Power Tool Accessories Market Report Overview
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The global power tool accessories market size expanded rapidly in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with power tool accessories higher-than-anticipated/lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 4.6% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Products used with power tools are known as power tool accessories. Drill bits, screwdriver bits, router bits, abrasives, saw blades, and threading supplies are a few examples of power tool accessories. These add-ons are ergonomically created to improve the power tools' productivity, ease of use, battery life, and connectivity. They also help to reduce the likelihood of mistakes and injuries caused by humans by streamlining repetitive processes. Because of this, they have a wide range of applications in industries as diverse as electronics, building, logistics, manufacturing, and aerospace.
COVID-19 impact: Decrease in Sale to Impede Market Growth
The power tool and power tool accessory industries were likewise affected by COVID-19, as both saw significant declines that resulted in sharp drops in sales. Sales decreased as a result of the decline in demand for these tools and their accessories. The raw material supply chain was severely disrupted.
LATEST TRENDS
"Rapid Industrialization to Increase Market Growth"
One of the primary drivers of the rise is the world's rapid industrialization, which is also accompanied by the global trend toward automation. Additionally, the rise of the automobile and construction industries is being aided by expansion. As a result, the use of power tool accessories is growing along with the need for fabricated metals including stamped metal products, fasteners, and springs that are made using power tools. Positive power tool accessories market growth is also being produced by the growing use of cordless power tools powered by high-density Lithium-ion (Li-ion) batteries.
Power Tool Accessories Market Segmentation
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- By Type:
The market can be divided on the basis of type as follows:
Sanding and Polishing, Cutting and Drilling.
- By Application:
Classification based on application is as follows:
Professional and Consumer.
DRIVING FACTORS
"Increasing Demand for Drill Bits to Amplify Market Growth"
The rising demand for power tools from the construction and automotive industries is to blame for the market expansion. Additionally, the global demand for power tool accessories is being driven by the growing popularity of DIY (Do It Yourself) projects. Drill bits made up a significant portion of the global market in terms of kind. Drill bits are used for a variety of tasks, including driving screws into materials and drilling holes in wood or metal surfaces. Due to their versatility in terms of size and shape, screwdriver bits are also widely utilized in a variety of applications. When using a router machine to shape wood or other materials, router bits are employed.
"Increasing Demand from Construction Industry to Augment Market Development"
For all types of construction projects, including low rises, high rises, mass townships, power tools and power tool accessories are used. Governments are launching programs in many nations to soon make housing cheap for everyone. The demand for power tools and power tool accessories is anticipated to be driven by the increase in residential building construction. During the forecast period, it is anticipated that the growing population, increasing demand for public construction projects, and increasing investments in renewable energy and telecommunications will propel the growth of the construction industry and boost demand for power tool accessories globally.
RESTRAINING FACTOR
"Cost of Raw Material to Decrease Market Progression"
In the power tool sector, the cost of raw materials makes up roughly 50% to 60% of the total cost of production. Power tool and accessory key raw material costs, such as those for steel, plastic, rubber, fasteners, and batteries, have fluctuated over the past few years. The unpredictable price of raw materials seriously jeopardizes vendor margins.
Power Tool Accessories Market Regional Insights
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"Rapid Industrialization to Flourish Market in Asia Pacific "
The biggest power tool accessories market share is expected to be in the Asia Pacific region. Due to rising demand from China and India, the region is anticipated to hold onto its position during the projection period. Demand for regional products is expected to be driven by these countries' quick industrialization and expanding construction industries. Additionally, during the projection period, rising disposable income levels are likely to make a substantial contribution to market expansion.
The second-largest market for power tool accessories is in Europe, where demand is anticipated to expand moderately over the projection period. Factors like the expanding construction sector and rising demand for DIY products are responsible for this region's rise.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Stanley Black & Decker (U.S.)
- Bosch (Germany)
- Techtronic (Hong Kong)
- Makita (Japan)
- Snap-on (U.S.)
- Hilti (India)
- Hitachi Koki (Japan)
- Husqvarna (Sweden)
- Baier (Germany)
- Klein Tools (U.S.)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
Frequently Asked Questions
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What are the leading region in the power tools accessories market?
Asia pacific is the leading region in the power tools accessories market.
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What are the driving factors of the power tools accessories market?
Drivers of this power tools accessories market are increasing demand from the construction industry and demand for drill bits.
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Which are the top companies operating in the power tools accessories market?
Stanley Black & Decker, Bosch, Techtronic, Makita, Snap-on, Hilti, Hitachi Koki, Husqvarna, Baier, Klein Tools are the companies operating in the power tools accessories market.
