International Power Tool Giants Will Bring Greater Market Development Opportunities to Domestic Lith

abstract

The choice of lithium batteries by international power tool giants is moving towards China, which means that it will bring greater market development opportunities for domestic lithium battery manufacturers.

Affected by the epidemic, the growing power tool market suffered a certain impact in the first half of the year, and some battery suppliers were affected to varying degrees. However, in the long run, the lithium battery market for electric tools is still promising.

A power tool battery supplier in Jiangsu said that the company signed a large order with a European power tool giant at the end of last year and should have released delivery in the second quarter. However, affected by the epidemic situation, the customer requested to postpone the delivery to may or even the end of June, which was postponed for about a quarter as a whole.

Gaogong lithium battery learned that up to now, the factories of international power tool giants in China have returned to normal, but due to the continuous spread of the epidemic in Europe and America, the market consumption demand has decreased. Therefore, the current production of electric tool enterprises is mainly based on orders received years ago or inventory.

In the long run, after entering the post epidemic era, the global economy recovers, and the power tool market will still maintain a long-term and stable growth trend. Cordless trend will also give electric tool lithium battery a vast market space.

At the same time, the choice of lithium batteries by international power tool giants is moving towards China, which means that it will bring greater market development opportunities for domestic lithium battery manufacturers.

40 billion lithium battery market scale

Industry data show that in 2019, the global power tool market will reach US $31.8 billion (about RMB 225.2 billion). Calculated by the compound annual growth rate of 5.5%, by 2024, the global power tool market will reach US $41.7 billion (about RMB 295.3 billion).

Among them, the penetration rate of cordless electric tools has exceeded 50%. The cost of lithium battery accounts for 20% - 30%. Based on this rough calculation, the global lithium battery market will reach at least 29.53 billion-44.3 billion yuan by 2024.

According to the data, Europe and the United States are the fastest growing market of electric tools in recent years. Next, the power tool market in the Asia Pacific region will grow at the fastest CAGR during the forecast period.

At present, the application of cordless electric tools is mainly in the European and American markets, and large enterprises such as TTI, Baide, Bosch, Makita and baoside occupy the main market share.

As one of the leading enterprises of electric tools, TTI has achieved revenue growth for ten consecutive years. To some extent, its performance also reflects the market demand trend of electric tools: large scale and stable growth. It is worth mentioning that the application demand of TTI cordless power tools for lithium batteries is also second to none.

Source: TTI 2019 Annual Report

Gaogong lithium battery learned that, as the global enterprise with the largest consumption of non vehicle cylindrical batteries, TTI's current consumption of cylindrical batteries is about 300 million pieces / year. With the evolution of the market trend of cordless electric tools, the company's demand for lithium batteries is also increasing.

An obvious trend is that TTI is accelerating the introduction of China's 18650 cylindrical cell supply chain. At present, domestic cell enterprises have begun mass supply, and some suppliers have entered the final audit link.

In fact, the enterprise trend of TTI is also the epitome of the change trend of large international electric tool enterprises. In addition to TTI, at present, Baide and Bosch are accelerating the verification and introduction of cylindrical cells in China.

Accelerated penetration of China's supply chain

From the perspective of cell supply chain, at present, Samsung SDI, LG, Panasonic, Murata and other international battery enterprises still occupy the main market share of global power tools, of which Samsung SDI accounts for more than 50%.

Gaogong lithium battery learned that high power cells are mainly used for electric tools. According to the application scenario, the cell capacity covers 1ah-4ah, of which 1ah-3ah is mainly 18650 and 4ah is mainly 21700. The power requirements are 10a-30a and 600 continuous discharge cycles.

However, based on the accelerated progress of domestic cell manufacturers in the field of high magnification cylindrical cell, and with the comprehensive advantages of performance, scale and cost, the choice of power tool giants for cell supply chain has obviously turned to China.

Due to the huge amount of orders, the orders issued by international power tool giants for the supply chain are also affecting the shipment ranking of battery enterprises.

According to the data of the Institute of lithium battery research of senior industry and Research (GGII), the domestic shipment of lithium battery for electric tools in 2019 was 5.4gwh, with a year-on-year increase of 54.8%. Among them, Tianpeng power, Yiwei lithium energy and haisida ranked among the top three.

At present, Yiwei lithium energy and haisida have successfully entered the TTI supply chain and started mass supply. GP is also about to enter the final stage of supply chain audit.

According to Aoyang Shunchang, the parent company of Tianpeng power supply, Baide has become one of the company's important customers in 2019.

GGII believes that only lithium battery enterprises with leading technology, strong R & D strength, excellent product quality and guaranteed supply capacity can have the opportunity to enter the supply system of large international power tool manufacturers. Once the supply relationship is confirmed, it will not change easily in the short term. Lithium battery enterprises entering its supply chain will maintain a stable market share for a certain period of time.

Taking TTI as an example, its supplier selection needs to undergo 230 audits for nearly 2 years. All new suppliers shall be screened by environmental and social standards, and ensure that no major violations are found.

It is worth mentioning that in the face of the offensive of domestic cylindrical battery enterprises, the market pressure of Samsung SDI has increased sharply. In addition to maintaining its position as a supplier of power tool head enterprises, Samsung SDI is also actively exploring market segments such as bicycles and two-wheel power exchange, so as to alleviate the "encroachment" crisis of the power tool market.

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