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According to the estimates by IMARC Group, the global power tool accessories market is expected to exhibit moderate growth during 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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