The global power tool accessories market grew at a CAGR of around 4% during 2014-2019. Power tools accessories refer to the additional fittings that are used in various engine-driven power, electric and pneumatic power devices. Drills, screwdrivers, and router bits, abrasives wheels, saw blades, chippers and threading products are some of the commonly used power tool accessories. These accessories are ergonomically designed to enhance the efficiency, convenience of use, battery performance and connectivity of the power tools. They also aid in simplifying repetitive tasks and minimizing the chances of human errors and injuries. Owing to this, they find extensive applications across various sectors, including electronics, construction, logistics, manufacturing and aerospace.
Rapid industrialization, along with the emerging trend of automation across the globe, is one of the key factors driving the growth. Furthermore, expansion in the construction and automotive industries is also providing a boost to the market growth. In line with this, there is a growing demand for fabricated metals, such as stamped metal products, fasteners and springs, which are manufactured using power tools, thereby increasing the utilization of power tool accessories. The widespread adoption of cordless power tools equipped with high-density Lithium-ion (Li-ion) batteries is also creating a positive impact on the market growth. In comparison to the traditionally used devices, cordless power tools, such as hammer drills, impact wrenches and circular saws, are more compact, mobile, multi-purpose and have a longer operational life. Other factors, including rapid urbanization, along with the development of smart technologies and low-cost and energy-efficient power tools, are projected to drive the market further. Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.
Breakup by Type:
Breakup by Application:
Breakup by End-Use Sector:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being 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., Techtronic Industries Company Limited, etc.
Key Questions Answered in This Report:
The global power tool accessories market size was valued at US$ 9.95 Billion in 2020.
According to the estimates by IMARC Group, the global power tool accessories market is expected to witness a CAGR of 4.0% from 2021 to 2026.
Rapid industrialization along with the rising adoption of ergonomically designed accessories for simplifying repetitive tasks, represents some of the key drivers for the global power tool accessories market.
The emergence of numerous automated technologies for remote monitoring and performing high-accuracy tasks represent one of key trends in the global power tool accessories market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries for power tool accessories, thereby negatively impacting the market growth.
On the basis of the type, the market has been bifurcated into drill bits, screwdriver bits, router bits, circular saw blades, jig saw blades, band saw blades, abrasive wheels, reciprocating saw blades, and others. Currently, drill bits hold the majority of the total market share.
On the basis of the application, the market has been divided into milter saw, drill machine, reciprocating saw, hole saw, and others. Among these, hole saws represent the largest segment.
On the basis of the end-use sector, the market has been segmented into industrial sector and residential sector. At present, industrial sector exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global power tool accessories market are 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., Techtronic Industries Company Limited, etc.
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