According to a new market research report published by Credence Research, “Power Tool Batteries Market By Technology Type (Lithium Ion, Nickel Cadmium, Others), By Application (Residential, Industrial, Others), and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global power tool batteries market is expected to reach US$ 55.04 Bn by 2027, expanding at a CAGR of 7.10% during the forecast from 2019 to 2027.
Li-Ion batteries are mostly used in power tools, which is considered as a scope of technological development for these batteries having lightweight and high energy density. Decreasing price for lithium-ion batteries, its environment-friendly characteristics, and increasing end-user applications in construction and industrial sectors are expected to drive the market for power tool batteries. Consequently, the increasing adoption of Li-ion batteries and continuous development of these batteries for different applications in power tool equipment and cordless power tools is going to fuel the demand for batteries market.
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However, Li-Ion batteries are more expensive as compared to other batteries due to its required safety measures to protect it from overheating and discharging. Li-Ion Batteries comes under dangerous goods in international transport law and have some special regulations and policies for its transportation. Due to its volatility nature, globally the li-ion battery supply chains are becoming more regulated.
The Nickel Cadmium batteries are most convenient due to its performance in tough conditions, and inexpensive nature. However, due to some environmental concerns, its durability, and repetitive maintenance cost the battery leads to restraint its use for power tools battery market.
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Increasing construction works for residential, industrial, and transportation developments are going to drive the market for power tool batteries. Moreover, increasing rate of penetration and decreasing cost of lithium ion batteries are expected to drive the market over forecasted period. Growing demand for power tools from consumer end and rapid urbanization worldwide may boost the demand for power tool batteries market.
North America is one of the strongest economies and holds the largest power tool batteries market worldwide. Demand for power tools are extremely high due to increasing number of manufacturing and construction activities in this region. In addition to this, the resource-sector development in oil & gas and mining, and construction sectors are highly propelled from investments in bulk electric power generation and transmission, and other related infrastructures.
However, the cost associated with cordless power tools, safety measures followed during its transportation, decreasing price of Li-Ion batteries, and higher maintenance cost are the restraining factors for the growth of power tool batteries market.
Some of the leading manufacturers profiled in the study includes Bosch Ltd., Hitachi, Ltd., Makita Corporation, Panasonic Corporation, Ryobi Limited, Samsung SDI, Sony Corporation, Stanley Black and Decker Inc., Panasonic Industrial Devices & Solutions and LG Chem.
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