South Korea Battery Power Tools Market Size, Share, Competitive Landscape and Trend Analysis Report
WILMINGTON, DE, UNITED STATES, September 5, 2024 /EINPresswire.com/ — Analyzing the Growth Drivers and Upcoming Trends in the South Korea Battery Power Tools Market from 2021-2030
Recently, Allied Market Research published a report on the South Korea battery power tools market which highlights that the industry is expected to gather a revenue of $351.2 million by 2030. The landscape accounted for $141.1 million in 2020 and is expected to surge ahead at a 9.5% CAGR in the 2021-2030 period. The study focuses on the key growth drivers, restraints, and investment opportunities in the market to help companies focus on the key areas and align their business operations accordingly.
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Major Considerations in the Evolving Industry Dynamics
The South Korea battery power tools market has witnessed huge growth in the recent past and is predicted to significantly expand its footprint in the coming period. The increasing pace of industrialization and urbanization in the metropolitan cities and industrial towns of the country has played an important role in the rise of the landscape. These machines and equipment are widely used for different manufacturing, maintenance, and repair works which has increased their useability in automotive and aerospace sectors. Along with this, the rising demand for such tools in household applications and construction activities has broadened the scope of the landscape considerably.
However, the development of cheap alternatives such as conventional hand tools has created hurdles in the full-fledged growth of the market. Nonetheless, many companies are investing in R&D activities to design advanced battery systems for powering these tools and equipment. At the same time, mergers, acquisitions, partnerships, and product launches by leading players have generated new opportunities for the growth of the landscape.
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Upcoming Trends and Latest Developments in the Industry
In the past few years, many new developments and advancements have taken place in the industry due to extensive research in battery technology. Some of these innovations are discussed below:
Lithium-ion batteries: The use of lithium-ion batteries in place on conventional lead-acid energy storage systems has been one important trend in the landscape. Compared to conventional ones, these cells have high energy density which allows tools to run for a longer period on a single charge. Furthermore, they have low discharge rates which helps them retain their power when not in use. At the same time, these batteries are lightweight which makes them perfect for cordless, portable power tools.
Solid-state batteries: Solid-state batteries, as opposed to the liquid electrolytes in lead-acid and lithium-ion cells, contain solid materials for the conduction of electrons and current. These energy storage systems are much more energy efficient than their counterparts due to this inherent property. Several environmental studies have shown that the use of solid-state batteries reduces carbon emissions from a machine or equipment by more than 30%. In addition, solid-state cells have high thermal tolerance which helps them withstand high temperatures with ease. Hence, they are a safer alternative as compared to lithium-ion or other types of energy storage devices.
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Leading Companies in the South Korea Battery Power Tools Market
HAESUNG INDUSTRIAL CO., LTD. (KEYANG)
MAKITA CORPORATION
HILTI CORPORATION
SNAP-ON INC.
STANLEY BLACK & DECKER, INC.
KOKI HOLDINGS CO. LTD.
ROBERT BOSCH GMBH
TECHTRONIC INDUSTRIES
ANDREAS STIHL AG & CO. KG
AIMSAK POWER TOOLS
To conclude, the AMR report on the South Korea battery power tools market offers accurate actionable data and market intelligence on various aspects of the industry. The emphasis on the different factors influencing the market aids businesses in understanding the market in a true sense. Furthermore, the latest developments discussed in the study help companies formulate their strategies in line with the evolving dynamics of the landscape
David Correa
Allied Market Research
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