NEW YORK, Jan. 24, 2023 /PRNewswire/ -- According to Technavio, the global power tool accessories market size is estimated to grow by USD 758.76 million from 2022 to 2027. The market is estimated to grow at a CAGR of 5.1% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 36%. For more Insights on market size, Request a sample report

Power tool accessories market - Five Forces

The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

  • Bargaining Power of Buyers 
  • The threat of New Entrants
  • Threat of Rivalry
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Power tool accessories market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Power tool accessories market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on end-user (professional and consumer), type (drill bits, screwdriver bits, router bits, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

  • The market growth in the professional segment will be significant during the forecast period. The adoption of power tool accessories is high among professional end-users. Professional end-users readily adopt pneumatic and hydraulic power tools, which are generally not preferred by the consumer segment as they require high maintenance and additional ancillary equipment. The demand for power tools accessories in this segment is increasing due to the growth of the construction, manufacturing, and automotive industries.

Geography Overview

By geography, the global power tool accessories market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global power tool accessories market.

  • North America will account for 36% of the global market growth during the forecast period. Canada is making significant investments in unconventional hydrocarbon resources. Several new pipeline projects are expected to commence in the country during the forecast period. In the US, many companies are establishing their operations due to the abundant availability of natural resources, political stability, highly educated and productive workforce, and an environment that is conducive to business. All these factors are driving the growth of the power tools accessories market in North America.

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Power Tool Accessories Market – Market Dynamics

Key factor driving market growth

  • The market is driven by the increasing sales of passenger cars.
  • The GDP growth in developing countries such as India, China, and Indonesia has increased the sales of automobiles. Also, the revival of the American economy has also increased the adoption of automobiles globally.
  • In addition, factors such as rapid urbanization, better road infrastructure, and consumer preference for new vehicle models with high fuel efficiency have fueled the growth of the automobile industry.
  • With the growth in the sales of automobiles, the demand for power tool accessories will increase during the forecast period.

Leading trends influencing the market 

  • The increasing integration of the IoT in manufacturing processes is identified as the key trend in the market.
  • Industrial operators are integrating IoT to transmit and collect data related to critical operating parameters such as temperature, pressure, stress, and health and performance parameters.
  • The data helps in improving the efficiency of industrial machinery, reducing downtime, and increasing profess safety.
  • The increasing adoption of IoT is driving the demand for compressors, pumps, industrial robots, and power tools that have IoT features, thereby fueling the growth of the market in focus.

Major challenges hindering market growth

  • The high cost of power tools is one of the major challenges hindering market growth.
  • Power tools are backed with various capabilities and features to provide increased usability, accurate controls, and fool-proof technology to eliminate the risks of mishandling.
  • The presence of these features increase the cost of power tools.
  • Their high cost makes several small-scale companies reluctant in investing in efficient and effective or high-quality power tools.
  • This is resulting in a decline in the demand for power tools, which is hindering market growth.

Driver, Trend, and Challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this power tool accessories market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the power tool accessories market between 2023 and 2027
  • Precise estimation of the size of the power tool accessories market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the power tool accessories market industry across North America, Europe, APAC, South America, and Middle East and Africa
  • A thorough analysis of the market's competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of power tool accessories market vendors

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  • The cordless power tools market is estimated to grow at a CAGR of 4.53% between 2022 and 2027. The size of the market is forecast to increase by USD 4,433.26 million. The DIY concept gaining momentum in developed countries is notably driving market growth, although factors such as uncertainties in global economic growth may impede market growth.
  • The industrial vibration sensor market is estimated to grow at a CAGR of 7.95% between 2022 and 2027. The size of the market is forecast to increase by USD 3,321.4 million. The growing need for workplace safety is notably driving the market growth, although factors such as the availability of other vibration measuring devices may impede the market growth.

