North America is the largest market for power tool accessories. The rise in the number of outsourcing activities to countries such as Canada, Mexico, and Brazil will facilitate the power tool accessories market growth in North America over the forecast period.
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Vendor Insights
The global power tool accessories market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their products. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
For Instance, In July 2019, Sandvik AB acquired a 30% stake in Beam IT, a leading provider of metal additive manufacturing services. Similarly, In October 2019, Atlas Copco AB agreed to acquire Scheugenpflug AG, a German supplier of dispensing solutions.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Atlas Copco AB
- Baker Hughes Co.
- Bellwether Resources International Inc.
- Bit Brokers International Ltd.
- Caterpillar Inc.
- Drill King International LP
- Drilling Products Inc.
- Halliburton Co.
- National Oilwell Varco Inc.
- Sandvik AB
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Geographical Market Analysis
North America will provide maximum growth opportunities in the power tool accessories market during the forecast period. According to our research report, the region will contribute 38% of the global market growth and is expected to dominate the market through 2024.
The US and Canada are the key markets for power tool accessories in North America. Market growth in this region will be faster than the growth of the market in the European and South American regions.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/power-tool-accessories-market-industry-analysis
Revenue Generating Segment
The power tool accessories market share growth by the professional segment will be significant during the forecast period. The professional segment of the global power tool accessories market is larger than the consumer segment because of the size of the construction, manufacturing, and automotive industries. The segment of this market will be driven by improvements in the construction, manufacturing, and automotive industries. It is expected that the US, China, and India to be the major contributors to this growth.
Key Market Trends & Challenges:
The increased integration of the Internet of Things (IoT) in manufacturing processes is a factor supporting the power tool accessories market share growth. The integration of IoT allows industrial machines to transmit data related to critical operating parameters such as temperature, pressure, stress, and health and performance parameters over Internet protocol (IP) to a control room or a device. Such data helps in increasing the efficiency of industrial machinery, reducing its downtime, and increasing its useful life and process safety.
However, the decline in construction and automobile sales in China is a major challenge for the power tool accessories market. The recent slowdown that the Chinese economy has been experiencing will have an adverse impact on power tools and accessories markets. The slowdown is mainly attributed to the sluggish performance and manufacturing overcapacity of the country's real estate sector. The manufacturing sector is also adversely affected by the slowdown of the Chinese economy. The primary problem of this sector is the excess production capacity. The slow growth of the manufacturing sectors in China will have an adverse effect on the global power tool accessories market.
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Power Tool Accessories Market Value Chain Analysis
It includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- End market
- Marketing and sales
- Services
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Power Tool Accessories Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market growth 2020-2024 |
USD 373.87 million |
Market structure |
Fragmented |
YoY growth (%) |
3.80 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
North America at 38% |
Key consumer countries |
The US and Canada |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Atlas Copco AB, Baker Hughes Co., Bellwether Resources International Inc., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., National Oilwell Varco Inc., and Sandvik AB |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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