South Korea Battery Power Tools Market Expected to Reach $351.2 Million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “South Korea Battery Power Tools Market by motor type, tool type, and application: Opportunity Analysis and Industry Forecast, 2021–2030,” 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. In 2020, the drills segment dominated the South Korea battery power tools market, followed by the others segment. The South Korea battery power tools market includes revenue and volume generated by sales of battery power tools used for drilling, screw driving, chiseling, sanding, and other such applications for production, packaging, assembly, and maintenance operations. These tools include battery operated cordless handheld machine drills, saws, nailers, grinders, impact wrench, and other types of battery power tools.

Growth in adoption of battery power tools in the automotive industry is a major factor that drives the South Korea 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 South Korea battery power tools market. However, availability of low cost or more powerful tools hampers the growth of the market. In addition, the rate for new construction in developing countries has decreased, which acts as restraint for the South Korea battery power tools market. In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistic services has led to halt in the packaging industry, which, in turn, hinders growth of the South Korea battery power tools market.

However, industries are gradually getting back on track and vaccine discovery would lead to recovery of the battery power tools market by end of 2021. Further, increase in technological advancements of rechargeable batteries and introduction of dependable Li-ion batteries for operating power tools are anticipated to boost growth of the South Korea battery power tools market during the forecast period.

Growth of the South Korea battery power tools market is majorly driven by adoption of sustainable, affordable, low cost, and energy-efficient battery power tools. On the basis of motor type, the brushed motor segment dominated the South Korea battery power tools market growth in 2020. Moreover, on the basis of tools, the drills segment dominated the market. In addition, on the basis of application, the industrial segment dominated the market, and is expected to continue this trend during the forecast period.

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.

 Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging South Korea battery power tools market trends and dynamics. 
• Depending on motor type, the brushed tools has dominated the South Korea battery power tools market, in terms of revenue in 2020.
• By tool type, the drills tool has registered highest revenue in 2020.
• DIY sector is projected to register highest growth rate in the coming years.
• The key players within the South Korea battery power tools market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the South Korea battery power tools industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the South Korea battery power tools market. 
• In-depth South Korea battery power tools market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.