Power Tool Accessories Market Scope

Report Coverage

Details

Page number

168

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.1%

Market growth 2023-2027

USD 758.76 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.56

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 36%

Key countries

US, Canada, China, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ANDREAS STIHL AG and Co. KG, Atlas Copco AB, Bahco, Baker Hughes Co., Caterpillar Inc., Drill King International, Emerson Electric Co, Festool GmbH, Halliburton Co., Hilti Corp., KKR and Co. Inc., Koki Holdings Co. Ltd., KYOCERA corp., Makita Corp., Robert Bosch GmbH, Sandvik AB, Snap on Tools Pvt. Ltd., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and Tools4Trade

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents:

1 Executive Summary

  • 1.1 Market overview 
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem 
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition 
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
  • 3.4 Market outlook: Forecast for 2022-2027 
    • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
    • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

  • 4.1 Global power tool accessories market 2017 - 2021
    • Exhibit 18: Historic Market Size – Data Table on Global power tool accessories market 2017 - 2021 ($ million)
  • 4.2 End-users Segment Analysis 2017 - 2021 
    • Exhibit 19: Historic Market Size – End-users Segment 2017 - 2021 ($ million)
  • 4.3 Type Segment Analysis 2017 - 2021 
    • Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)
  • 4.4 Geography Segment Analysis 2017 - 2021 
    • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
  • 4.5 Country Segment Analysis 2017 - 2021 
    • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

  • 5.1 Five forces summary 
    • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
  • 5.2 Bargaining power of buyers 
    • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
  • 5.3 Bargaining power of suppliers 
    • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
  • 5.4 Threat of new entrants 
    • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
  • 5.5 Threat of substitutes 
    • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
  • 5.6 Threat of rivalry 
    • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
  • 5.7 Market condition 
    • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

  • 6.1 Market segments 
    • Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
    • Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)
  • 6.2 Comparison by End-user 
    • Exhibit 32: Chart on Comparison by End-user
    • Exhibit 33: Data Table on Comparison by End-user
  • 6.3 Professional - Market size and forecast 2022-2027
    • Exhibit 34: Chart on Professional - Market size and forecast 2022-2027 ($ million)
    • Exhibit 35: Data Table on Professional - Market size and forecast 2022-2027 ($ million)
    • Exhibit 36: Chart on Professional - Year-over-year growth 2022-2027 (%)
    • Exhibit 37: Data Table on Professional - Year-over-year growth 2022-2027 (%)
  • 6.4 Consumer - Market size and forecast 2022-2027
    • Exhibit 38: Chart on Consumer - Market size and forecast 2022-2027 ($ million)
    • Exhibit 39: Data Table on Consumer - Market size and forecast 2022-2027 ($ million)
    • Exhibit 40: Chart on Consumer - Year-over-year growth 2022-2027 (%)
    • Exhibit 41: Data Table on Consumer - Year-over-year growth 2022-2027 (%)
  • 6.5 Market opportunity by End-user 
    • Exhibit 42: Market opportunity by End-user ($ million)

7 Market Segmentation by Type

  • 7.1 Market segments 
    • Exhibit 43: Chart on Type - Market share 2022-2027 (%)
    • Exhibit 44: Data Table on Type - Market share 2022-2027 (%)
  • 7.2 Comparison by Type 
    • Exhibit 45: Chart on Comparison by Type
    • Exhibit 46: Data Table on Comparison by Type
  • 7.3 Drill bits - Market size and forecast 2022-2027
    • Exhibit 47: Chart on Drill bits - Market size and forecast 2022-2027 ($ million)
    • Exhibit 48: Data Table on Drill bits - Market size and forecast 2022-2027 ($ million)
    • Exhibit 49: Chart on Drill bits - Year-over-year growth 2022-2027 (%)
    • Exhibit 50: Data Table on Drill bits - Year-over-year growth 2022-2027 (%)
  • 7.4 Screwdriver bits - Market size and forecast 2022-2027
    • Exhibit 51: Chart on Screwdriver bits - Market size and forecast 2022-2027 ($ million)
    • Exhibit 52: Data Table on Screwdriver bits - Market size and forecast 2022-2027 ($ million)
    • Exhibit 53: Chart on Screwdriver bits - Year-over-year growth 2022-2027 (%)
    • Exhibit 54: Data Table on Screwdriver bits - Year-over-year growth 2022-2027 (%)
  • 7.5 Router bits - Market size and forecast 2022-2027
    • Exhibit 55: Chart on Router bits - Market size and forecast 2022-2027 ($ million)
    • Exhibit 56: Data Table on Router bits - Market size and forecast 2022-2027 ($ million)
    • Exhibit 57: Chart on Router bits - Year-over-year growth 2022-2027 (%)
    • Exhibit 58: Data Table on Router bits - Year-over-year growth 2022-2027 (%)
  • 7.6 Others - Market size and forecast 2022-2027
    • Exhibit 59: Chart on Others - Market size and forecast 2022-2027 ($ million)
    • Exhibit 60: Data Table on Others - Market size and forecast 2022-2027 ($ million)
    • Exhibit 61: Chart on Others - Year-over-year growth 2022-2027 (%)
    • Exhibit 62: Data Table on Others - Year-over-year growth 2022-2027 (%)
  • 7.7 Market opportunity by Type 
    • Exhibit 63: Market opportunity by Type ($ million)

