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The accessories market is estimated to grow at a CAGR of 5.1% between 2022 and 2027. The size of the market is forecast to increase by USD 758.76 million. The growth of the market depends on several factors, including the increase in sales of passenger cars, growth of fabricated metal products, and rise in construction activities in emerging nations in APAC.
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The increase in sales of passenger cars is notably driving the market growth, although factors such as the high cost of power tools may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Accessories Market Driver
The increase in sales of passenger cars is notably driving the market growth. Rapid urbanization, better road infrastructure, and consumer preference for new vehicle models with high fuel efficiency and low emissions are some of the factors driving the market for automobiles. Power tools have various applications in the automotive production line. Therefore, a rise in the sales or production of vehicles is expected to propel the demand for power tools and accessories.
An increase in consumer preference for fuel efficiency, and low emission will drive the demand for passenger cars, thereby propelling the demand for power tools and accessories. In the commercial vehicles category, the US contributes more than three-fourths of the market share in the Americas. The recent recovery from the economic crisis and growth in the economy has boosted the sales of commercial vehicles in the region.
Significant Accessories Market Trend
Increased integration of the Internet of Things (IoT) in manufacturing processes is the primary trend in the market. Industrial machines, such as compressors, pumps, industrial robots, and power tools, are all equipped with IoT technology.
The integration of IoT allows industrial machines to transmit data related to critical operating parameters such as temperature, pressure, stress, and health and performance parameters over Internet protocol (IP) to a control room or a device. Such data helps in increasing the efficiency of industrial machinery, reducing its downtime, and increasing its useful life and process safety. Therefore, the increasing adoption of IoT-enabled industrial machinery will positively influence the global accessories market during the forecast period.
Major Accessories Market Challenge
The high cost of power tools is the major challenge impeding market growth. Different power tools are developed for the efficient and easy movement of goods. These power tools are available with various capabilities and features to increase operational convenience.
Also, they are available with increased usability, accurate controls, and fool-proof technology to eliminate the risks of mishandling high-speed power tools. These features increase the cost of power tools. Several small-scale industries avoid investing in efficient and effective or high-quality power tools due to the high cost of the product along with the high maintenance cost. The decline in demand for power tools is expected to hinder the growth of the global accessories market.
Key Accessories Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Accessories Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Stanley Black and Decker Inc. - The company offers accessories such as variable speed corded drills, and cordless drills in a range of voltages under their subsidiary named Dewalt under tools and storage. Through this segment, the company offers a wide range of products such as drills, impact wrenches and drivers, grinders, saws, demolition tools, clamps, vises, knives, saws, and others.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the professional segment will be significant during the forecast period. Professionals are ready to pay a premium price for better quality and more durable accessories as these are used continuously. They are also ready to adopt pneumatic and hydraulic power tools, which are generally not preferred by the consumer segment because these tools require high maintenance and additional ancillary equipment. Therefore, in the professional segment, a major demand for accessories is expected to arise from pneumatic and hydraulic power tools.
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The professional segment was valued at USD 899.74 million in 2017 and continued to grow until 2021. In the professional' segment, the demand for multifunctional tools is high. The growth of the professional segment of this market will be driven by improvements in the construction, manufacturing, and automotive industries.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In North America, the US is a major revenue contributor to the accessories market. The rise in the number of outsourcing activities to countries such as Canada, Mexico, and Brazil will drive the demand for power tools and accessories. Canada is planning to make significant investments in unconventional hydrocarbon resources. Several new pipeline projects are expected to commence in the country during the forecast period. Such projects require a significant number of pipelines, which are manufactured using metal welding equipment. All these factors are expected to drive the growth of the power tools and accessories market in North America.
The market, a cornerstone of various industries including shipbuilding, automotive, and residential applications, continues to evolve with advancements in technology and materials. Manufacturers prioritize durability and efficiency, sourcing the highest quality materials to ensure reliability and performance in demanding environments.
In recent years, there has been a notable shift towards battery-powered tools, offering increased mobility and versatility for both professional and do-it-yourself (DIY) applications. Homeowners and residential users favor these tools for their convenience, particularly in remodeling and refurbishing existing homes, where traditional power sources may be limited.
Energy efficiency is a key consideration, with modern power tools incorporating electronic components and brushless motors to minimize power consumption and maximize output. This not only reduces costs for users but also aligns with broader energy conservation efforts.However, the market is not without its challenges. Fluctuations in raw material costs, manufacturing interruptions, and delays can impact production schedules and lead to inefficiencies. Despite these challenges, the demand for power tools remains strong, driven by the ongoing need for efficiency and productivity across various sectors.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Power Tool Accessories Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.1% |
Market growth 2023-2027 |
USD 758.76 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.56 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ANDREAS STIHL AG and Co. KG, Atlas Copco AB, Bahco, Baker Hughes Co., Caterpillar Inc., Drill King International, Emerson Electric Co, Festool GmbH, Halliburton Co., Hilti Corp., KKR and Co. Inc., Koki Holdings Co. Ltd., KYOCERA corp., Makita Corp., Robert Bosch GmbH, Sandvik AB, Snap on Tools Pvt. Ltd., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and Tools4Trade |
Market dynamics |
Parent market analysis,Market forecasting, market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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