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Shibuya-ku, Tokyo, Japan, Japan, Apr 28, 2022, 01:44 /Comserve / -- The power tools accessories market by revenue is expected to grow at a CAGR of over 6% during the period 2022–2031.
The global power tool accessories market is expected to witness growth after the post-2020. Rapid industrialization and increasing applications in households and commercial sectors are primarily driving the power tool accessories set. These sets are primarily used in industries such as automobile, aerospace, construction, electronics, and shipbuilding. The growth in the use and demand for Li-ion batteries along with the rise in infrastructural developments have surged the demand for cordless power tools and batteries. The industrial sector is the largest end-user followed by commercial and residential segments.
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The spread of the COVID-19 pandemic across the globe in early 2020 has deeply plummeted the demand from end-user industries, especially from construction, automotive, and electronics. All new and running projects have come to a standstill. While a few industry experts are optimistic, the market is expected to grow from Q3 2020.
The following factors are likely to contribute to the growth of the power tools accessories market during the forecast period:
• Growing Prominence in Asian Manufacturing
• Industry 4.0 and Smart Precision Manufacturing
• Growth in the Construction Industry
• Development in Lithium-ion Batteries
The study considers the present scenario of the power tools accessories market and its market dynamics for the period. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Power Tool Accessories Market Segmentation
The global power tool accessories market research report includes a detailed segmentation by accessory type, end-user, and geography. The drill bits segment is expected to grow at a CAGR of over 5% during the period 2022–2031. 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. They are used in DIY activities as most vendors offer user-friendly cutting tools for home improvement and wood-crafting activities. The screwdriver bits segment is expected to pose an absolute growth of 36% during the forecast period. Screwdriver bits are finding their application in drilling. They are one of the best-selling accessories in the residential segment. Jigsaw blades, which are extensively used for renovation and retrofit activities in construction sites, are expected to grow at a CAGR of 6.03%. North America is the leading country owing to infrastructural development activities in countries such as the US and Canada. Bandsaw blades, which are finding adoption among woodworkers, generated over $1 billion in 2019. The segment is projected to witness steady growth as the culture of DIY is spreading in APAC and Latin America. Reciprocating saw blades are likely to observe incremental revenue of $565 million by 2025. North America is projected to continue its dominance during the forecast period owing to the rise in end-user applications, especially in shipbuilding, manufacturing, and automotive end-users.
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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 grow by 85% in 2030, with China, the US, and India expecting 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 automotive industry segment is expected to grow at the fastest CAGR of over 6% in the APAC region. This is due to the extensive use of drillers and fastening tools with bits and batteries for assembly activities. The industry also makes an extensive use of heat guns, glue guns, cutting tools, which further widen the utilization of accessories. The increased application of precision parts and the rising global consumer traffic are expected to drive the demand for power tool accessories in the aerospace industry. Battery driven wireless precision power tools are projected to drive the pneumatic mold tools market.
The commercial end-user segment is expected to grow at a CAGR of over 6% during the period 2022–2031. 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.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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