Press release
Power Tool Accessories Market Anticipated To Witness Robust Growth, Surpassing 2.81 Billion By 2029
Power Tool Accessories
What Is the Current Power Tool Accessories Market Size and Its Estimated Growth Rate?
The market size of power tool accessories has witnessed a solid growth in the past few years. The market is projected to expand from $2.07 billion in 2024 to $2.2 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. Factors responsible for this growth during the historic period include heightened construction and remodeling projects, a surge in DIY activities, escalation in the automotive sector, need for precise tools, enhancement of material longevity, and an increase in industrial automation.
In the coming years, robust growth is forecasted for the power tool accessories market, with an anticipated market size of $2.81 billion in 2029, reflecting a compound annual growth rate (CAGR) of 6.3%. This expected growth throughout the specified period can be attributed to factors such as an upswing in construction and Do-It-Yourself (DIY) activities, enhanced demand for durable and efficient tools, an increase in industrial automation, a boom in the e-commerce sector, a move towards cordless tools, and a rise in infrastructure development investments. Key trends anticipated during this forecast period involve developments in wireless technology, smart connectivity, improved durability, precise engineering, use of environmentally friendly materials, ergonomic design, and incorporation of automation systems.
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How Are Emerging Segments Shaping the Power Tool Accessories Market Landscape?
The power tool accessories market covered in this report is segmented -
1) By Type: Drill Bits; Circular Saw Blades; Screwdriver Bits; Router Bits; Other Types
2) By Operation Type: Cutting; Drilling; Fastening; Routing And Planning; Other Operation Types
3) By Distribution Channel: Offline; Online
4) By End-User: Industrial; Commercial; Residential
Subsegments:
1) By Drill Bits: Twist Drill Bits; Hammer Drill Bits; Masonry Drill Bits; Spade Drill Bits; Auger Drill Bits; Step Drill Bits; Core Drill Bits; Countersink Drill Bits
2) By Circular Saw Blades: Wood Cutting Blades; Metal Cutting Blades; Diamond Circular Saw Blades; Carbide-Tipped Circular Saw Blades; General Purpose Circular Saw Blades; Abrasive Circular Saw Blades; Specialty Circular Saw Blades
3) By Screwdriver Bits: Phillips Bits; Slotted Bits; Torx Bits; Square Drive (Robertson) Bits; Hex Bits; Pozidriv Bits; Security Bits; Impact Driver Bits
4) By Router Bits: Straight Router Bits; Spiral Router Bits; Edge-Forming Router Bits; Flush Trim Router Bits; Dovetail Router Bits; Chamfer Router Bits; Round-Over Router Bits; Rabbeting Router Bits
5) By Other Types: Sanding Discs And Belts; Jigsaw Blades; Oscillating Multi-Tool Blades; Polishing Pads; Angle Grinder Discs; Taps and Dies; Drill Chucks And Clamps
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Which Growth Factors Are Influencing Power Tool Accessories Market Expansion?
The escalation in construction and remodeling undertakings is anticipated to fuel the expansion of the power tool accessories market in the future. This growth in construction and remodeling activities can be attributed to factors like urbanization growth, population surge, and increased demand for infrastructure enhancements, all buoyed by government schemes, intelligent city projects investments, and construction technology advancements. Power tool accessories have become indispensable in construction tasks, aiding in cutting, grinding, drilling, and fastening operations, thereby improving efficiency and precision in different construction and remodeling projects. For instance, according to a report by the Office for National Statistics in February 2023, there was a 5.6% yearly increase in the UK's construction output in 2022 - a significant growth following a 12.8% surge recorded the previous year. Consequently, the increasing construction and remodeling operations are catalysts to the power tool accessories market expansion.
Who Are the Dominant Players Across Different Power Tool Accessories Market Segments?
Major companies operating in the power tool accessories market are Robert Bosch GmbH, Hitachi Ltd, Stanley Black & Decker Inc., Kyocera Corporation, Atlas Copco AB, Emerson Electric Co., Techtronic Industries Company Limited, Hilti Corporation, Ingersoll-Rand Plc, Makita Corporation, Husqvarna Group, Snap-On Incorporated, Chervon Limited (Skil), Festool Group GmbH & Co. KG, Metabowerke GmbH, Klein Tools Inc., L. S. Starrett Company, Bain Capital LP (Apex Tool Group), Silverline Tools, Evolution Power Tools, Craftsman, Dremel, Baier GmbH, EAB Tool Company Inc
What Are the Latest Developing Trends in the Acne Treatment Devices Market?
Leading entities in the power tools accessories market are committed to producing more long-lasting and efficient accessories like brushless motors, in response to the increasing need for high-performance tools. Brushless motors provide prolonged use and durability by eliminating brush replacements, enhancing power utilization and extending the tool's lifetime. For example, in June 2022, Robert Bosch GmbH, a German engineering corporation, unveiled the GWS12V-30 12V Max Brushless 3-inch Angle Grinder. Designed for robust cutting, it features a brushless motor, optimised gears, and a rapid brake system for safety and battery effectiveness. The tool also boasts a speed of 19,500 RPM, efficiently cutting through tough materials. Due to its small and ergonomically-friendly design, it provides comfort and control for professionals during prolonged usage. Additionally, it has an innovative spindle-lock design for effortless wheel changes and a swift braking mechanism that stops the wheel in less than a second after turning off. This fusion of power, speed and user-friendly features make it an advantageous addition to a professional's toolkit.
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Which Geographic Regions Are Expected to Dominate the Power Tool Accessories Market in the Coming Years?
Asia-Pacific was the largest region in the power tool accessories market in 2024. The regions covered in the power tool accessories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power Tool Accessories Market?
2. What is the CAGR expected in the Power Tool Accessories Market?
3. What Are the Key Innovations Transforming the Power Tool Accessories Industry?
4. Which Region Is Leading the Power Tool Accessories Market?
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