The 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:
- The construction industry dominated with a share of over 28% in 2019 owing to concentration of infrastructural activities in China, the US, and India.
- Drill bits was the largest segment in 2019 and is likely to add around $700 million by 2025.
- The aerospace industry is expected to post an absolute growth of around 37% owing to rising demand for fastening and precision power tools.
- 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.
- Considered as a global manufacturing hub with assembly lines, the automotive industry in Europe accounted for 19% of the revenue share in 2019.
- Bluetooth enabled batteries, patented blade technologies, and enhanced ergonomics for DIY users are the competitive strategies adopted by the vendors in the global market.
- 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
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
Power Tool Accessories Market by End-user
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.
Power Tool Accessories Market by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- Saudi Arabia
- Black & Decker
- Robert Bosch
- Techtronic Industries Company (TTI)
Other Prominent Vendors
- Apex Tool Group
- Koki Holdings
- CS Unitec
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
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