Pune, April 07, 2021 (GLOBE NEWSWIRE) — Power Tool Battery Market Analysis
Market Research Future (MRFR) expects the global power tool battery market to grow at 8.52% CAGR from 2020 to 2027 (forecast period).
Power Tool Batteries are rechargeable batteries that are used in a range of power tools such as bandsaws, drills, crimpers, and others. These batteries help to supplement the power tools to decrease electric trips, shock hazards and provide high efficiency to operate. There are three main types of batteries used in power tools: lithium-ion batteries, nickel-cadmium batteries, and nickel-metal hydride batteries. The strengths of lithium-ion batteries for power tools include ease of use, longer run times, flexible charging, and the battery will not discharge if stored for an extended period of time.
Get Free Sample PDF Brochure
The portability of these batteries, which allows users to operate the devices without an external power supply, is a significant factor propelling the global power tool battery market. Furthermore, these batteries are lightweight and extremely efficient. The growing demand for power tools and fastening tools has stimulated the development of these batteries. For example, Plus Power (US) won two bids and opened two battery plants, thereby opening up the market for batteries in New England (US). Similarly, Bosch (Germany) announced in December 2020 that it had reached 10-million-unit output for power tools in its manufacturing plant in Chennai, India. Presently, the company produces about 60 different forms of power tools. As a result, the rising demand for power tools will push the growth of the batteries used in these tools. Such factors will boost battery use in the power tool industry.
Furthermore, the expanding construction industry is expected to increase the installation of power tool batteries. Nevertheless, one of the factors impeding the growth of the power tool battery market is the high cost of maintenance.
The global power tool battery market is expected to expand at a rapid pace during the forecast period, owing to increased demand for power tool batteries in industrial, commercial, and residential applications. According to Bloomberg Finance, lithium-ion prices dropped 89% to USD 137 kWh in 2020, and usage of these batteries will grow as companies develop batteries for various applications in power tool equipment. Furthermore, industries such as automotive and construction are expected to retain a large share of the market due to a rise in demand for mobile equipment and an increasing market for batteries with operational efficiency.
Browse In-depth Market Research Report (111 pages) on Power Tool Battery
COVID-19 Impact on the Global Power Tool Battery Market
The introduction of a set of rules by governments of various nations to combat the COVID-19 crisis, including a complete shutdown of manufacturing units, has been found to have an impact on the global power tool battery industry’s growth.
The global power tool battery market has been segmented based on type, tools, and application.
Based on type, the global power tool battery market has been segmented into nickel-cadmium, nickel-metal hydride, and lithium-ion. The lithium-ion sub-segment will likely dominate the global power tool battery market. This segment’s increased share is attributed to falling lithium-ion prices and its widespread use in a variety of industries. Because of their high efficiency and ability to minimize electric shock, lithium-ion batteries are becoming increasingly popular. In addition, countries such as the United States and China are heavily investing in the manufacture of lithium-ion batteries for power tools and electric vehicles. Furthermore, the rise in demand for fast charging batteries for equipment such as saws and drills for efficient construction activities in emerging markets such as India, Singapore, Myanmar, Malaysia, and others has resulted in increased adoption of these batteries.
Based on tools, the global power tool battery market has been segmented into drills, saws, lawnmowers, impact wrenches, and others. The other segment includes grinders, nibblers, polishers, and hammers. The drill segment holds the largest share of the global power tool battery market owing to its wide application in many industries globally.
Based on application, the global power tool battery market has been segmented into industrial, commercial, and residential. The industrial segment earned the highest share due to the application of power tools in construction, manufacturing, marine, and various other industries.
Share your Queries
Geographically, the global power tool battery industry has been segmented into five major regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The Asian Pacific power tool battery market is expected to account for the largest share, as key players in the area are heavily investing in developing advanced power tool batteries to boost the efficiency of tools. According to a Bloomberg Finance report published in September 2020, China is the leading supplier of lithium-ion batteries, followed by the United States and Sweden. This is because China has a massive 72 GWh demand for lithium-ion batteries in its domestic market.
