The power tools accessories market by revenue is expected to grow at a CAGR of over 6% during the period 2019-2025

NEW YORK, Aug. 19, 2020 /PRNewswire/ -- 

Read the full report: https://www.reportlinker.com/p05953056/?utm_source=PRN



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.

The following factors are likely to contribute to the growth of the power tools accessories market during the forecast period:
• Growing Prominence in Asian Manufacturing
• Industry 4.0 and Smart Precision Manufacturing
• Growth in the Construction Industry
• Development in Lithium-ion Batteries

The study considers the present scenario of the power tools accessories market and its market dynamics for the period 2019?2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.

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.

Segmentation by Accessory Type
• Drill Bits
• Screwdriver Bits
• Router Bits
• Circular Saw Blades
• Jig Saw Blades
• Bandsaw Blades
• Abrasive Wheels
• Reciprocating Saw Blades
• Batteries
• Others
Segmentation by End-user
• Industrial
o Automotive
o Aerospace
o Electronics
o Energy
o Construction
o Shipbuilding
o Others
• Commercial
• Residential

INSIGHTS BY GEOGRAPHY
North America region holds the largest power tool accessories market shares in 2019. The region is expected to maintain its position during the forecast period, with revenue mostly generated from the US. A forerunner in the automobile industry, manufacturers in the North American automotive sector account for the highest number of electric cars in the world due to the rising demand for eco-friendly products. The DIY culture is highly predominant in North America. Heat guns are used for several domestic applications, including repairing, paint drying, paint scrapping, and other projects. Americans can thus make use of heat guns for DIY activities and projects. With rising applications of technology and the increasing purchasing power, the North American power tool accessories market is expected to grow significantly in residential, commercial, and industrial sectors during the forecast period.

Segmentation by Geography
• North America
o US
o Canada
• Europe
o UK
o Germany
o France
o Spain
o Italy
• APAC
o China
o Japan
o South Korea
o Australia
o India
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o Saudi Arabia
o UAE
o Saudi Arabia
o Turkey

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.

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

KEY QUESTIONS ANSWERED
1. What is the power tool accessories market size and growth rate during the forecast period?
2. What are the factors impacting the growth of the power tool accessories market shares?
3. Which accessory type/end-user/region is generating the largest revenues for the European market?
4. Who are the leading vendors in the power tool accessories market, and what are their market shares?
5. What is the impact of the COVID-19 pandemic on the power tool accessories market?

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