Originally Published on: technavio |Power Tool Accessories Market by End-user, Type, and Geography - Forecast and Analysis 2023-2027
Power Tool Accessories Market Analysis Report 2023-2027:
The power tool accessories market is expected to grow at a CAGR of 5.1% between 2022 and 2027. During this period, the market size is forecasted to increase by USD 758.76 million. The growth of the market is influenced by several key factors, including the growing sales of passenger cars, the expansion of fabricated metal product manufacturing, and increased construction activities in emerging nations in the Asia-Pacific (APAC) region.
Power Tool Accessories Market Overview:
Key Drivers, Trends, Challenges, and Customer Landscape:
The increase in sales of passenger cars is a significant driver of market growth. However, the high cost of power tools presents a challenge. In addition to these factors, the report delves into an analysis of market drivers, trends, and challenges. It offers a comprehensive look at how these drivers can help companies refine their marketing strategies to gain a competitive advantage.
Key Power Tool Accessories Market Driver:
The increase in sales of passenger cars significantly drives market growth. Factors such as rapid urbanization, improved road infrastructure, and consumer preferences for new vehicle models with high fuel efficiency and low emissions are boosting the automotive market. Power tools have various applications in the automotive production line, and a rise in the sales or production of vehicles is expected to increase the demand for power tools and accessories. The preference for fuel efficiency and low emissions among consumers will drive the demand for passenger cars, consequently increasing the demand for power tools and accessories. In the commercial vehicle category, the United States contributes more than three-fourths of the market share in the Americas. The recent economic recovery and growth in the economy have increased the sales of commercial vehicles in the region.
Significant Power Tool Accessories Market Trend:
The primary trend in the market is the increased integration of the Internet of Things (IoT) into manufacturing processes. Industrial machines, including power tools, are now equipped with IoT technology. This integration allows industrial machines to transmit critical operational data such as temperature, pressure, stress, and health and performance parameters over the Internet. This data helps improve the efficiency of industrial machinery, reduce downtime, and extend the life of equipment, enhancing process safety. The growing adoption of IoT-enabled industrial machinery is expected to have a positive impact on the global power tool accessories market.
Major Power Tool Accessories Market Challenge:
The high cost of power tools is a significant challenge facing market growth. High-quality power tools designed for efficient and safe material handling come with various features and capabilities that increase their cost. Additionally, the maintenance cost of such tools can be high. This high cost can deter small-scale industries from investing in high-quality power tools. A decline in demand for power tools could potentially hinder the growth of the global power tool accessories market.
Key Power Tool Accessories Market Customer Landscape:
The report includes an analysis of the customer lifecycle, covering from innovators to laggards, and addresses the drivers of price sensitivity. The report aims to provide insights to help companies evaluate and develop their growth strategies.
Key Companies in Power Tool Accessories Market:
Companies in the market are implementing various strategies like strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to strengthen their market presence. Stanley Black and Decker Inc. is one such key company that offers power tool accessories, including variable-speed corded drills and cordless drills in a range of voltages under their subsidiary Dewalt. They offer a wide range of products such as drills, impact wrenches and drivers, grinders, saws, demolition tools, clamps, vises, knives, saws, and others.
Fastest-Growing Segment:
The professional segment is expected to experience significant growth during the forecast period. Professionals are willing to pay a premium for higher quality and more durable accessories, as these are used continuously. They are also more likely to adopt pneumatic and hydraulic power tools, which are generally not preferred by the consumer segment due to the high maintenance requirements and additional ancillary equipment. Consequently, a major demand for accessories is expected to arise from pneumatic and hydraulic power tools within the professional segment. This segment was valued at USD 899.74 million in 2017 and continued to grow until 2021. The growth of the professional segment will be driven by improvements in the construction, manufacturing, and automotive industries.
Regional Overview:
North America is expected to contribute 36% to the global market's growth during the forecast period. The United States plays a significant role in this region's power tool accessories market. Factors such as increased outsourcing to countries like Canada, Mexico, and Brazil are driving the demand for power tools and accessories. Canada is making substantial investments in unconventional hydrocarbon resources, leading to the commencement of new pipeline projects. These projects require a significant number of pipelines, which are manufactured using metal welding equipment. All these factors are expected to drive the growth of the power tool accessories market in North America.
The global power tool accessories market in North America faced challenges due to the COVID-19 pandemic. However, the rebound in investment inflows across industries like mining, automotive, manufacturing, construction, and more led to the reopening of production plants in the region in 2021. Consequently, the demand for power tool accessories is expected to increase, especially in industries focused on precision metal cutting, further contributing to the region's market growth.
Segment Overview:
The report forecasts market growth by revenue at the global, regional, and country levels. It also provides an analysis of the latest trends and growth opportunities from 2017 to 2027, segmented as follows:
End-user Outlook (USD Million, 2017 - 2027):
Professional
Consumer
Type Outlook (USD Million, 2017 - 2027):
Drill bits
Screwdriver bits
Router bits
Others
Region Outlook (USD Million, 2017 - 2027):
North America
Europe
APAC
South America
Middle East & Africa
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