London, 3 August 2015: Technavio, the independent tech-focused global research firm, has published a report on the global Li-ion battery market for power tools 2015-2019, which is expected to grow at a CAGR of 9.3% during the forecast period of 2014-2019.
Growing adoption of power tools in the housing sector is expected to boost the prospects for growth in this market. The high energy density and longer life cycle of Li-ion batteries compared to Ni-MH batteries is a major factor that will promote the implementation of Li-ion batteries in power tools. Factors such as increasing disposable income of consumers, ease of usage and operational convenience, and employment opportunities are also expected to increase the demand for power tools.
“There is a trend for smaller and more ergonomic tools that are more powerful than traditional power tools. This has led to significant demand for smaller and lighter tools. For instance, while doing ordinary jobs and working in tight spaces, DIY users prefer smaller and lighter power tools,” says Faisal Ghaus, Vice President of Technavio.
“To fulfil the requirements of this customer segment, manufacturers are working to optimize the balance between size and weight. This demand has made 12-volt lithium-ion the fastest growing segment of professional power tools over the last year. Lithium-ion provides the benefit of packing more power into a smaller package.”
Key Market Drivers:
- Increase in Demand for Li-ion Battery Operated Power Tools
- Need for More Efficient Power Tools
- Higher Storage Capacity
- Efficient and Fast Charging
- Decrease in Cost of Li-ion Batteries
Key Market Trends:
- Increased Competition among Chinese Manufacturers
- Increased Demand from Professional Market
- Demand for Smaller and Cordless Power Tools
- Advantages over Traditional Batteries
Key Market Vendors:
- A123 Systems LLC
- Hitachi
- Johnson Matthey Battery Systems
- LG Chem Ltd.
- Panasonic Corp
- Samsung SDI
- Sony
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
