In the coming years, the introduction of fully autonomous vehicles will accelerate the utilization of IoT technology at a significant rate. Even though these vehicles are still in the testing phase across the world, Germany has already approved the...
Both automotive and construction industries are witnessing rapid growth, which can particularly be ascribed to the rising disposable income of people and strong economic growth in both developed and developing countries. A larger number of people are now able to afford vehicles and renovation services at their homes.
This growth of the automotive and construction industries is driving the demand for various products that are utilized in the manufacturing process of end-use products. Cordless equipment are among such devices that are utilized widely in both construction and automotive industries. This, in turn, is driving the demand for power tool batteries around the globe.
Power tool batteries are used for powering equipment such as circular saws, hammer drills, band saws, crimpers, impact wrenches, and impact drivers. These batteries decrease shock hazards and trips and provide operators with high working efficiency. According to a report of the National Council on Compensation Insurance, the utilization of power tool batteries decreased compensation claims of workers considerably in recent years.
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Different types of power tool batteries are lithium-ion, nickel-cadmium, and nickel-metal hydride, among which, the demand for lithium-ion batteries have been the highest up till now.
In addition to this, the increasing government investments in infrastructure development and construction projects is also leading to the high utilization of power tools for completing work in a timely manner. Geographically, North America made considerable usage of power tool batteries in the past, which is owing to the rising automotive sale and expanding manufacturing industry in the region.
Other than this, the demand for these batteries is also expected to increase in Asia-Pacific, making the region the fastest-growing power tool batteries market in the near future.
This is because of the increasing number of construction projects in the region.Hence, the demand for power tool batteries is growing due to the expanding construction and automotive industries.
