
By Application

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Industrial segment holds dominant position in 2020

The South Korea battery power tools market is segmented into motor type, tool type, and application. Depending on motor type, the South Korea battery power tools market is divided into brushed and brushless. By tool, it is classified into drills, saws, lawn mower, impact wrench, and others. The others segment includes hammers, grinders, nibblers, polishers, planers, staplers, nailers, and others. The applications covered in the study are industrial and DIY. 

Competition Analysis

Key companies profiled in the South Korea battery power tools market report include Aimsak, Andreas Stihl Ag & Co. Kg, Hilti Corporation, Keyang, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch, Snap-On Incorporated, Stanley Black and Decker, and Techtronic Industries Co. Ltd.

South Korea Battery Power Tools Market
By Tool Type

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Drills holds a dominant position in 2020 and Impact wrench is expected to grow at a significant rate during the forecast period.

Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging South Korea battery power tools market trends and dynamics.  
  • In-depth emerging South Korea battery power tools market analysis is conducted by constructing market estimations for key market segments between 2021 and 2030. 
  • Extensive analysis of the emerging South Korea battery power tools market is conducted by following key product positioning and monitoring of top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The emerging South Korea battery power tools market forecast analysis from 2021 to 2030 is included in the report.
  • The key players within emerging South Korea battery power tools market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the emerging South Korea battery power tools industry. 

South Korea Battery Power Tools Market Report Highlights

Aspects Details
By Motor Type
  • Brushed
  • Brushless Type
By Tool Type
  • Drills
  • Saws
  • Lawn Mower
  • Impact wrench
  • Angle Grinder
  • Others
By Application
  • Industrial
  • DIY
Key Market Players AIMSAK POWER TOOLS, ANDREAS STIHL AG & CO. KG, HAESUNG INDUSTRIAL CO., LTD. (KEYANG), HILTI CORPORATION, KOKI HOLDINGS CO. LTD., MAKITA CORPORATION, ROBERT BOSCH GMBH, SNAP-ON INCORPORATED, STANLEY BLACK & DECKER, INC., TECHTRONIC INDUSTRIES CO. LTD.
 

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The South Korea battery power tools market is mainly driven by rise in adoption of battery or portable power tools in automotive, construction, and manufacturing sector. In addition, introduction of brushless battery power tools needs less maintenance, therefore, is used by a large number of professional as well as DIY customers. Moreover, affordable and energy-efficient battery power tools are being launched in market, thus drives the battery power tools market in South Korea.

However, availability of low-cost alternative such as manually operated hand tools and high-powered corded power tools acts as restraint to the battery power tools market. In addition, decline in rate of new construction in developed countries has hampered sales of battery power tools. On the contrary, increase in advancements of rechargeable batteries is anticipated to drive growth of the battery power tools market during the forecast period. Major companies in the market have adopted strategies such as acquisition, collaboration, business expansion, and product launch to offer better services to customers in the battery power tools market in South Korea.

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FREQUENTLY ASKED QUESTIONS?

A. The South Korea battery power tools market size was valued at $141.1 million in 2020.

A. Based on motor type, the brushed segment holds the maximum market share of the South Korea battery power tools market in 2020.

A. The South Korea battery power tools market is projected to reach $351.2 million by 2030.

A. Increase in demand from automotive sector and rise in construction and manufacturing industry are the key trends in the South Korea battery power tools market.

A. The product launch is key growth strategy of South Korea battery power tools industry players.

A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. Fluctuation in price of raw materials and availability of alternative tools are the effecting factors for South Korea battery power tools market.

A. The applications of South Korea battery power tools include in industrial and DIY.

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