8 Customer Landscape

  • 8.1 Customer landscape overview 
    • Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation 
    • Exhibit 65: Chart on Market share by geography 2022-2027 (%)
    • Exhibit 66: Data Table on Market share by geography 2022-2027 (%)
  • 9.2 Geographic comparison 
    • Exhibit 67: Chart on Geographic comparison
    • Exhibit 68: Data Table on Geographic comparison
  • 9.3 North America - Market size and forecast 2022-2027
    • Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
    • Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)
  • 9.4 Europe - Market size and forecast 2022-2027
    • Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
    • Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
    • Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
    • Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)
  • 9.5 APAC - Market size and forecast 2022-2027
    • Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ million)
    • Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
    • Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
    • Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)
  • 9.6 South America - Market size and forecast 2022-2027
    • Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
    • Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)
  • 9.7 Middle East and Africa - Market size and forecast 2022-2027 
    • Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
    • Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
    • Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
  • 9.8 US - Market size and forecast 2022-2027
    • Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
    • Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
    • Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
    • Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)
  • 9.9 UK - Market size and forecast 2022-2027
    • Exhibit 93: Chart on UK - Market size and forecast 2022-2027 ($ million)
    • Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 ($ million)
    • Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)
    • Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)
  • 9.10 China - Market size and forecast 2022-2027
    • Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ million)
    • Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ million)
    • Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
    • Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)
  • 9.11 Canada - Market size and forecast 2022-2027
    • Exhibit 101: Chart on Canada - Market size and forecast 2022-2027 ($ million)
    • Exhibit 102: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
    • Exhibit 103: Chart on Canada - Year-over-year growth 2022-2027 (%)
    • Exhibit 104: Data Table on Canada - Year-over-year growth 2022-2027 (%)
  • 9.12 Germany - Market size and forecast 2022-2027
    • Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ million)
    • Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
    • Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
    • Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)
  • 9.13 Market opportunity by geography 
    • Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

  • 10.1 Market drivers
  • 10.2 Market challenges
  • 10.3 Impact of drivers and challenges 
    • Exhibit 110: Impact of drivers and challenges in 2022 and 2027
  • 10.4 Market trends

11 Vendor Landscape

  • 11.1 Overview
  • 11.2 Vendor landscape 
    • Exhibit 111: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption 
    • Exhibit 112: Overview on factors of disruption
  • 11.4 Industry risks 
    • Exhibit 113: Impact of key risks on business

