Mar 20, 2023   SOURCE: BusinessWire

Global Power Tool Accessories Market Report 2023 - 2028: Rising Prominence of Asian Manufacturing and Industry 4.0 & Smart Precision Manufacturing Drives Growth - ResearchAndMarkets.com

The "Power Tool Accessories Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global power tool accessories market size is expected to grow at a CAGR of 5.98% from 2022 to 2028.

Impact of COVID-19

The impact of COVID-19 was also seen in the power tools and the power tools accessories industry, as both markets saw major downfalls leading to plunging sales numbers. The sales went down as the demand for these tools and their accessories also plummeted. The supply chain for raw materials was highly disturbed.

The construction industry, one of the most important industries that make use of and demand power tools and their accessories, was more or less completely shut, which had an immediate negative effect on the power tools and power tool accessories market.

However, the restrictions were lifted as the pandemic got under control and the situation got better; the infrastructural projects were resumed, which stirred the demand for power tools once again, meanwhile also driving the demand for the power tool accessories market.

The automobile industry also saw the demand increase for automobiles, thus driving the demand for machines and equipment, including power tools and accessories.

Market Dynamics

Opportunities & Trends

  • Growing Prominence of Asian Manufacturing
  • Industry 4.0 & Smart Precision Manufacturing
  • Exponential Growth of Construction Industry
  • Surge in Demand for Prefabricated Buildings
  • Rise in Wind & Solar Energy Installations

Growth Enablers

  • Advances in Li-Ion Battery Technology
  • Rise in Home Improvement & Diy Projects
  • Surge in Applications of Fastening Tools
  • Rise in Number of Infrastructure Development Projects

Restraints

  • High Availability of Hand Tools and Low-Cost Labor
  • Fluctuations in Raw Material Pricing
  • End-User Variability

Market Segmentation

by Distribution Channel

  • Offline
  • Online

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

by End User

  • Industrial
  • Energy
  • Construction
  • Aerospace
  • Automotive
  • Electronics
  • Shipbuilding
  • Others
  • Commercial
  • Residential

by Geography

  • North America
  • US
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • APAC
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of APAC
  • Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • Saudi Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • Rest of the Middle East & Africa

Competitive Landscape

The global power tool accessories market is characterized by low market concentration, with high competition among the players. The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong market presence.

Currently, the power tool accessories market is highly fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch, and TTI, alongside numerous domestic tool manufacturers. These major vendors have a global presence in three major regions - North America, APAC, and Europe.

Key Company Profiles

  • Stanley Black & Decker
  • Bosch
  • Techtronic Industries Company (TTI)
  • Makita
  • Hilti

Other Prominent Vendors

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

Key Questions Answered:

1. How big is the global power tool accessories market?

2. What is the growth rate of the global power tool accessories market?

3. Who are the key players in the global power tool accessories market?

4. What are the key driving factors in the power tool accessories market?

5. Which region dominates the global power tool accessories market share?

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

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.