Asia Power Tool Batteries Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia Power Tool Batteries Market Analysis
The Asia power tool batteries market is expected to register a CAGR of more than 8% during the forecast period of 2022 - 2027. With the COVID-19 outbreak in Q1 of 2020, manufacturers have limited the production of power tool batteries due to the shortage of raw materials, which further declined the sales of power tool equipment. This has negatively impacted the power tool batteries market. Factors such as the increasing adoption of battery-powered power tools and the rapidly growing automotive industry are expected to drive the power tool batteries market during the forecast period.
- China is expected to be the largest market for power tool batteries, as the country has the highest manufacturing capacity globally, coupled with rapid infrastructure development in the nation.
- The rising demand for fastening tools and the evolution of smart and connected power tools in the energy and automotive sectors are expected to provide immense opportunities for the market.
- Lithium-ion dominates the technology type market as it provides the highest energy density compared to other technologies.
Asia Power Tool Batteries Market Trends
This section covers the major market trends shaping the Asia Power Tool Batteries Market according to our research experts:
The Lithium-ion Type is Expected to Dominate the Market
- Lithium-ion batteries are the advanced battery solutions used in power tools. Li-ion batteries are lightweight with high energy density and are environment-friendly. The increasing demand from end-user sectors like construction, automotive, and industrial is expected to drive the market.
- However, Li-ion batteries are rechargeable batteries equipped with safety circuits for protecting them from overheating, ease of use, longer run times, flexible charging, etc. Lithium-ion batteries are commonly used for portable electronic applications, and there has been a growing prominence for cordless power tools.
- Lithium-ion batteries quickly replace conventional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) as a power source for power tools. Advancements in battery technologies are also contributing to the increasing adoption of cordless power tools with high-density batteries that can last longer once charged.
- Further, Asia produces the most amount of lithium batteries owing to massive manufacturing capacity in various countries such as China, South Korea, Japan, Vietnam etc.
- Therefore, owing to the above points, the lithium-ion technology type is expected to witness dominant growth during the forecast period.
China going to dominate the Geographical segment
- China is the largest economy in the region, and globally, the country has the largest battery manufacturing capacity owing to the availability of lithium and supporting infrastructure. Further, the country remains a pioneer in the research and innovation in the power tool batteries market.
- China remains one of the largest consumers of power tool systems due to factors such as increased electric vehicle deployment, increased spending on consumer electronics, and increased consumer and manufacturing activities.
- An increase in public spending on infrastructure is expected to be a significant driver, supported by continued positive growth in the residential and non-residential sectors in the construction industry. For instance, according to the National Bureau of Statistics of China, the output value of construction work increased rapidly from CNY 14.11 trillion in 2013 to about CNY 25.92 trillion in 2021.
- Therefore, China is expected to be the dominant region in the power tool batteries market during the forecast period, supported by increasing adoption in numerous end-user applications.
Asia Power Tool Batteries Industry Overview
The Asia power tool batteries market is fragmented. The key players in the market include Bosch Ltd, Hitachi Ltd, Makita Corporation, Panasonic Corporation, and Samsung SDI Co. Ltd., among others.
Asia Power Tool Batteries Market Leaders
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Bosch Ltd.
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Hitachi Ltd.
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Panasonic Corporation
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Makita Corporation
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Samsung SDI Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Asia Power Tool Batteries Market News
- In October 2021, DEWALT, a Stanley Black & Decker brand with Jobsite Solutions, announced the global launch of the DEWALT POWERSTACK 20V MAX Compact Battery, a next-generation technological that marks a new era of advanced performance for DEWALT cordless power tools.
- In March 2021, Lowe's Companies Inc. and Chevron announced the exclusive launch of FLEX, a line of cutting-edge, cordless power tools. The first FLEX tools, accessories, batteries, and chargers will be available on the company website and nationwide stores.
Asia Power Tool Batteries Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGMENTATION
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5.1 Technology Type
- 5.1.1 Lithium-ion
- 5.1.2 Nickel Cadmium
- 5.1.3 Others
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5.2 Geography
- 5.2.1 China
- 5.2.2 India
- 5.2.3 Japan
- 5.2.4 South Korea
- 5.2.5 Others
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
- 6.2 Strategies Adopted by Key Players
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6.3 Company Profiles
- 6.3.1 Bosch Ltd
- 6.3.2 Hitachi Ltd
- 6.3.3 Makita Corporation
- 6.3.4 Panasonic Corporation
- 6.3.5 Ryobi Limited
- 6.3.6 Samsung SDI Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAsia Power Tool Batteries Industry Segmentation
The Asia power tool batteries market report includes:
| Technology Type | Lithium-ion |
| Nickel Cadmium | |
| Others | |
| Geography | China |
| India | |
| Japan | |
| South Korea | |
| Others |
Asia Power Tool Batteries Market Research FAQs
What is the current Asia Power Tool Batteries Market size?
The Asia Power Tool Batteries Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Asia Power Tool Batteries Market?
Bosch Ltd., Hitachi Ltd., Panasonic Corporation, Makita Corporation and Samsung SDI Co., Ltd. are the major companies operating in the Asia Power Tool Batteries Market.
What years does this Asia Power Tool Batteries Market cover?
The report covers the Asia Power Tool Batteries Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia Power Tool Batteries Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia Power Tool Batteries Industry Report
Statistics for the 2024 Asia Power Tool Batteries market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Power Tool Batteries analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
