DUBLIN, March 28, 2023 /PRNewswire/ -- The "U.S. Power Tool Accessories Market - Industry Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. power tool accessories market size is expected to reach $4,871.75 Million in 2028 from $3,511.98 Million in 2022 at a CAGR of 5.61%.
Market Dynamics
Opportunities & Trends
- Growing Prominence of Manufacturing
- Industry 4.0 and Smart Precision Manufacturing
- Growth in Construction Industry
- Growing Demand for Prefabricated Buildings
- Increasing Renewable Energy Installations
Growth Enablers
- Development of Li-Ion Batteries
- Rise in Home Improvements & Diy Activities
- Rising Application of Fastening Tools
Restraints
- Hand Tools and Low Cost Labor
- Us-China Trade War
- End-User Variability
- Manufacturers Shifting Production Facilities to Other Countries
SEGMENTATION INSIGHTS
INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel dominated the U.S. power tool accessories market, accounting for a revenue share of 66.10% in 2022. It is expected to grow significantly during the forecast period due to high customer preference to comprehend the functionalities and uses of the product before making the final purchase decision. Moreover, since power tool accessories have very specific usage and purpose, the preference for the offline channel is high to minimize the risk of receiving incompatible products.
Segmentation by Distribution Channel
- Offline
- Online
INSIGHTS BY ACCESSORY TYPE
The drill bits accessory type dominated the U.S. power tool accessories market and generated a revenue of USD 502.41 million in 2022. Some of the best-selling drill bits in the market include titanium-coated DeWalt drill bits to provide a longer shelf life, Drill Hog, Irwin Tools, Drill America, and Bosch. As impact drills are among the common tools for household applications, it is always recommended that the vendors offer bits ideal for all end-use applications. They can also maximize their retail and online presence to ensure supply chain feasibility as demands are expected to surge further during the forecast period.
Segmentation 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
INSIGHTS BY END USERS
The industrial end-user segment accounted for 74.20% of the U.S. power tool accessories market revenue in 2022. Cordless power tools are widely used in automotive, aerospace, electronics, energy, construction, shipbuilding, and other industries. The energy sector is estimated to be one of the major revenue generators due to the rise in sustainable energy being promoted and widely accepted across the globe activities. Also, the construction industry generated revenue close to USD 737.58 million, which can be attributed to the rapid infrastructural developments across multiple U.S. areas.
Segmentation by End User
- Industrial
- Energy
- Construction
- Aerospace
- Automotive
- Electronics
- Shipbuilding
- Others
- Commercial
- Residential
REGIONAL ANALYSIS
Several factors have contributed to the growth of the U.S. power tool accessories market in the South region. The region is home to many manufacturing centers for power tools and accessories, making it easier for companies to produce and distribute these products. Moreover, government spending on infrastructure projects in the region, such as highways, bridges, and public buildings, has also driven demand for power tools and accessories.
The western region of the US has experienced strong economic growth in recent years, which has led to an increase in construction activity and a corresponding rise in demand for power tools and accessories. The region has seen strong demand for new homes and home remodeling, which has driven growth in the power tool accessories market. Further, the region is home to many manufacturing centers for power tools and accessories, making it easier for companies to produce and distribute these products. Such factors have contributed to the U.S. power tool accessories market in the western region.
Segmentation by Geography
- The U.S.
- South
- West
- Midwest
- Northeast
COMPETITIVE LANDSCAPE
The U.S. power tool accessories market is characterized by low market concentration and intense rivalry among competitors. Vendors are forced by the current situation to modify and improve their distinctive value propositions to have a significant market presence. The U.S. power tool accessories market is fragmented and controlled by companies such as Stanley Black & Decker, Bosch, and TTI. Further, many domestic tool makers offer attachments in various sizes, shapes, and styles that match those made by a reputable vendor.
Key Company Profiles
- Stanley Black & Decker
- Robert Bosch
- Techtronic Industries
- Makita
- Hilti
Other Prominent Vendors
- Apex Tool Group
- Snap On
- Koki Holdings
- Fortive
- Positec
- Chervon
- Fein
- AIMCO
- Festool
- CS Unitec
- Dynabrade
- Husqvarna
- Stihl
- Blount
- KYOCERA
- Panasonic
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
- Emerson
KEY QUESTIONS ANSWERED
1. How big is the U.S. power tool accessories market?
2. What is the growth rate of the U.S. power tool accessories market?
3. What are the key trends in the U.S. power tool accessories market?
4. Which accessory type dominates the U.S. power tool accessories market share?
5. Who are the prominent players in the U.S. power tool accessories market?
For more information about this report visit https://www.researchandmarkets.com/r/6wymbw
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