Power Tool Accessories Market size is expected to grow from 2021 to 2027

The global power tool accessories market size is expected to grow at a CAGR of 6.1% from 2021 to 2027. Power tools, regarded as an ideal alternative for hand tools, are used for various industrial, commercial, residential, and DIY activities. These compact tools can be either pneumatic, hydraulic, or battery-operated in their functioning. For optimum end-use, power tools use supporting accessories like blades, batteries, chisels, bits, cutters, and chargers to maximize overall productivity and performance. The growth in Li-ion batteries is stimulating the demand for cordless power tools and their associated accessories. Cutting and drilling tools are estimated to be the major categories that boost the revenue for supplements, including circular saws, drills, drivers, wrenches, screwdrivers, nut runners, and reciprocating saws.

Advancements in technology have led to the growth of several tools and machines used across industries. Power tools are outpacing traditional hand tools in the professional and residential segments due to the demand for higher efficiency. For example, the construction industry experiences high pressure to launch innovative tools that reduce human effort. The surge in the substructure and the construction market is a boon to the power tools market that will also enforce innovations in the future years. The rise in manual labor costs and home improvement activities such as DIY has pushed the demand for user-friendly tools.

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Power tools have been a convenient solution for workers across industries since it helps eliminate manual labor. Industries like construction and automotive also serve as a source of innovation and product development for power tools and accessories since they are the forerunners in adopting the latest market trends. Power tools, including drilling and fastening, demolition, sawing and cutting, and material-removal tools, have unlimited use across the industrial, commercial, and residential sectors. They are convenient resources that eliminate the need for strenuous manual labor. Hence, their use in the construction and automotive sectors opens new opportunities for innovation in the power tools market.

COVID-19 Impact on the Global Power Tool Accessories
The global power tool accessories market suffered a downfall during the COVID-19 crisis as most economic activities were halted during Q1 and Q2 2020. Most of the major revenue-generating end-users such as construction, automotive, commercial renovation, and home improvement activities were affected, leading to a decline in power tools and associated accessories sales. The curfew and lockdown procedures prevented the extensive application of power tools by contractors and workers, thereby affecting the total revenue generation for the accessories market. The utilization of drills, wrenches, drivers, cutters, and batteries, which require frequent accessories replacement, was reduced.

The government has recommended lockdown across various sectors to practice social distancing, including automotive, electronics, and precision manufacturing, which can potentially affect demand. China and South Korea, which are considered the major markets for automotive parts and electronic component manufacturing, were under complete lockdown in Q1 2020, which might have aftereffects in Q2 as well. Hyundai, Kia, and Ssang Yong have temporarily shut down their factories in South Korea, impacting the cordless power tools market.

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Global Power Tool Accessories Market Dynamics
Drivers: Development in Li-Ion Batteries
While corded power tools have been predominantly used for years, the venture of cordless power tools has reshaped the face of the power tools industry. It has also contributed to the origin and extension of new product ranges in the battery-operated categories, driving the accessories market for power tools. One of the most prominent growth enhancers for the cordless power tools segment is associated with the development of Li-ion batteries over the past decade. Due to the increasing demand for long-lasting battery life, several advancements have been made in batteries to improve the backup capacity, dramatically improving Li-ion batteries' performance and efficiency. It has also led to energy density, cyclability, safety, stability, and charging rate developments. Although replacing Li-ion batteries will result in 10-49% additional costs, the preference for efficient Li-ion batteries is on the rise in electric vehicles and e-communication devices.

Furthermore, NiCd batteries used for decades cannot provide power to heavy tools, resulting in poor productivity. Thus, screwdrivers, saws, and drillers are generally powered by Li-ion batteries. The use of Li-ion batteries in tools also enables the development of new products as they can provide battery backup even for heavy equipment. Therefore, the introduction of Li-ion battery technology is a game-changer in the market.

Restraints: Availability of Hand Tools & Low-Cost Labor
One of the major factors that hamper the growth of cordless power tools is cheap labor in most developing economies concentrated in APAC and Latin America. Low-cost manual labor mainly constitutes less-skilled workers who make use of traditional tools instead of technologically advanced devices. These laborers use hammers and other essential tools to reduce working costs, leading to low preference and poor penetration of cordless power tools in these countries. Hence, the availability of low-cost labor has pushed most of the operations of USbased organizations to emerge in Southeast Asian nations. However, since low-cost manual labor in countries such as India, China, and Indonesia is drastically different from the procedures of battery-operated power tools, it poses additional challenges for vendors. Consequently, this has prompted the necessity of promoting education and awareness campaigns in nations before making efforts to sell the products further. The van demonstration campaign by Bosch in India is an example that is expected to impact the country's market positively.