The global power tool battery industry is highly fragmented. The power tool batteries market is characterized by the presence of several vendors on a global level. Numerous small and medium-sized businesses, as well as major players, are vying for market share. Furthermore, increased investments and implementation of new technologies will improve the market’s competitive environment.
List of the key companies in the global power tool battery market are
- Battery Xpress
- BYD Co.Ltd.
- A-one Moli Energy Corp.
- Hitachi Ltd., Ryobi Ltd.
- Samsung SDI
- Techtronic Industries Co.Ltd.,
- Makita Corporation
- LG Chem Ltd.
- Sony Corporation, and others.
Discover More Research Reports on Energy and Power Industry, By Market Research Future
Browse Related Reports:
Global UPS Battery market Information Report by Battery type (Lead Acid, Nickel Cadmium, Li-ion, and Others), by Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), by Application (Residential, Commercial, Data center, and Industrial), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2027
Global Battery Analyzer Market Information Report by Type (Stationary and Portable), by Battery Type (Lithium-ion battery, Nickel-Cadmium battery, and Lead acid battery), by End-use Industry (Automotive, IT & Telecom, Healthcare, Aviation & Defense, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2027
Global Gel Battery Market Research Report: Information By Type (2V, 6V and 12V), (Electric Mobility, Energy Storage & Distribution, Telecommunication and others) and Region (North America, Asia-Pacific, Europe, Middle East & Africa and South America) – Forecast till 2027
Global Golf Cart Battery Market Research Report: Information by Battery Type (Lithium-Ion Battery and Lead Acid Battery), Product Type (6V, 8V, and 12V), Application (Golf Cart, Electric Coach, and Others), and Region– Forecast till 2027
Global Submarine Battery Market Research Report: Information by Type (Valve-regulated Lead Acid Batteries, Flooded Lead Acid Batteries, and others), Application (Civil and Military) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Lithium Iron Phosphate Batteries Market Research Report: Information by Power Capacity (Up to 16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh and 100,001–540,000 mAh), Industry (Automotive, Power, Industrial, and Others), Voltage (Up to 3.2 KV, 3.2–12 KV, 12–20 KV and Above 20 KV), Application(Portable, Stationary, and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Battery Storage Inverter Market Research Report: Information by Type (Single-Phase Electric Power and Three-Phase Electric Power), Application (Utility-Scale, Commercial and Residential) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Battery Management System (BMS) Market Research Report: Information by Battery Type (Lithium-Ion Based Batteries, Advanced Lead-Acid Batteries, Nickel-Based Batteries and Flow Batteries), Component (Hardware and Software), Topology (Centralized, Modular and Distributed), Application (Automotive, Military & Defense, Medical, Portable Device, Telecommunication, Renewable Energy Systems, Uninterrupted Power Supply and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Solid-State Battery Market Research Report Information: by Type (Portable Battery, Thin-film Battery and others), Capacity (Less than 20 mAH, 20 mAH – 300 mAH, 301 mAH – 500 mAH and Above 500 mAH ), Application (Electric Vehicles, Electronics, Medical Devices, Wearable Devices, Smart Cards and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Micro Battery Market Research Report Information: by Component (Electrodes, Electrolytes, Substrates, Current Collectors and others), Type (Thin Film Battery, Printed Battery, Solid State Chip Battery), Product (Primary Battery and Secondary Battery), Capacity (Below 10 mAh, Between 10 mAh to 100 mAh and Above 100 mAh), Application (Consumer Electronics, Medical Devices, Smart Packaging, Smart Cards, Wearable Devices and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Hybrid EV Battery Market Research Report: Information by Type (Lead-Acid, Lithium-Ion, Nickel-Based and Others), Application (Hybrid EV and Plug-In Hybrid EV) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Follow Us: LinkedIn | Twitter