Power Tool Batteries Market - Growth, Size, Share, Forecast, industry Analysis 2019 - 2027
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 are considered to be a field of technological development for lightweight and high energy density batteries. Decreasing the cost of lithium-ion batteries, its environmentally friendly characteristics and rising end-user applications in the building and industrial sectors are expected to drive the demand for power-tool batteries. As a result, the growing adoption of Li-ion batteries and the continuous production of these batteries for various applications in power tools and cordless devices would intensify the demand for the battery industry.
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Nickel Cadmium batteries are most convenient due to their quality under tough conditions and low cost. Moreover, due to some environmental concerns, its reliability and repeated maintenance costs, the battery limits its use on the battery power tools market.
Furthermore, the costs associated with cordless power tools, the safety measures taken during transport, the lowering of the price of Li-Ion batteries and the higher maintenance costs are the limiting factors for the growth of the market in power tool batteries.
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.