According to the latest report by IMARC Group, titled "Power Tool Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global power tool accessories market reached a value of US$ 1.85 Billion in 2021. Power tools are widely utilized for housework tasks, construction and assembling purposes, which can be customized using power tool accessories. These accessories are generally used for the efficient functioning of pneumatic power, engine-driven power and electrical devices. They are additional fittings that help in performing numerous industrial works effectively. Additionally, they are ergonomically designed for improving the connectivity and battery performance of the power tools. As a result, they aid in simplifying repetitive tasks and minimizing the chances of human injuries and errors while enabling the power tools to function in extreme conditions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Power Tool Accessories Market Trends:
The global market is primarily driven by significant growth in the construction industry. Also, rising investments by private and public agencies in infrastructural development and remodeling projects are providing a boost to the market growth. Moreover, various technological advancements and the increasing adoption of cordless and automated power tools are acting as major growth-inducing factors. Furthermore, leading players are heavily investing in launching energy-efficient power tools equipped with high-density lithium-ion (Li-ion) batteries, which are gaining prominence across the end users. Additionally, the easy product availability via online and offline organized retail channels is also contributing to the market growth. Other factors, including rapid industrialization, especially n the emerging economies, and continuous product innovations and extensive research and development (R&D) activities conducted by key players to introduce improved product variants, are further projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2.59 Billion by 2027, expanding at a CAGR of 5.6% during 2022-2027.
- On the basis of the type, the market has been segmented into drill bits, screwdriver bits, router bits, circular saw blades, jig saw blades, band saw blades, abrasive wheels, reciprocating saw blades and others.
- Based on the application, the market has been categorized into milter saw, drill machine, reciprocating saw, hole saw and others.
- On the basis of the end-use sector, the market has been classified into industrial (automotive, construction, aerospace and defense, energy, marine and others) and residential.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include Apex Tool Group LLC (Bain Capital Partners), Atlas Copco AB, Hilti Aktiengesellschaft, Husqvarna Group, Ingersoll-Rand Plc (Gardner Denver Holdings Inc.), Klein Tools Inc., Koki Holdings Co. Ltd. (KKR & Co. Inc.), Makita Corporation, Robert Bosch GmbH, Snap-On Incorporated, Stanley Black & Decker Inc. and Techtronic Industries Company Limited.
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