Power Tools Accessories Market Outlook - 2027
Power tools accessories are the items used in power tools. These include items like screwdriver bits, saw blades, drill bits, router bits, threading products, and abrasives. These tools allow operators to produce products with convenience and ease. Based on the mode of operation these can be classified into electric power tools, pneumatic power tools, and engine-driven power tools. Engine-driven power tools operate on a steam engine to perform cutting operations on wood and hedges. The pneumatic power tools operate using compressed air. Power tools accessories hold major applications in industries like construction, automotive, aerospace, energy, and more.
COVID-19 Scenario analysis:
- COVID-19 pandemic has shut-down the production of various products in the sandblasting machines industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of power tool accessories market significantly from last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first half of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Drivers, restraints, and opportunities
The ease of operation and compact designs of electric power tools allow the operators to use them even in everyday applications like sawing, cutting, and drilling encouraging the do-it-yourself approach. This factor is expected to boost the growth of the power tools accessories market in the upcoming years. Besides, the growing adoption of power tools in various industries like construction, aerospace, energy, automobile, and others can steer the growth of the power tools accessories market. Moreover, the growing adoption of electric power tools supported by the development of energy-efficient power tools can potentially fuel the growth of the power tools accessories market during the forecast period. However, high costs associated with the purchase of these tools can be a restraining factor that can hinder the growth of the power tools accessories market. On the contrary, escalating labor costs in developing countries like China and India have forced the manufacturers to adopt power tools to ensure ease of operation and reduce the workload. Huge investments for infrastructural development in these countries are anticipated to provide lucrative growth opportunities for the power tools accessories market in the upcoming years.
Trends in power tools accessories market
Increasing adoption of cordless power tools
The electrically driven power tools can be classified into two types that are corded and cordless. The demand for electric power tools is increasing due to the development of energy-efficient power tools. The demand for the cordless type of power tools is growing lately. These tools are battery-powered such as hammer drills, circular saws, and impact wrenches that are more flexible, compact, and mobile compared with other types of power tools. Conventional nickel-metal hydride and nickel-cadmium batteries are being replaced by lithium-ion batteries. Since lithium-ion batteries are high-density batteries that can improve the battery backup of the power tools. Growing demand for cordless electric power tools can eventually result in the positive growth of the power tools accessories market.
New product offerings by market leaders
The power tools accessories market is witnessing growing demand from end-use industries like construction, aerospace, automotive, energy, and others. Also, key market players are continuously upgrading their products to meet the demands of the end-users. To cite an instance, in 2019, Dremel, a brand of Robert Bosch GmbH, introduced a battery-operated Dremel Lite multi-tool. This new tool has a compact design and weighs around 270 grams. It can be operated at speeds ranging from 8,000 to 25,000 revolutions per minute. Such new product developments with advanced features can increase the demand for the power tools accessories market during the forecast period.
Key benefits of the report:
- This study represents the analytical representation of the global power tools accessories market combined with the ongoing trends and future predictions to determine investment opportunities.
- The present market is thoroughly analyzed to enlighten the power tools accessories market growth.
- The report gives information regarding the important drivers, restraints, and opportunities provided with an in-depth analysis of the global power tools accessories market.
- Segmentation details of the global power tools accessories market.
- The report gives a comprehensive global power tools accessories market analysis based on competitiveness and how the performance of the competitors will take shape in the coming years.
Power Tools Accessories Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Mode of operation |
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 By Region |
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 Key Market Players | Atlas Copco, Robert Bosch, Snap-on Incorporated., Hilti Corporation, Stanley Black & Decker, Makita Corporation, Ingersoll-Rand, KOKI Holdings, Techtronic Industries, Apex Tool Group |
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