बाजार अवलोकन

The global market for power tool accessories is projected to reach USD 21.56 billion by 2027, growing at a CAGR of 6.55% पूर्वानुमान अवधि के दौरान. This growth is primarily driven by rapid industrialization and increasing applications in the household and commercial sectors. Power tool accessories find extensive use in industries such as automobile, aerospace, construction, electronics, and shipbuilding, as well as in various household applications.

The demand for cordless tools and batteries has been further fueled by the increasing use and demand for Li-ion batteries and infrastructural developments. Power tools have provided a convenient solution for workers across industries, reducing manual labor and driving innovation and product development in sectors like construction and automotive. The versatility of power tools, which include drilling and fastening tools, demolition tools, sawing and cutting tools, and material-removal tools, contributes significantly to the power tool accessories market.

The construction industry is witnessing new developments and trends, with technological transformation playing a crucial role in growth. Building projects are becoming more complex, requiring advanced precision tools to meet safety regulations, enhance productivity, and improve energy efficiency. Growth in the construction industry, supported by factors such as low-interest rates, higher incomes, population growth, public construction activities, and investments in renewables and telecommunications, is expected to stimulate the demand for power tool accessories.

The rise in residential building construction, driven by initiatives for affordable housing and the adoption of advanced power tools due to labor shortages, is expected to further fuel the demand for power tool accessories. The growing economies of APAC and Latin America, urbanization, a growing middle-class population, and domestic and regional economic growth are indirectly contributing to the adoption of more advanced tools and accessories.

Fasteners play a crucial role in various industries, including aerospace, construction, automotive, furniture, motors, and pumps. As the usage of fasteners increases, there is a rising preference for fastening tools like screwdrivers, routers, and drill bits, driving the market for power tool accessories.

The power tools industry faces challenges related to volatile raw material prices, which account for a significant portion of the overall production cost. Steel, plastic, rubber, fasteners, and batteries prices have been fluctuating, posing a threat to vendor margins. इसके अतिरिक्त, operating expenses such as labor wages have increased, and Chinese manufacturers face pressure to comply with demands and industry standards. These factors create a competitive environment for vendors striving to produce efficient power tools and accessories at affordable prices in the power tool accessories market.

बाजार विभाजन

The market is segmented based on various factors, including accessory type, end user, वितरण प्रवाह, and geography.

Segmentation by Distribution Channel
Offline
Online

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
अन्य

Segmentation by End User
Industrial – ऊर्जा, निर्माण, Aerospace, Automotive, Electronics, Shipbuilding, अन्य,
Commercial
Residential

Segmentation by Geography
North America – US, कनाडा
Europe – जर्मनी, फ्रांस, UK, इटली, स्पेन, रूस, Rest of Europe
APAC – चीन, जापान, भारत, South Korea, ऑस्ट्रेलिया, Rest of APAC
Latin America – ब्राज़िल, मेक्सिको, Rest of Latin America
Middle East & Africa – दक्षिण अफ्रीका, सऊदी अरब, टर्की, UAE, Rest of the Middle East & Africa

In 2021, the offline distribution channel held a dominant position in the power tool accessories market. This can be attributed to the high customer preference for understanding product functionalities and uses before making a purchase. Customers often prefer the offline channel to minimize the risk of receiving incompatible products, considering the specific usage and purpose of power tool accessories.

Circular saw blades emerged as the second-dominant segment due to their precision cutting capabilities in woodworking and metalworking. These tools are also popular among DIY enthusiasts, as vendors offer user-friendly cutting tools for home improvement and woodworking activities. The choice of accessories depends on the power tool and the specific task at hand. For example, lighter tools like drills, drivers, and wrenches are commonly used for personal and professional purposes, necessitating the need for replacing bits and batteries. Similarly, blades play a crucial role in woodworking and metalworking, frequently being changed in tools such as circular saws, reciprocating saws, band saws, and jigsaws.

The industrial end-user segment, including automotive and construction industries, generated the highest revenue in the global power tool accessories market in 2021. This trend is expected to continue due to the increasing demand for sophisticated tools and the growth in precision manufacturing. However, the residential and commercial segments are anticipated to drive the market through renovations, retrofits, and DIY activities. This growth is likely to be prominent in the APAC, Latin America, and Middle East & Africa regions.

APAC’s Li-ion-operated power tools market is primarily driven by large-scale industries such as automobiles, construction, electronics, and aerospace. The region’s manufacturing, services, automotive, and electrical industries have a constant demand for power tools, particularly fasteners and drillers. APAC benefits from a strong manufacturing sector and investments in innovation and new technology, especially in countries like Japan. The region’s knowledge and awareness of science allow for the trial and adoption of new products, including cordless power tools.

North America is home to major industries such as automobile, construction, aerospace, electronics, and packaging. With the increasing demand for eco-friendly products, the North American automotive sector has the highest number of electric cars. Prominent automobile manufacturers like Ford, General Motors, and FCA are based in the US, leading to a greater requirement for precision parts assembly. This drives the market for assembly tools like drillers, wrenches, and fastening tools.

Europe’s major markets for power tool accessories include the UK, जर्मनी, इटली, स्पेन, and France. Other markets such as Finland and Poland show promise for power tools and accessories due to rising purchasing power and growing industrial growth. The increasing popularity of DIY in European home improvement projects is also expected to drive the demand for tools like jigsaws and drillers.

प्रतिस्पर्धी परिदृश्य

The global power tool accessories market is characterized by a low level of market concentration, featuring intense competition among various players. In this current landscape, vendors are compelled to adapt and enhance their unique value propositions in order to establish a strong presence in the market. Presently, the power tool accessories market is highly fragmented and primarily dominated by major vendors such as Stanley Black & Decker, Bosch, and TTI. इसके अतिरिक्त, there are numerous domestic tool manufacturers competing in this space. These key vendors enjoy a global presence, particularly in three major regions: North America, APAC, and Europe.

Other vendors offer products with comparable technical specifications, such as length, width, and cutting techniques, but at lower prices. As a result, the global power tool accessories market faces the challenge of increased infiltration of lower-quality products, leading to industry proliferation. Major vendors continuously strive to secure their position as market leaders, occasionally facing competition from local vendors. The market is characterized by the presence of diverse global and regional vendors. As international players expand their footprint in the market, regional vendors may encounter greater difficulties in competing with these global counterparts. Competition in the market will primarily revolve around factors such as durability, lifespan, tool performance, price, and customization.

The future of the global power tool accessories market will depend on the introduction of new product features, in addition to advancements in brushless motor technology. For example, Bosch is the sole vendor offering cordless power tools that support inductive charging techniques. Similarly, Stanley and Milwaukee have adopted similar strategies, with Milwaukee introducing Bluetooth-enabled batteries in its tools. These batteries can be paired with Android and iOS phones, which is particularly useful for contractors. This innovation is expected to significantly reduce the number of accidents and injuries, as the tool provides warnings during periods of high temperature.

Key companies profiled in this report include Stanley Black & Decker, Bosch, Techtronic Industries Company (TTI), Makita, Hilti, 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.

Key Questions Answered

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