12 Vendor Analysis

  • 12.1 Vendors covered 
    • Exhibit 114: Vendors covered
  • 12.2 Market positioning of vendors 
    • Exhibit 115: Matrix on vendor position and classification
  • 12.3 Atlas Copco AB 
    • Exhibit 116: Atlas Copco AB - Overview
    • Exhibit 117: Atlas Copco AB - Business segments
    • Exhibit 118: Atlas Copco AB - Key news
    • Exhibit 119: Atlas Copco AB - Key offerings
    • Exhibit 120: Atlas Copco AB - Segment focus
  • 12.4 Bahco 
    • Exhibit 121: Bahco - Overview
    • Exhibit 122: Bahco - Product / Service
    • Exhibit 123: Bahco - Key offerings
  • 12.5 Baker Hughes Co. 
    • Exhibit 124: Baker Hughes Co. - Overview
    • Exhibit 125: Baker Hughes Co. - Business segments
    • Exhibit 126: Baker Hughes Co. - Key news
    • Exhibit 127: Baker Hughes Co. - Key offerings
    • Exhibit 128: Baker Hughes Co. - Segment focus
  • 12.6 Caterpillar Inc. 
    • Exhibit 129: Caterpillar Inc. - Overview
    • Exhibit 130: Caterpillar Inc. - Business segments
    • Exhibit 131: Caterpillar Inc. - Key offerings
    • Exhibit 132: Caterpillar Inc. - Segment focus
  • 12.7 Drill King International 
    • Exhibit 133: Drill King International - Overview
    • Exhibit 134: Drill King International - Product / Service
    • Exhibit 135: Drill King International - Key offerings
  • 12.8 Emerson Electric Co 
    • Exhibit 136: Emerson Electric Co - Overview
    • Exhibit 137: Emerson Electric Co - Business segments
    • Exhibit 138: Emerson Electric Co - Key news
    • Exhibit 139: Emerson Electric Co - Key offerings
    • Exhibit 140: Emerson Electric Co - Segment focus
  • 12.9 Festool GmbH 
    • Exhibit 141: Festool GmbH - Overview
    • Exhibit 142: Festool GmbH - Product / Service
    • Exhibit 143: Festool GmbH - Key offerings
  • 12.10 Hilti Corp. 
    • Exhibit 144: Hilti Corp. - Overview
    • Exhibit 145: Hilti Corp. - Product / Service
    • Exhibit 146: Hilti Corp. - Key offerings
  • 12.11 Koki Holdings Co. Ltd. 
    • Exhibit 147: Koki Holdings Co. Ltd. - Overview
    • Exhibit 148: Koki Holdings Co. Ltd. - Product / Service
    • Exhibit 149: Koki Holdings Co. Ltd. - Key offerings
  • 12.12 KYOCERA corp. 
    • Exhibit 150: KYOCERA corp. - Overview
    • Exhibit 151: KYOCERA corp. - Business segments
    • Exhibit 152: KYOCERA corp. - Key news
    • Exhibit 153: KYOCERA corp. - Key offerings
    • Exhibit 154: KYOCERA corp. - Segment focus
  • 12.13 Makita Corp. 
    • Exhibit 155: Makita Corp. - Overview
    • Exhibit 156: Makita Corp. - Business segments
    • Exhibit 157: Makita Corp. - Key offerings
    • Exhibit 158: Makita Corp. - Segment focus
  • 12.14 Robert Bosch GmbH 
    • Exhibit 159: Robert Bosch GmbH - Overview
    • Exhibit 160: Robert Bosch GmbH - Business segments
    • Exhibit 161: Robert Bosch GmbH - Key offerings
    • Exhibit 162: Robert Bosch GmbH - Segment focus
  • 12.15 Snap on Tools Pvt. Ltd. 
    • Exhibit 163: Snap on Tools Pvt. Ltd. - Overview
    • Exhibit 164: Snap on Tools Pvt. Ltd. - Product / Service
    • Exhibit 165: Snap on Tools Pvt. Ltd. - Key offerings
  • 12.16 Stanley Black and Decker Inc. 
    • Exhibit 166: Stanley Black and Decker Inc. - Overview
    • Exhibit 167: Stanley Black and Decker Inc. - Business segments
    • Exhibit 168: Stanley Black and Decker Inc. - Key news
    • Exhibit 169: Stanley Black and Decker Inc. - Key offerings
    • Exhibit 170: Stanley Black and Decker Inc. - Segment focus
  • 12.17 Techtronic Industries Co. Ltd. 
    • Exhibit 171: Techtronic Industries Co. Ltd. - Overview
    • Exhibit 172: Techtronic Industries Co. Ltd. - Business segments
    • Exhibit 173: Techtronic Industries Co. Ltd. - Key offerings
    • Exhibit 174: Techtronic Industries Co. Ltd. - Segment focus

13 Appendix

  • 13.1 Scope of the report
  • 13.2 Inclusions and exclusions checklist 
    • Exhibit 175: Inclusions checklist
    • Exhibit 176: Exclusions checklist
  • 13.3 Currency conversion rates for US$ 
    • Exhibit 177: Currency conversion rates for US$
  • 13.4 Research methodology 
    • Exhibit 178: Research methodology
    • Exhibit 179: Validation techniques employed for market sizing
    • Exhibit 180: Information sources
  • 13.5 List of abbreviations 
    • Exhibit 181: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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