Rapid industrialization and increasing applications in households and commercial sectors are boosting the growth of global power tools accessories market.
According to the latest Arizton's market research report, the global power tool accessories market size to cross USD 17 billion by 2025, growing at a CAGR of 6% during the forecast period.
Global Power Tool Accessories Market Growth
Rapid industrialization and increasing applications in households and commercial sectors are boosting the growth of global power tools accessories market. The advancements in technology and the extensive usage of battery-driven tools have fueled the adoption of cordless power tools in the global power tools accessories market. There is an increase in demand for cutting and sawing accessories due to rise in the wooden building across the geography. The growth of complexity and precision requirement in EV manufacturing, electrical, and electronic circuits have fueled the growth for fasteners, fastening tools, and their associated accessories in the global power tool accessories market.
Growth in Construction Industry
The world is witnessing new developments and market trends in the construction industry. Technology advancement is a major factor influencing growth throughout the industry. The growing population, rising demand for public construction activities, growing investments in renewables, and telecommunication are expected to fuel the growth of the construction industry during the forecast period. This in turn, is stimulating the demand for the usage and adoption of power tools and its accessories globally.
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- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by end-users, product type, and geography
- Competitive Landscape – 5 Key Company Profiles and 22 Other Prominent Vendors
Read: Investment Casting Market - Global Outlook and Forecast 2020-2025
Global Power Tool Accessories Market – Geographic Analysis
In 2019, North America was the major revenue contributor in the global power tool accessories market. North America is home to several large industries, including automobile, construction, aerospace, electronics, and packaging, thereby fueling the power tool accessories in the market. New aircraft building with precision parts will further use cordless power tools to enhance the productivity of the workers. Europe to remain one of the significant revenue contributors during the forecast period. The rising investments from the public and private sectors are expected to boost the construction industry over the next few years. The industry is also fueled by renovation activities that are expected to be carried out in most residential homes coupled with policy reforms in the region.
Read: Fall Protection Equipment Market - Global Outlook and Forecast 2020-2025
The global power tool accessories market is highly competitive due to the presence of the major players. The present scenario is driving the vendors to implement innovative and unique value proposition to gain strong market presence. The global power tools accessories market is characterized by the presence of diversified global and regional vendors, international players are increasing their footprint in the market. The competition among the players is based on durability, lifespan, tool performance, price, and customization. Vendors are expected to develop cutting-edge technologies to remain competitive in the economy. During the forecast period, the vendors will completely rely on new product features to brushless motor technology to gain larger market shares.
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