Technavio has announced the top five leading vendors in their recentglobal power tool batteries marketreport. This market research report also lists 12 other prominent vendors that are expected to impact the market during the forecast period.
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Technavio has published a new report on the global power tool batteries market from 2017-2021. (Graphic: Business Wire)
Competitive vendor landscape
According to the research analysis, the global power tool batteries market is in the developing stage with the presence of several vendors worldwide. Numerous small and medium enterprises compete with the large players for a share of the market. Increased investments and new technologies are likely to strengthen the competition among existing players. However, in several underdeveloped and developing countries, local or regional vendors dominate the market. Technavio expects the market to grow with the rising need for energy-efficient technology. Therefore, vendors are trying to innovate and enhance their technologies to meet the growing demand, thereby intensifying the competition in the market.
As the market is highly fragmented, there are no clear market leaders with strong positions in the market. A123 Systems, LG Chem, Panasonic Industrial Devices Solutions, SAMSUNG SDI, and Sony are key vendors operating in the market. These vendors have a well-rounded product portfolio and a strong presence worldwide. Key vendors have not been shortlisted based on their market share as there is no clear visibility of the top competitors. The major market players upgrade the technology and register patents to increase the overall proficiency of power tools. For instance, a pocket-sized laser was launched by Bosch in 2015 that can expediently change with user activities. The product has prodigious functionality and range that offers real-time measurements with greater accuracy.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research, "There has been an upsurge in the adoption of power tools in the US and Europe for DIY projects and tasks. An increase in the number of residential construction events in the US and Europe is likely to drive the demand for battery-powered power tools in the consumer segment. DIY is a trend that has been growing since the last decade as it allows consumers to complete the tasks by self, thereby not needing to hire a professional for decoration, rework, or repair work. This trend has activated the use of battery-powered power tools in the individual consumer segment."
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Technaviomarket research analysts identify the following key vendors:
A123 Systems
A123 Systems is one of the major players in the global lithium-ion battery market. It supplies nanophosphate lithium-ion (lithium ion phosphate) batteries and energy storage systems. It offers lithium battery products, including cells, energy modules, lead acid replacement batteries, power modules, and systems.
LG Chem
LG Chem specializes in providing rechargeable batteries in various industries. The company also offers battery solutions for products such as laptops, power tools, smartphones, e-bikes, garden tools, power banks, digital cameras, and others. The automotive battery division offers batteries for HEVs, PHEVs, and EVs.
Panasonic Industrial Devices Solutions
Panasonic Industrial Devices Solutions in the global power tool batteries market offers a wide range of batteries such as Li-ion batteries, lithium polymer batteries, and NiMH batteries. The company manufactures and distributes electronic and electric products in Japan and worldwide.
SAMSUNG SDI
SAMSUNG SDI is one the major players in the global batteries market for smart wearables. It offers a wide range of battery solutions with features such as extended battery life, and automated production optimized for minicells and cells with enhanced safety features. The company also offers rechargeable Li-ion and lithium polymer batteries. The company's product portfolio includes batteries, solar energy panels, electric car batteries, energy storage systems, and plasma display panels.
Sony
Sony develops, designs, manufactures, and sells various electronic equipment, instruments and devices for consumers, professional, game consoles, software, and industrial markets. Sony offers batteries under the electronic component segment. Batteries offered by the company include lithium manganese dioxide, button type primary, and silver oxide.
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