Global Power Tool Accessories Outlook and Forecast 2020-2025: Major Players are Black & Decker, Robert Bosch, Techtronic Industries Company, Makita, Hilti
DUBLIN, Oct. 5, 2020 /PRNewswire/ -- The "Power Tool Accessories - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The power tools accessories market by revenue is expected to grow at a CAGR of over 6% during the period 2019-2025.
The global power tool accessories market is expected to witness growth after the post-2020. Rapid industrialization and increasing applications in households and commercial sectors are primarily driving the power tool accessories set. These sets are primarily used in industries such as automobile, aerospace, construction, electronics, and shipbuilding.
The growth in the use and demand for Li-ion batteries along with the rise in infrastructural developments have surged the demand for cordless power tools and batteries. The industrial sector is the largest end-user followed by commercial and residential segments.
The spread of the COVID-19 pandemic across the globe in early 2020 has deeply plummeted the demand from end-user industries, especially from construction, automotive, and electronics. All new and running projects have come to a standstill. While a few industry experts are optimistic, the market is expected to grow from Q3 2020.
Power Tool Accessories Market Segmentation
The global power tool accessories market research report includes a detailed segmentation by accessory type, end-user, and geography. The drill bits segment is expected to grow at a CAGR of over 5% during the period 2019-2025. The application of corded and battery-operated drill accessories has penetrated in DIY enthusiasts. Circular saw blades constituted the second dominant segment as they are mostly used for wooden and metal works that need precision cutting. They are used in DIY activities as most vendors offer user-friendly cutting tools for home improvement and wood-crafting activities.
The screwdriver bits segment is expected to pose an absolute growth of 36% during the forecast period. Screwdriver bits are finding their application in drilling. They are one of the best-selling accessories in the residential segment. Jigsaw blades, which are extensively used for renovation and retrofit activities in construction sites, are expected to grow at a CAGR of 6.03%.
North America is the leading country owing to infrastructural development activities in countries such as the US and Canada. Bandsaw blades, which are finding adoption among woodworkers, generated over $1 billion in 2019. The segment is projected to witness steady growth as the culture of DIY is spreading in APAC and Latin America. Reciprocating saw blades are likely to observe incremental revenue of $565 million by 2025. North America is projected to continue its dominance during the forecast period owing to the rise in end-user applications, especially in shipbuilding, manufacturing, and automotive end-users.
The construction segment is expected to grow at a CAGR of over 6% during the period 2019-2025. The global construction industry is likely to grow by 85% in 2030, with China, the US, and India expecting to lead the market. Along with new public and residential construction activities, renovation and retrofit activities will add further demand for power tools over the next five years. The automotive industry segment is expected to grow at the fastest CAGR of over 6% in the APAC region.
This is due to the extensive use of drillers and fastening tools with bits and batteries for assembly activities. The industry also makes an extensive use of heat guns, glue guns, cutting tools, which further widen the utilization of accessories. The increased application of precision parts and the rising global consumer traffic are expected to drive the demand for power tool accessories in the aerospace industry. Battery driven wireless precision power tools are projected to drive the pneumatic mold tools market.
The commercial end-user segment is expected to grow at a CAGR of over 6% during the period 2019-2025. The rise in hotel and shopping malls construction is expected to drive the market growth. North America was the largest revenue generator in the segment. The growing volume of renovation retrofit activities in the commercial sector is driving the growth of the segment.
INSIGHTS BY VENDORS
The global power tool accessories market is characterized by low market concentration, with high competition among players. The present scenario is driving vendors to alter and refine their unique value propositions to achieve a strong market presence.
Currently, the power tool accessories market is highly fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch, and TTI alongside numerous domestic tool manufacturers that produce accessories in several shapes and designs. Major vendors have a global presence in three major regions - North America, APAC, and Europe.
The market confronts the threat of infiltration with low-quality products, thereby increasing the level of proliferation in the industry. Major vendors also continually compete for the leading position in the market, with occasional spurts of competition coming from local vendors.
Market Dynamics
Covid-19 Impact
Market Opportunities & Trends
- Growing Prominence Of Asian Manufacturing
- Industry 4.0 & Smart Precision Manufacturing
- Growth In Construction Industry
Market Growth Enablers
- Development In Li-Ion Batteries
- Rising Home Improvement & DIY Activities
- Rising Application Of Fastening Tools
Market Restraints
- Availability Of Hand Tools & Low-Cost Labor
- Fluctuations In Raw Material Prices
- End-User Variability
Prominent Vendors
- Black & Decker
- Robert Bosch
- Techtronic Industries Company (TTI)
- Makita
- Hilti
Other Prominent Vendors
- Apex Tool Group
- Snap-on
- Koki Holdings
- Fortive
- Positec
- Chervon
- Fein
- FERM
- AIMCO
- Festool
- CS Unitec
- Dynabrade
- Husqvarna
- Stihl
- Blount
- KYOCERA
- INTERSKOL
- Panasonic
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
- Emerson
For more information about this report visit https://www.researchandmarkets.com/r/y6ivlj
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