IMARC Group has recently released a new research study titled “Power Tool Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the power tool accessories market?
The global power tool accessories market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Power tool accessories encompass a broad spectrum of attachments and add-ons designed to enhance the functionality and versatility of power tools. These components are essential for professionals and DIY enthusiasts alike. Characterized by their durability and precision, power tool accessories play a pivotal role in optimizing performance. The key feature of these accessories is their adaptability. They are crafted to seamlessly integrate with various power tools, such as drills, saws, and grinders, allowing users to accomplish a multitude of tasks with a single tool. Additionally, power tool accessories exhibit exceptional longevity due to their construction from robust materials, ensuring they can withstand rigorous use.
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Industry Demand, Trends and Growth Drivers:
The increasing demand for efficiency and precision in construction, woodworking, and metalworking tasks is a key factor driving the growth of the power tool accessories market. Moreover, advancements in power tool technologies and the rising investment in research and development activities are acting as significant growth drivers.
Alongside this, the expanding scope of DIY (Do-It-Yourself) projects and home improvements has emphasized the importance of high-quality, versatile tool accessories, thus fueling market expansion. Additionally, the growing awareness of the need for durable and specialized accessories, such as drill bits, saw blades, and battery packs, to complement power tools has resulted in an uptick in demand for these products. In line with this, professional tradespeople and home DIY enthusiasts are seeking reliable and efficient power tool accessories to enhance task performance and extend tool longevity, thereby the stimulating market growth.
Coupled with this, innovative technologies, such as carbide-tipped blades, quick-change systems, and battery optimization features, are fueling the market growth. Furthermore, government initiatives aimed at fostering industrial growth, promoting safety standards, and encouraging responsible consumption are creating a positive market outlook globally.
Competitive Analysis and Segmentation:
Competitive Landscape with Power Tool Accessories Key Players:
Major Power Tool Accessories Players Covered:
- Apex Tool Group LLC (Bain Capital Partners)
- Atlas Copco AB
- Hilti Aktiengesellschaft
- Husqvarna Group
- Ingersoll-Rand Plc (Gardner Denver Holdings Inc.)
- Klein Tools Inc.
- Koki Holdings Co. Ltd. (KKR & Co. Inc.)
- Makita Corporation
- Robert Bosch GmbH
- Snap-On Incorporated
- Stanley Black & Decker Inc.
- Techtronic Industries Company Limited
Key Market Segmentation:
Breakup by Type:
- Drill Bits
• Screwdriver Bits
• Router Bits
• Circular Saw Blades
• Jig Saw Blades
• Band Saw Blades
• Abrasive Wheels
• Reciprocating Saw Blades
Breakup by Application:
- Milter Saw
• Drill Machine
• Reciprocating Saw
• Hole Saw
Breakup by End-Use Sector:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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