However, the rising training requirements in the workplace and improved safety standards from organizations such as OSHA are expected to enhance the skills of laborers at construction sites globally. This is also likely to improve work productivity in the next five years by using flexible and efficient power tools, including cordless ones. Being a significant challenge in 2020, the impact is expected to reduce drastically during the forecast period, which can help drive the demand for cordless power tools. Thus, in the future, the demand and preference for power tool accessories are expected to surge alongside the higher adoption of power tools in the growing economies of the APAC and Latin American regions.

Opportunities: Growing Prominence of Asian Manufacturing
Since the first industrial revolution in the late 18th century, the manufacturing sector has been highly dominated by a few European countries and the US. These countries traditionally held immense control over key resources and were better poised to foster industrial development and drive innovation through advancements in production technologies, materials, and end-user solutions. However, these countries faced the challenge of high demand and competitiveness over the years. The demographic dividend and market maturity put them at a disadvantage over fledgling economies with cheaper resources and huge end-user markets.

These countries require a technological leap in terms of manufacturing. However, trends have shown that countries that had adopted structural shifts from low technology to high technology in the manufacturing process had significantly increased their GDP per capita over the past few decades. Japan and South Korea are the key examples in this regard. In these economies, while low-tech industries dominate low-income levels, offering large-scale employment, productivity gains are enabled mainly by the high-tech industry, with the latter being majorly advocated by government and institutional reforms to escape the middle-income trap. This can substantially drive the market for machine tools and cordless power tools in the coming years, paving the way for the rising demand for accessories and spare parts.

Scope of the Report
The study categorizes the power tool accessories market based on accessory, end-user, and region.

By Accessory Type Outlook (Sales/Revenue, USD Million, 2017-2027)
Drill bits
Screwdriver bits
Router bits
Circular saw blades
Jigsaw blades
Band saw blades
Abrasive wheels
Reciprocating saw blades
Batteries
Others
By End-User Outlook (Sales/Revenue, USD Million, 2017-2027)
Industrial
Commercial
Residential
By Region Outlook (Sales/Revenue, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)

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Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The drill bits segment is projected to account for the largest market share by accessory type
By accessory type, the power tool has been segmented into drill bits, screwdriver bits, router bits, circular saw blades, jigsaw blades, band saw blades, abrasive wheels, reciprocating saw blades, batteries, and others. Drill bits were the major revenue contributor based on the accessory type, generating a market revenue share of 14% in 2020. Drill bits are among the prominent power tool accessories owing to their rising endues applications across industries. From everyday drilling activity by a DIY enthusiast to a professional contractor in construction, the role of drill bits remains more crucial for optimum end-use applications. They are used for making holes, which are mainly in a circular cross-section. With the availability of drills in multiple shapes and sizes, the demand is based on the specific application that is more ideal for effective operations. However, high-speed steel is often preferred for boring into wood, plastic, and soft steel, which is also more affordable and reliable. While Cobaltblended drills are suitable for stainless steel and more rigid steel, they are not preferred for everyday operations.

Asia Pacific accounts for the highest CAGR during the forecast period

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. The Asia Pacific region is the fastest-growing market for power tool accessories, which is expected to grow at a CAGR of 7.51% during the forecast period. The APAC is home to several industries, including manufacturing, services, automobiles, and electrical. This consequently increases the need for corded and cordless power tools. South Korea and While Japan are major manufacturers and exporters of electrical appliances and automobiles, Singapore dominates its excellent construction facilities. Also, the increasing purchasing power of consumers and the rising DIY practice among young consumers are driving the region's heat gun market.

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The construction industry in China is anticipated to grow by 4.32% through 2021 due to multiple mega infrastructure projects coupled with 2,991 hotel construction projects in the pipeline. Similarly, Indonesia can increase by around 9% over the next five years as residential, and 378 hotel construction projects are in the pipeline. With the upcoming Tokyo Olympics, new infrastructural projects and upgrades will contribute to the growth of the construction industry in Japan. With the rise in the construction industry, the demand for impact wrenches, drivers, demolition tools, and cutting tools will also witness growth during the forecast period.

Key Market Players
The power tool accessories market is mildly concentrated in nature with few numbers global players operating in the market such as Suez Environmental Services, Veolia Environmental Services, Enevo, Smart bin (OnePlus Systems Inc.), IBM Corporation, Waste Management, Inc., Bigbelly Inc., Covanta Holding Corporation, Pepperl+Fuchs GmbH, BIN-e, Evoeco, Ecube Labs Co Ltd., Republic Services, Sensoneo, and Evreka among others.

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