Dublin, March 28, 2023 (GLOBE NEWSWIRE) -- The "U.S. Power Tool Accessories Market - Industry Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. Power Tool Accessories Market will reach a value of $4.871 billion by 2028 from $3.511 billion in 2022, growing at a CAGR of 5.6%
Growing Demand For Prefabricated Buildings
Residences and commercial buildings made in preparation in a warehouse (often in components) that can be readily moved and integrated into the property are known as prefabricated or prefab houses and constructed dwellings.
The idea combines panelized and modular building systems that are thoroughly designed and constructed before construction begins, and the framework is installed following a carefully throughout work site design.
Prefabricated structures are becoming increasingly popular globally, notably in industrialized areas such as North America, especially in the United States. This, in turn, has increased the need from these construction producers for the power tools and accessories market.
Development In Lithium-Ion Batteries
Corded power tools have become predominant over the years and have reshaped the face of the power tool industry. It has also helped create and broaden new product lines in the battery-operated categories, which can further represent the U.S. power tool accessories market.
The creation of Li-ion batteries has been one of the most significant growth drivers of the cordless power tool market. Numerous advances in battery technology have also enabled greater backup capacity due to the growing demand for long-lasting battery life.
Consequently, the effectiveness and performance of li-ion batteries have significantly increased, and improvements in energy density, charging speed, stability, cyclability, and safety are being incorporated. Even though Li-ion batteries are more expensive to replace, more people choose to use them in electronic communication devices and electric vehicles, especially in the United States.
U.S.-China Trade War
In March 2018, the U.S. government imposed a 25% tariff on steel and a 10% tariff on aluminum originating from China and exported to the United States.
The tariffs impacted major industries as many of the steel and aluminum requirements of the U.S. manufacturers were met by cheaper imports from China. This increased the final output prices, passed on to end customers. Trade tensions have escalated since then and have impacted all major end-users.
These tariffs and other trade issues between the two countries negatively influenced most industries dependent on steel and aluminum. As a result, a cost escalation was witnessed across many steel and aluminum industries. This acts as a barrier for market players regarding scaling up options.
The U.S. power tool accessories market will depend on these trade and economic variables during the forecast period and is expected to face challenges in value and volume.
Distribution Channel
The offline distribution channel dominated the U.S. power tool accessories market, accounting for a revenue share of 66.10% in 2022. It is expected to grow significantly during the forecast period due to high customer preference to comprehend the functionalities and uses of the product before making the final purchase decision. Moreover, since power tool accessories have very specific usage and purpose, the preference for the offline channel is high to minimize the risk of receiving incompatible products.
Accessory Type
The drill bits accessory type dominated the U.S. power tool accessories market and generated a revenue of USD 502.41 million in 2022. Some of the best-selling drill bits in the market include titanium-coated DeWalt drill bits to provide a longer shelf life, Drill Hog, Irwin Tools, Drill America, and Bosch. As impact drills are among the common tools for household applications, it is always recommended that the vendors offer bits ideal for all end-use applications. They can also maximize their retail and online presence to ensure supply chain feasibility as demands are expected to surge further during the forecast period.
End Users
The industrial end-user segment accounted for 74.20% of the U.S. power tool accessories market revenue in 2022. Cordless power tools are widely used in automotive, aerospace, electronics, energy, construction, shipbuilding, and other industries. The energy sector is estimated to be one of the major revenue generators due to the rise in sustainable energy being promoted and widely accepted across the globe activities. Also, the construction industry generated revenue close to USD 737.58 million, which can be attributed to the rapid infrastructural developments across multiple U.S. areas.
Regional Analysis
Several factors have contributed to the growth of the U.S. power tool accessories market in the South region. The region is home to many manufacturing centers for power tools and accessories, making it easier for companies to produce and distribute these products. Moreover, government spending on infrastructure projects in the region, such as highways, bridges, and public buildings, has also driven demand for power tools and accessories.
The western region of the US has experienced strong economic growth in recent years, which has led to an increase in construction activity and a corresponding rise in demand for power tools and accessories. The region has seen strong demand for new homes and home remodeling, which has driven growth in the power tool accessories market.
Further, the region is home to many manufacturing centers for power tools and accessories, making it easier for companies to produce and distribute these products. Such factors have contributed to the U.S. power tool accessories market in the western region.
Competitive Landscape
The U.S. power tool accessories market is characterized by low market concentration and intense rivalry among competitors. Vendors are forced by the current situation to modify and improve their distinctive value propositions to have a significant market presence.
The U.S. power tool accessories market is fragmented and controlled by companies such as Stanley Black & Decker, Bosch, and TTI. Further, many domestic tool makers offer attachments in various sizes, shapes, and styles that match those made by a reputable vendor.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 232 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $3511.98 Million |
| Forecasted Market Value (USD) by 2028 | $4871.75 Million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | United States |
Market Opportunities & Trends
- Growing Prominence of Manufacturing
- Industry 4.0 and Smart Precision Manufacturing
- Growth in Construction Industry
- Growing Demand for Prefabricated Buildings
- Increasing Renewable Energy Installations
Market Growth Enablers
- Development of Li-Ion Batteries
- Rise in Home Improvements & Diy Activities
- Rising Application of Fastening Tools
Market Restraints
- Hand Tools and Low Cost Labor
- Us-China Trade War
- End-User Variability
- Manufacturers Shifting Production Facilities to Other Countries
Key Company Profiles
- Stanley Black & Decker
- Robert Bosch
- Techtronic Industries
- Makita
- Hilti
Other Prominent Vendors
- Apex Tool Group
- Snap On
- Koki Holdings
- Fortive
- Positec
- Chervon
- Fein
- AIMCO
- Festool
- CS Unitec
- Dynabrade
- Husqvarna
- Stihl
- Blount
- KYOCERA
- Panasonic
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
- Emerson
For more information about this report visit https://www.researchandmarkets.com/r/bkrsm4
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