Power Tool Battery Market - Development Trend & Future Opportunities To 2027
The key players of the global power tool battery market are Battery Xpress, BYD Co.Ltd., E-one Moli Energy Corp., Hitachi Ltd., Ryobi Ltd., Samsung SDI, Techtronic Industries Co.Ltd., Makita Corporation, LG Chem Ltd., Sony Corporation, and others.
Global Power Tool Battery Market size at a CAGR of 8.52% during the forecast period, 2020–2026. Power tool batteries are used to run the tools such as saws, crimpers, hammers, drills, and so on. Battery-powered tools are able to run for a longer time on one charge and provides high efficiency.
The power tool battery market growth has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Asia Pacific is base and presence of key power tool manufacturers in China, India, and other countries are driving the growth of these batteries in Asia Pacific region. Europe is expected to be the second-largest market for power tool owing to the increasing deployment of advanced batteries in consumer electronics and automotive sector and also high production of lithium-ion batteries in Sweden, Germany, and so expected to hold the largest share of the market during the forecast period. Factors such as large population on. In North America, countries such as US and Canada are significantly focusing on investment in lithium-ion batteries. In the Middle East & Africa and South America, power tool batteries are gaining exposure due to urbanization.
The global power tool battery market has been segmented based on type, tool, and application. Based on type, the global market is divided into nickel-cadmium, nickel-metal hydride, and lithium-ion. The lithium-ion segment is expected to hold the largest global power tool battery market share during the forecast period due to wide application of these batteries and their declining prices which is driving their usage.
Based on application, the power tool battery market trends is segmented into industrial, commercial, and residential. Industrial segment is expected to hold largest share during the forecast period owing to rising demand construction industry that uses advanced power tool batteries for efficient power supply.
Scope of the Report
This report provides an in-depth analysis of the global power tool battery market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and share for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global power tool market by type, tools, application, and region.
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