BAK Battery enters the 100-billion-level power tool market

by:CTECHi     2021-08-29
Recently, BAK’s high-rate discharge batteries have passed the verification and confirmation of the global power tool leader TTI, and have begun to supply batches for many of its brands, with application products covering multiple product lines such as power tools and garden tools. It is understood that TTI has signed a long-term cooperation agreement with BAK and will carry out comprehensive cooperation in the field of power tools. BAK Battery may become a strong breaker in the field of power tools, speeding up market capture, and promoting the localization of international power tool batteries. How big is the lithium-ion battery market for power tools? Statistics from the 'White Paper on the Development of my country's Power Tool Industry (2021)' show that in 2020, global shipments of lithium-ion batteries for power tools will reach 2.02 billion, a year-on-year increase of 19.5%. In recent years, with the rapid increase in global demand for power tools, domestic lithium battery companies that have been accumulating for many years have accelerated their penetration. Some research institutions believe that by 2025, my country’s power tool shipments will reach 15GWh, with a compound annual growth rate of more than 22%. The global power tool lithium-ion battery market is now becoming a “new territory” for Chinese companies. As a domestic cylindrical battery head company that has been deeply engaged in lithium batteries for more than 20 years, in 2020, BAK Battery will take advantage of years of technical precipitation and relevant experience accumulation to enter the power tool market with high-rate series batteries, and has begun to become TTI this month. Multiple product lines are available in batches. The products BAK currently supplies to TTI are cylindrical high-rate discharge series batteries, which can adapt to 9C-15C high-rate charge and discharge, have excellent cycle performance and have good high and low temperature adaptability and comprehensive safety performance guarantee. Picture: Li Fengmei, vice president of BAK battery high-rate series batteries, said: 'Currently, the global trend of cordless power tools and diversified usage scenarios is driving the rapid development of the market. The scale has exceeded 100 billion yuan, and the prospects are promising. As the industry leader , TTI owns more than ten well-known brands such as MILWAUKEE, AEG and RYOBI, with a market share of over 50% in the consumer/DIY power tool field, and its position in the international power tool field is self-evident.' Li Fengmei further pointed out: 'This time The successful cooperation with TTI is a full affirmation of BAK’s technology accumulation and related experience. BAK will continue to improve product competitiveness and expand more cordless terminal application scenarios for cylindrical batteries. In recent years, BAK has been working on electric two-wheelers, smart The subdivisions such as household appliances and power tools have been recognized by many leading customers in the market. In the future, BAK will continue to improve product capabilities and provide a steady stream of BAK'core' power for the global market.' According to the latest public data, 2020 The total sales of TTI's power tool business reached US$8.7 billion, a year-on-year increase of 28.5%. It is foreseeable that with the expansion of the global power tool market and the penetration of cordless power tools, TTI's demand for high-performance lithium-ion batteries will continue to increase. In order to ensure the annual delivery plan for TTI, BAK Battery has opened two production lines for TTI, and plans to add more lines as the cooperation between the two parties deepens, and continue to provide partners with high-quality products and service experience.
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