In recent years, the development of power tools has shown a trend of miniaturization, lightness and cordlessness, which makes lithium batteries have good growth in the field of power tools, thus also attracting the attention of many power battery companies. Riding Electronics decided to adjust its product direction to that of light power batteries in the first half of 2019, and fully develop the company's power battery business.
According to the CAGR of 6.6%, the market space of cordless power tools will exceed $18 billion (about RMB 122 billion) in 2020. The use of lithium batteries in power tools has developed from 3 strings to 8-10 strings, and the number of applications has increased exponentially. Therefore, the future growth potential of the lithium battery market for power tools is huge.
Ryding Electronics learned that the number of domestic cordless power tools currently account for about 1/3 of the domestic market, lithium battery applications are mainly dominated by domestic manufacturers, but the share of the global market is still less than 30%, the penetration rate is also relatively slow. As the world's largest market for power tools, the North American market for cordless power tools market share of more than half, the penetration rate and replacement rate is still accelerating.
At present, the international ranking of the top power tool companies in the field of cordless power tools occupy a larger market share, coupled with the international power tool giants for lithium battery selection began to turn, or will bring greater market development opportunities for domestic lithium battery manufacturers.
Ryding Electronics noted that, at present, including Tianpeng power, lithium, Li Shen, Hai Si Da and other battery companies have formed a close strategic cooperation with the international power tool giants, and even a few companies have entered the supply chain system of the international power tool giants.
The consensus of the industry is that only the lithium battery enterprises with leading technology, strong R&D strength, excellent product quality and guaranteed supply capability have the opportunity to enter the supply system of large international power tool manufacturers. Once the supply relationship is confirmed, changes will not be easily made in the short term, and lithium battery companies entering their supply chain will maintain a stable market share for a certain period of time.
Welcome to visit our company website: www.manlybattery.com. If you have any interests in batteries, please feel free to contact us: info@manlybattery.com
