Power Tool Accessories Market Growing at a CAGR 6.1%
The global power tool accessories market size is expected to register a CAGR of 6.1% during the forecast period. A fastener is a hardware component used globally for affixing joints with two or more objects in general. Fasteners are increasingly used in aerospace, building and construction, automotive, furniture, motors, and pumps. Commonly used fasteners include nails, screws, bolts, clamps, tapping screws, set screws, and studs. With the rising usage of fasteners, the preference for fastening tools for assembly is expected to surge, further driving the market for accessories like router bits, drill bits, and screwdriver bits. Power tools are mostly preferred and used as assembly tools. Thus, the growth in the usage of fastening tools eventually drives the market for corded and cordless power tools. For instance, cordless drillers and impact drivers can be used for driving screws and fastening nuts in the industry. Similarly, some of the automatic screw driving systems have several configurations that enable users to perform accordingly.
Browse 211 market data Tables and 63 Figures spread through 234 Pages and in-depth TOC on "Power Tool Accessories Market Research Report 2021-2027."
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Global Power Tool Accessories Market Segmentation
The overall power tool accessories market has been segmented into the accessory type, end-users, and region.
• By Accessory Type (Drill Bits, Screwdriver Bits, Router Bits, Circular Saw Blades, Jigsaw Blades, Band Saw Blades, Abrasive Wheels, Reciprocating Saw Blades, Batteries and Others)
• By End-User (Industrial, Commercial and Residential)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
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Industrial, by end-users, is estimated to hold the largest market share during the forecast period
The global power tool accessories market is segmented into industrial, commercial, and residential based on end-users. The industrial end-user segment contributed 74.58% of the total market revenue in 2020. Cordless power tools are widely used in aerospace, automotive, electronics, energy, shipbuilding, construction, etc. The construction sector is estimated to be the highest revenue generator due to the rise in construction and renovation activities across the globe, followed by the automotive industry that involves the assembly of high-precision parts.
The construction industry is the largest end-user segment for the power tool accessories market and will likely remain dominant throughout the forecast period. Over time, traditional hand tools in the construction industry have been replaced by corded and battery-powered cordless tools. This helps in increasing overall and employee productivity. Drillers, demolition hammers, rotary hammers, dust extractors, sanders, grinders, and routers are the most common equipment used in the construction industry, driving the demand for accessories. Abrasive power tools have become more indispensable in the construction industry, especially in field operations. Alongside surface finishing operations, cut-off operations with metals and reinforced concrete work are the major drivers for enhancing power tools' adoption and accessories. Going forward, power tools improve the speed and effectiveness of construction work.
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North America accounts for the largest market share in the power tool accessories market 2020
Based on the regions, the global power tool accessories market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was the largest power tool accessories market and accounted for 30.82% 2020. Large-scale industries such as construction, electronics, aerospace, and automobiles are driving the demand for Li-ion-operated power tools in the region. With the rising green building regulations, the growing cost of manual labor, the rise in immigration rates, and high disposable income, the demand for power tool accessories are expected to surge during the forecast period.
The role of power tools in the automobile industry has been predominant due to their multiple and effective uses. Consumers' wide choice and preference for vinyl wraps, roof denting, or stickering can be met by using tools such as heat guns. Auto body shop owners prefer heat guns to enhance aesthetics by applying optimum heat in vinyl wrapping. They can also fix blemishes and remove old adhesives. North America also accounted for more than 52.2% share of the global aerospace parts manufacturing market, which is projected to remain consistent throughout the forecast period owing to the rising air traffic in the region. New aircraft buildings with precision parts will further use cordless power tools to enhance workers' productivity.
Major companies in the global market of power tools accessories are Suez Environmental Services, Veolia Environmental Services, Enevo, IBM Corporation, Waste Management, Inc., Smart bin (OnePlus Systems Inc.), Bigbelly Inc., Pepperl+Fuchs GmbH, BIN-e, Evoeco, Ecube Labs Co Ltd., Republic Services, Sensoneo, Covanta Holding Corporation, and Evreka among others.
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