5.1% CAGR Growth in Power Tool Accessories Market due to the increase in sales of passenger cars - Technavio
NEW YORK, Feb. 1, 2024 /PRNewswire/ -- The power tool accessories market size is set to grow by USD 758.76 million between 2022 and 2027, and register a CAGR of 5.1%, according to Technavio's latest market research report estimates. The report is segmented by End-user, Type, and Geography. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The increase in sales of passenger cars drives growth. Rapid urbanization, better road infrastructure, and consumer preference for new vehicle models with high fuel efficiency and low emissions are some of the major factors driving the market for automobiles. Additionally, power tools have various applications in the automotive production line and thus, a rise in the sales or production of vehicles is expected to propel the demand for power tools and accessories.
End-user
Type
Geography
The professional segment will be significant during the forecast period. Professionals are ready to pay a premium price for better quality and more durable accessories because they are continuously used. Also, they are ready to adopt pneumatic and hydraulic power tools that are generally not preferred by the consumer segment. This is owing to the factor that these tools require high maintenance and additional ancillary equipment. Hence, in the professional segment, a major demand for accessories is expected to be from pneumatic and hydraulic power tools.
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Some of the major vendors include ANDREAS STIHL AG and Co. KG, Atlas Copco AB, Bahco, Baker Hughes Co., Caterpillar Inc., Drill King International, Emerson Electric Co, Festool GmbH, Halliburton Co., Hilti Corp., KKR and Co. Inc., Koki Holdings Co. Ltd., KYOCERA corp., Makita Corp., Robert Bosch GmbH, Sandvik AB, Snap on Tools Pvt. Ltd., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and Tools4Trade. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market.
The report also covers the following areas:
Increased integration of the Internet of Things (IoT) in manufacturing processes is the primary trend in the market, however, the high cost of power tools is the major challenge impeding market growth.
Power Tool Accessories Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist power tool accessories market growth during the next five years
Estimation of the power tool accessories market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the power tool accessories market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of power tool accessories market vendors
Applications of Power Tools
The Power Tool Accessories industry encompasses a wide range of products including drill bits, saw blades, and abrasive wheels, among others. These accessories enhance the functionality and performance of power tools, catering to various applications such as cutting, grinding, and sanding. Additionally, power tool accessories like batteries, chargers, and attachments contribute to market growth by offering versatility and convenience to users.
Related Reports:
The power tool batteries market size is forecast to increase by USD 1.52 billion and is estimated to grow at a CAGR of 8.1% between 2023 and 2027.
The cutting tool inserts market is estimated to grow at a CAGR of 5.93% between 2022 and 2027. The size of the market is forecast to increase by USD 2,046.36 million.
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