Dublin, April 12, 2023 (GLOBE NEWSWIRE) -- The "Power Tool Accessories Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global power tool accessories market size is expected to reach a value of $22 billion by 2028 from $15.531 billion in 2022, growing at a CAGR of 5.98%
The world is witnessing new developments and market trends in the construction industry. Technological transformation is a major factor influencing growth, and significant changes have been deployed throughout the industry, from design to installation.
While building projects are becoming more complex, stringent policies governing employee safety, utilizing advanced precision tools, energy efficiency, and enhancing productivity are some of the major concerns. Growth can be more concentrated in the real estate and residential sectors, which are highly supported by low-interest rates and higher incomes.
The growing population, rising demand for public construction activities, and rising investments in renewables and telecommunications are expected to fuel the growth in the construction industry during the forecast period, stimulating the demand of the global power tool accessories market.
Increasing Infrastructural Projects
Power tools and power tool accessories are used for all types of construction projects, namely low rises, high rises, mass townships, etc. In many countries, governments are taking initiatives to provide affordable housing.
The rising number of residential building construction is expected to drive the demand for power tools leading to the demand for power tool accessories. The current labor shortage crisis is paving the way for growth in adopting sophisticated and advanced power tools. With the cheap labor in countries like India and China, the growing number of infrastructure projects is expected to drive the adoption of power tools and boost the global power tool accessories market.
Further, in the growing economies of APAC and Latin America, urbanization, a growing middle-class population, and growth in domestic and regional economic conditions are indirectly paving the way for construction, thereby driving the adoption of more advanced tools and accessories.
Rising Applications of Fastening Tools
A fastener is a hardware component used globally for affixing joints with two or more objects in general. Fasteners are increasingly used in aerospace, building and construction, automotive, furniture, motors, and pumps.
Some commonly used fasteners include nails, screws, bolts, clamps, tapping screws, set screws, and studs. With the rise in the usage of fasteners, the preference for fastening tools for assembly is expected to surge, which can further drive the market for accessories such as a screwdriver, routers, and drill bits.
Fluctuations In Raw Material Pricing
Raw material costs comprise approximately 50% to 60% of the overall cost of production in the power tools industry. The prices of primary raw materials used to manufacture power tools and their accessories, such as steel, plastic, rubber, fasteners, and batteries, have been volatile over the last few years.
The volatility of raw material prices poses a severe threat to vendor margins. Other operating expenses, such as labor wages, also sharply increase. Chinese manufacturers add more worries to the company's top line to comply with growing demands and industry standards.
These factors burden vendors that strive to produce efficient power tools and accessories at affordable prices to cope with the competition in the power tool accessories market.
Competitive Landscape
The global power tool accessories market is characterized by low market concentration, with high competition among the players. The present scenario drives 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 345 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $15531.54 Million |
| Forecasted Market Value (USD) by 2028 | $22009.98 Million |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
Market Opportunities & Trends
- Growing Prominence of Asian Manufacturing
- Industry 4.0 & Smart Precision Manufacturing
- Exponential Growth of Construction Industry
- Surge in Demand for Prefabricated Buildings
- Rise in Wind & Solar Energy Installations
Market Growth Enablers
- Advances in Li-Ion Battery Technology
- Rise in Home Improvement & Diy Projects
- Surge in Applications of Fastening Tools
- Rise in Number of Infrastructure Development Projects
Market Restraints
- High Availability of Hand Tools and Low-Cost Labor
- Fluctuations in Raw Material Pricing
- End-User Variability
Key Company Profiles
- Stanley Black & Decker
- Bosch
- Techtronic Industries Company (TTI)
- Makita
- Hilti
Other Prominent Vendors
- Apex Tool Group
- Snap On
- Koki Holdings
- Fortive
- Positec
- Chervon
- Fein
- FERM
- AIMCO
- Festool
- CS Unitec
- Dynabrade
- Husqvarna
- Stihl
- Blount
- KYOCERA
- INTERSKOL
- Panasonic
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
- Emerson
For more information about this report visit https://www.researchandmarkets.com/r/y5go7x
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