Power Tool Batteries Market 2019-2027: Credence Research – Industry Size, Trends & Forecast
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.
SANJOSE, United States – September 30, 2019 /MarketersMedia/ —
According to a new market research report published by Credence Research, “the global market for power tool batteries is expected to reach US$ 55.04 billion by 2027, expanding at a CAGR of 7.10% during the 2019 to 2027 forecast.” Li-ion batteries are mostly used in power tools, which are considered a technological development scope for light and high-energy batteries. It is anticipated that decreasing prices for lithium-ion batteries, their environmentally-friendly features and growing end-user applications in the construction and industrial sectors will drive the power tool batteries market. As a result, the growing acceptance of Li-ion batteries and the ongoing growth of these batteries for various applications in power tool equipment and cordless power tools will fuel the battery market demand.
Li-Ion batteries, however, are more costly than other batteries because of their necessary safety measures to protect them from overheating and discharging. In international transport law, Li-Ion Batteries is covered by dangerous goods and has some special regulations and transport policies. Globally, the li-ion battery supply chains are becoming more regulated due to their volatility nature.
Because of its efficiency in severe circumstances and inexpensive nature, the Nickel Cadmium batteries are most useful. However, due to some environmental concerns, its durability, and repetitive maintenance costs, the battery reduces its use on the battery power tools market.
Increasing construction work will drive the market for power tool batteries for housing, industrial, and transportation innovations. In addition, it is expected that increased penetration rate and decreasing cost of lithium-ion batteries will drive the market over the forecast period. Growing demand for consumer-end power tools and rapid urbanization around the world can boost demand for the market for power tool batteries.
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The decline in the price of lithium-ion batteries and the rise in the market for light-vehicles is driving the US market for power-tool batteries. This study on the market for power tool batteries offers in-depth insights into the energy industry in terms of market segmentation, market share, and size, forecasting, and evaluation of the sector. Our forthcoming energy industry study focuses on significant sections such as energy storage.
This global market report on the battery market for power tools covers vendors such as LG Chem, A123 System and SONY to help customers formulate effective strategies and expand in niche markets. This study also includes areas such as the Americas, APAC, and EMEA.
The growth in the residential construction industry determines the demand for power tool batteries in the Americas. In addition, the presence of a large number of aircraft manufacturers in the Americas and the increasing global air traffic are driving growth in the aerospace sector. This, in turn, will increase the region’s adoption of power tool batteries over the projected period.
Our market research team at Credence Research follows a blended research method, such as primary and secondary research methods, and assesses the market for key trends and drivers that influence growth in the energy storage segment. This research on the market for power tool batteries also represents the development of related industries such as the market for start-stop batteries, which is anticipated to post an impressive CAGR of nearly 21 percent by 2021. The upcoming industry study on the market for power tool batteries also provides insights into rapidly growing sections within the energy industry, including oil and gas industries.
Segmentation:
Technology Segment (2017–2027; US$ Bn)
• Lithium Ion
• Nickel Cadmium
• Others
Application Segment (2017–2027; US$ Bn)
• Residential
• Industrial
• Others
Geography Segment (2016–2026; US$ Mn)
• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)
Company Profiles:
Panasonic Corporation
Ryobi Limited
Samsung SDI
Sony Corporation
Bosch Ltd
Hitachi, Ltd.
Makita Corporation
Stanley Black & Decker Inc.
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