Power Tool Batteries Market to reach US$ 55.04 Bn by 2027

Power Tool Batteries Market to reach US$ 55.04 Bn by 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.

Browse Full Report Originally Published by Credence Research @ https://www.credenceresearch.com/report/power-tool-batteries-market

Market Insights

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.

Nonetheless, Li-Ion batteries are more costly than other batteries due to the necessary safety measures to protect them from overheating and discharge. Li-Ion Batteries fall within the context of dangerous goods in international transport law and have certain special regulations and policies for their transport. Due to its volatility, the supply chains of li-ion batteries are becoming more controlled globally.

You can get the sample copy of this research by Credence Research here @ https://www.credenceresearch.com/sample-request/59935

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.

 

Increasing construction work for residential, industrial and transport projects would drive the market for power tool batteries. In addition, the rising penetration level and the declining price of lithium ion batteries are expected to drive the demand over the forecast period. Growing demand for product end-to-end power tools and rapid urbanization worldwide may boost the market for power tool batteries.

 

North America is one of the strongest economies and has the world’s largest battery power device market. Demand for power tools is extremely high due to the increasing number of manufacturing and construction activities in the area. In addition, the growth of the oil and gas and mining resource sectors and the construction sector are highly influenced by investments in bulk electricity generation and transmission, as well as other relevant infrastructures.

 

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.

You can get the sample copy of this research by Credence Research here @ https://www.credenceresearch.com/sample-request/59935

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.

About Us:

Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.

Contact:

Credence Research Inc

Name: Chris Smith (Global Sales Manager)

E-mail: sales@credenceresearch.com

Ph: 1-800-361-8290

Web:  https://www.credenceresearch.com