Global Power Tool Batteries Market 2017-2021
About Power Tool Batteries
Power tool batteries are used to power cordless devices that are not receiving the power directly from the electric power source. These batteries are rechargeable batteries and provide better efficiency as well as runtime. There are mainly two types of battery used in battery-powered power tools: Li-ion battery and nickel battery. Nickel batteries are the oldest battery in the power tool batteries market; however, Li-ion batteries are witnessing rapid momentum and gaining the market share owing to their numerous advantages offered over nickel batteries, which is discussed in detail in the report.
Technavio’s analysts forecast the global power tool batteries market to grow at a CAGR of 8.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global power tool batteries market for 2017-2021. To calculate the market size, the report considers the new sales of batteries to power tools market and excludes the aftermarket.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Power Tool Batteries Market 2017-2021
Technavio recognizes the following companies as the key players in the global power tool batteries market: A123 Systems, LG Chem, Panasonic Industrial Devices & Solutions, SAMSUNG SDI, and Sony
Other Prominent Vendors in the market are: 2-Power, AEG POWERTOOLS, Bosch, BYD Company, COSLIGHT, E-ONE MOLI ENERGY, GS Yuasa International, Hitachi Power Tools, Johnson Matthey Battery Systems, MatchBox Instruments, TianJin Lishen Battery, and Valence Technology.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Technological advances in power tool equipment. Many international and regional players exist in the market. The major market players upgrade the technology and register patents to increase the overall proficiency of power tools. For instance, a pocket-sized laser was launched by Bosch in 2015 that can expediently change with user activities. The product has prodigious functionality and range that offers real-time measurements with greater accuracy. Milwaukee Tool launched a digital platform for jobsite tools in 2015”
According to the report, one of the major drivers for this market is Increase in consumer use of power tools. Rise in urbanization and increase in the number of persons earning in one family have led to the upsurge in worldwide disposable income. This urbanization rise has led to the increasing number of people knowing about various consumer products and their benefits. Consumer spending is a substantial economic factor as it generally matches with the total consumer confidence in a nation’s economy. High consumer confidence indicators naturally relate to higher levels of consumer spending in the economic market.
Further, the report states that one of the major factors hindering the growth of this market is High cost for cordless power tool equipment. Power tools are used for easy and efficient movement of goods. To increase operational convenience, power tools come with various capabilities and features. Also, increased usability, accurate controls, and foolproof technology eliminate the risks in mishandling high-speed power tools. However, these features and advanced technology come at a higher cost. This high cost of consumables, coupled with their high maintenance costs, has caused small-scale industries to sidestep from investing in efficient and effective power tools. In addition, high-quality, energy-efficient power tools are very expensive, making them unaffordable for small-scale industries.
A123 Systems, LG Chem, Panasonic Industrial Devices & Solutions, SAMSUNG SDI, Sony, 2-Power, AEG POWERTOOLS, Bosch, BYD Company, COSLIGHT, E-ONE MOLI ENERGY, GS Yuasa International, Hitachi Power Tools, Johnson Matthey Battery Systems, MatchBox Instruments, TianJin Lishen Battery, and Valence Technology.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook