Power Tool Accessories Market Size to Reach Revenues of around $17 Billion by 2025 - Arizton

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Aug 17, 2020, 10:00 ET

CHICAGO, Aug. 17, 2020 /PRNewswire/ -- he global power tool accessories market is expected to grow at a CAGR of over 6% during the period 2019−2025.

Key Highlights Offered in the Report:

1. The construction industry dominated with a share of over 28% in 2019 owing to concentration of infrastructural activities in China, the US, and India.

2. Drill bits was the largest segment in 2019 and is likely to add around $700 million by 2025.

3. The aerospace industry is expected to post an absolute growth of around 37% owing to rising demand for fastening and precision power tools.

4. With more than 65% of global DIY market being concentrated in North America and Europe, they serve as the epicenter for the demand of residential power tool accessories.

5. Considered as a global manufacturing hub with assembly lines, the automotive industry in Europe accounted for 19% of the revenue share in 2019.

6. Bluetooth enabled batteries, patented blade technologies, and enhanced ergonomics for DIY users are the competitive strategies adopted by the vendors in the global market.

Key Offerings:

Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by accessory type, end-user, and geography
Competitive Landscape – 5 key vendors and 22 other vendors

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Power Tool Accessories Market – Segmentation

The drill bits segment is expected to grow at a CAGR of over 5% during the period 20192025. The application of corded and battery-operated drill accessories has penetrated in DIY enthusiasts. Circular saw blades constituted the second dominant segment as they are mostly used for wooden and metal works that need precision cutting.
The construction segment is expected to grow at a CAGR of over 6% during the period 2019–2025. The global construction industry is likely to increase by 85% in 2030, with China, the US, and India expected to lead the market. Along with new public and residential construction activities, renovation and retrofit activities will add further demand for power tools over the next five years.
The commercial end-user segment is expected to grow at a CAGR of over 6% during the period 2019–2025. The rise in hotel and shopping malls construction is expected to drive the market growth. North America was the largest revenue generator in the segment. The growing volume of renovation retrofit activities in the commercial sector is driving the growth of the segment.

Power Tool Accessories Market by Accessory Type

Drill Bits
Screwdriver Bits
Router Bits
Circular Saw Blades
Jig Saw Blades
Bandsaw Blades
Abrasive Wheels
Reciprocating Saw Blades
Batteries
Others

Power Tool Accessories Market by End-user

Industrial

Automotive
Aerospace
Electronics
Energy
Construction
Shipbuilding
Others

Commercial
Residential

Power Tool Accessories Market – Dynamics

The world is witnessing new developments and market trends in the construction industry. Technological transformation is a major factor influencing this growth along with the significant changes has been deployed throughout the industry from design to installations. While building projects are becoming more complex in nature, stringent policies governing employee safety, utilization of advanced precision tools, need for energy efficiency, and improvement of productivity are some of the major concerns. Growth can be more concentrated in the real estate and residential sectors, which are majorly supported by low-interest rates and rising disposable income among the population. The growing population, rising demand for public construction activities, and growing investments in renewables and telecommunication are expected to fuel the growth of the construction industry during the forecast period.

Key Drivers and Trends fueling Market Growth:

Growing Prominence of Asian Manufacturing
Industry 4.0 & Smart Precision Manufacturing
Development in Li-ion Batteries
Rising Application of Fastening Tools

Power Tool Accessories Market – Geography

The presence of large-scale industries such as automobiles, construction, electronics, and aerospace are driving the market for Li-ion-operated power tools in the region. Furthermore, the DIY culture is highly predominant in North America, thereby propelling the need for tools such as compact and handy heat guns. Moreover, the home improvement market in North America was valued at $465 billion in 2019. With the rising green building regulations, the growing cost of manual labor, high disposable income, and the rise in immigration rates, the demand for power tool accessories are expected to witness a surge during the forecast period.

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Power Tool Accessories Market by Geography

North America

US
Canada

Europe

UK
Germany
France
Spain
Italy

APAC

China
Japan
South Korea
Australia
India

Latin America

Brazil
Mexico

Middle East & Africa

Saudi Arabia
UAE
Saudi Arabia
Turkey

Prominent Vendors

Black & Decker
Robert 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

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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SOURCE Arizton Advisory & Intelligence