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 was worth US$ 1.6 Billion in 2019.
The growing demand for fabricated metals that are manufactured using power tools, like stamped metal products, fasteners, and springs, represents the major factor propelling the market growth.
The rising automation, along with the development of smart technologies and low-cost and energy-efficient power tools, is one of the major market trends.
As the majority of the industry tools are manufactured in China, it has led to a decline in the imports of power tool accessories across the globe.
Based on the type, the market has been categorized into drill bits, screwdriver bits, router bits, circular saw blades, jigsaw blades, band saw blades, abrasive wheels, reciprocating saw blades and others.
Hole saws represent the most popular segment, holding the largest market share. Other major applications include miter saw blades, wire wheels and brushes, sander backing pad, and abrasive sanding discs.
At present, the industrial sector (automotive, construction, aerospace and defense, energy, marine and others) dominates the market, followed by the residential sector.
Region-wise, North America (the United States and Canada) currently holds the leading position in the market. Other major regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The leading industry players operative in the industry are Apex Tool Group, LLC (ATG), Atlas Copco Group, Hilti Corporation, Husqvarna Group, Trane Technologies plc (Ingersoll-Rand plc), Klein Tools Inc., Kohlberg Kravis Roberts (KKR) & Co. L.P., Makita Corporation, Robert Bosch GmbH, Snap-On Incorporated, Stanley Black & Decker Inc., and Techtronic Industries Company Limited.
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