U.S. Power Tool Accessories Market to 2028: Development of Li-Ion Batteries and Rise in Home Improvements & DIY Activities Drives Growth

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Mar 28, 2023, 12:00 ET

DUBLIN, March 28, 2023 /PRNewswire/ -- The "U.S. Power Tool Accessories Market - Industry Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The U.S. power tool accessories market size is expected to reach $4,871.75 Million in 2028 from $3,511.98 Million in 2022 at a CAGR of 5.61%.

Market Dynamics

Opportunities & Trends

Growing Prominence of Manufacturing
Industry 4.0 and Smart Precision Manufacturing
Growth in Construction Industry
Growing Demand for Prefabricated Buildings
Increasing Renewable Energy Installations

Growth Enablers

Development of Li-Ion Batteries
Rise in Home Improvements & Diy Activities
Rising Application of Fastening Tools

Restraints

Hand Tools and Low Cost Labor
Us-China Trade War
End-User Variability
Manufacturers Shifting Production Facilities to Other Countries

SEGMENTATION INSIGHTS

INSIGHTS BY DISTRIBUTION CHANNEL

The offline distribution channel dominated the U.S. power tool accessories market, accounting for a revenue share of 66.10% in 2022. It is expected to grow significantly during the forecast period due to high customer preference to comprehend the functionalities and uses of the product before making the final purchase decision. Moreover, since power tool accessories have very specific usage and purpose, the preference for the offline channel is high to minimize the risk of receiving incompatible products.

Segmentation by Distribution Channel

Offline
Online

INSIGHTS BY ACCESSORY TYPE

The drill bits accessory type dominated the U.S. power tool accessories market and generated a revenue of USD 502.41 million in 2022. Some of the best-selling drill bits in the market include titanium-coated DeWalt drill bits to provide a longer shelf life, Drill Hog, Irwin Tools, Drill America, and Bosch. As impact drills are among the common tools for household applications, it is always recommended that the vendors offer bits ideal for all end-use applications. They can also maximize their retail and online presence to ensure supply chain feasibility as demands are expected to surge further during the forecast period.

Segmentation by Accessory Type

Drill Bits
Circular Saw Blades
Batteries
Screwdriver Bits
Reciprocating Saw Blades
Jig Saw Blades
Band Saw Blades
Abrasive Wheels
Router Bits
Others

INSIGHTS BY END USERS

The industrial end-user segment accounted for 74.20% of the U.S. power tool accessories market revenue in 2022. Cordless power tools are widely used in automotive, aerospace, electronics, energy, construction, shipbuilding, and other industries. The energy sector is estimated to be one of the major revenue generators due to the rise in sustainable energy being promoted and widely accepted across the globe activities. Also, the construction industry generated revenue close to USD 737.58 million, which can be attributed to the rapid infrastructural developments across multiple U.S. areas.

Segmentation by End User

Industrial
Energy
Construction
Aerospace
Automotive
Electronics
Shipbuilding
Others
Commercial
Residential

REGIONAL ANALYSIS

Several factors have contributed to the growth of the U.S. power tool accessories market in the South region. The region is home to many manufacturing centers for power tools and accessories, making it easier for companies to produce and distribute these products. Moreover, government spending on infrastructure projects in the region, such as highways, bridges, and public buildings, has also driven demand for power tools and accessories.

The western region of the US has experienced strong economic growth in recent years, which has led to an increase in construction activity and a corresponding rise in demand for power tools and accessories. The region has seen strong demand for new homes and home remodeling, which has driven growth in the power tool accessories market. Further, the region is home to many manufacturing centers for power tools and accessories, making it easier for companies to produce and distribute these products. Such factors have contributed to the U.S. power tool accessories market in the western region.

Segmentation by Geography

The U.S.
South
West
Midwest
Northeast

COMPETITIVE LANDSCAPE

The U.S. power tool accessories market is characterized by low market concentration and intense rivalry among competitors. Vendors are forced by the current situation to modify and improve their distinctive value propositions to have a significant market presence. The U.S. power tool accessories market is fragmented and controlled by companies such as Stanley Black & Decker, Bosch, and TTI. Further, many domestic tool makers offer attachments in various sizes, shapes, and styles that match those made by a reputable vendor.

Key Company Profiles

Stanley Black & Decker
Robert Bosch
Techtronic Industries
Makita
Hilti

Other Prominent Vendors

Apex Tool Group
Snap On
Koki Holdings
Fortive
Positec
Chervon
Fein
AIMCO
Festool
CS Unitec
Dynabrade
Husqvarna
Stihl
Blount
KYOCERA
Panasonic
URYU SEISAKU
Atlas Copco
Ingersoll Rand
Emerson

KEY QUESTIONS ANSWERED
1. How big is the U.S. power tool accessories market?
2. What is the growth rate of the U.S. power tool accessories market?
3. What are the key trends in the U.S. power tool accessories market?
4. Which accessory type dominates the U.S. power tool accessories market share?
5. Who are the prominent players in the U.S. power tool accessories market?

For more information about this report visit https://www.researchandmarkets.com/r/6wymbw

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