power tool accessories market research report

Power Tool Accessories Market - Global Outlook and Forecast 2020-2025

PUBLISHED DATE : Aug 2020 | Pages : 282

Up to $1000 off Untill Oct 2020

GLOBAL POWER TOOL ACCESSORIES MARKET SIZE TO REACH USD 17 BILLION BY 2025, GROWING AT A CAGR OF OVER 6% DURING THE FORECAST PERIOD

Power Tool Accessories Market Size, Share, & Trends Analysis Report by Accessory Type (Drill Bits, Screwdriver Bits, Router Bits, Circular Saw Blades, Jig Saw Blades, Bandsaw Blades, Abrasive Wheels, Reciprocating Saw Blades, Batteries, and Others), End-user (Industrial (Automotive, Aerospace, Electronics, Energy, Construction, Shipbuilding, and Others), Commercial, and Residential), and Geography (North America, Europe, APAC, Latin America, and Middle East & Africa), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2025

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Most Exhaustive Report

282 Pages

97 Tables

94 Charts

5 Regions

18 Countries

27 Companies

3 Market Segment

GLOBAL POWER TOOL ACCESSORIES MARKET REPORT SCOPE

Report Attribute Details
Market Size (Revenue) USD 17 Billion (2025)
CAGR 6% (2020-2025)
Base Year 2019
Historic Year 2018
Forecast Year 2020-2025
Market Segments Accessory Type (Drill Bits, Screwdriver Bits, Router Bits, Circular Saw Blades, Jig Saw Blades, Bandsaw Blades, Abrasive Wheels, Reciprocating Saw Blades, Batteries, and Others), End-user (Industrial (Automotive, Aerospace, Electronics, Energy, Construction, Shipbuilding, and Others), Commercial, and Residential)
Geographic Analysis North America, Europe, APAC, Latin America, and Middle East & Africa
Countries Covered US, Canada, UK, Germany, France, Spain, Italy, China, Japan, South Korea, Australia, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa, and Turkey

INDUSTRY INSIGHTS

The global power tool accessories market size to reach USD 17 billion by 2025, growing at a CAGR of over 6% during the forecast period. 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 mostly 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.

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. 

SNIPPETS

  • The screwdriver bits segment is expected to reach revenue of over $1.70 billion by 2025 on account of the growing application of screwdriver bits in drilling.
  • The aerospace segment is likely to witness revenue of over $1.20 billion by 2025 owing to the growth in the middle-class population and an increase in air traffic.
  • The commercial segment is projected to reach an incremental growth of $1 billion by 2025 due to the rise in the construction of hotels and shopping malls in the Middle East and Africa.
  • North America is likely to reach a revenue of approx. $5 billion by 2025, driven by the presence of large-scale industries and the increasing popularity of DIY culture.
  • The power tool accessories UK market is expected to grow at a CAGR of 5% during 2019–2025 to enhance productivity levels and improve sustainability. 

POWER TOOL ACCESSORIES MARKET SEGMENTATION

This research report includes a detailed segmentation by

  • Accessory type
  • End-user
  • Geography

INSIGHTS BY ACCESSORY TYPE 

The drill bits segment is expected to grow at a CAGR of over 5% during the period 2019­–2025. 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.

INSIGHTS BY END-USER

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 increase by 85% in 2030, with China, the US, and India expected 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 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 2019–2025. 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 preference of power tool band accessories, especially in battery-operated devices for home improvement and DIY activities, is expected to drive the residential segment during the forecast period. The segment is expected to generate over $1 billion in 2025, with North America, Europe, and APAC waiting to emerge as major contributors. While tools such as drills, wrench, jigsaw, heat guns, routers, and circular saws are gaining wide adoption in the sector, associated accessories such as batteries, chargers, chisels, blades, bits, pads are witnessing a surge in momentum.

INSIGHTS BY GEOGRAPHY

North America region held the largest power tool accessories market shares in 2019. The region is expected to maintain its position during the forecast period, with revenue mostly generated from the US. A forerunner in the automobile industry, manufacturers in the North American automotive sector account for the highest number of electric cars in the world due to the rising demand for eco-friendly products. The DIY culture is highly predominant in North America. Heat guns are used for several domestic applications, including repairing, paint drying, paint scrapping, and other projects. Americans can thus make use of heat guns for DIY activities and projects. With rising applications of technology and the increasing purchasing power, the North American power tool accessories market is expected to grow significantly in residential, commercial, and industrial sectors during the forecast period.

INSIGHTS BY VENDORS

The global power tool accessories market is characterized by low market concentration, with high competition among players. The present scenario is driving vendors to alter and refine their unique value propositions to achieve a strong market presence. Currently, the power tool accessories market is highly fragmented and is dominated by vendors such as Stanley Black & Decker, Bosch, and TTI alongside numerous domestic tool manufacturers that produce accessories in several shapes and designs. Major vendors have a global presence in three major regions - North America, APAC, and Europe. The market confronts the threat of infiltration with low-quality products, thereby increasing the level of proliferation in the industry. Major vendors also continually compete for the leading position in the market, with occasional spurts of competition coming from local vendors.

The power tool accessories market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

By Accessory Type

  • Drill Bits
  • Screwdriver Bits
  • Router Bits
  • Circular Saw Blades
  • Jig Saw Blades
  • Bandsaw Blades
  • Abrasive Wheels
  • Reciprocating Saw Blades
  • Batteries
  • Others 

By End-user

  • Industrial
    • Automotive
    • Aerospace
    • Electronics
    • Energy
    • Construction
    • Shipbuilding
    • Others
  • Commercial
  • Residential 

By Geography

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
  • APAC
    • China
    • Japan
    • South Korea
    • Australia
    • India
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Saudi Arabia
    • Turkey

Frequently Asked Questions

The global power tool accessories market size is expected to reach revenue of close to $17 billion by 2025, growing at a CAGR of over 6% during the forecast period
Rapid industrialization and increasing applications in households and commercial sectors are primarily driving the power tool accessories set.
Reciprocating saw blades are likely to observe an incremental revenue of $565 million by 2025. By region, North America is projected to continue its dominance till 2025.
Black & Decker, Robert Bosch, Techtronic Industries Company (TTI), Makita, and Hilti are the leading vendors having maximum market share globally.
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. While a few industry experts are optimistic, the market is expected to grow from Q3 2020.
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