The batteries of Power Tools mainly include nickel-cadmium, nickel-hydrogen batteries and lithium-ion batteries, among which lithium-ion batteries occupy an absolute dominant position, and the penetration rate continues to increase. Due to the high rate discharge and high energy density requirements of power tools, they are basically monopolized by the ternary battery system at present.
There has been a shift from corded to cordless power tools. While corded tools still possess considerable sales, the shift to cordless is substantial. Cordless power tools include batches of battery-powered tools like saws, hammer drills, impact drivers, impact wrenches and many others. These tools are ideal for welding, sanding, cutting, metalworking and other applications. Overall, adoption of cordless power tools, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies are the key factors driving the growth of the power tools market. Global Lithium Battery Power Tools market is expected to reach 21.56 billion USD by 2029 from 12.36 billion USD in 2022, growing at a CAGR of 8.06% between 2023 and 2029.
At present, the major players of Lithium Battery Power Tools in the world include: TTI, Stanley Black & Decker, Robert Bosch, Makita, HiKOKI, Hilti, Snap-on Incorporated, Dongcheng, Festool, CHERVON, C. & E. Fein, Zhejiang Boda Industrial and Emerson, among which TTI is the world’s largest Lithium Battery Power Tools manufacturer, its market share is about 21.17% in 2022. There are companies adding new capacities and aims at the cost and quality leadership which shall improve profitability. As the same time, companies are focusing on technological innovation, equipment upgrades, and process improvements, to reduce costs and improve quality.
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