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The UK - Power Tools Accessories Market size is forecast to increase by USD 91.27 billion, at a CAGR of 4.48% between 2023 and 2028. The growth rate of the market depends on several factors, such as the growing demand for power tools and accessories for DIY projects, the increasing demand for professional end-user industries, and the growing popularity of cordless power tools.
The report offers extensive research analysis on the UK - Power Tools Accessories Market, with a categorization based on Type, including drill bits, screwdriver bits, router bits, and others. It further segments the market by End-user, encompassing professional and individuals. Additionally, the report provides Distribution Channel segmentation, covering offline and online. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
UK Power Tools Accessories Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the UK power tools accessories market growth analysis during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
DIY projects can refer to all the activities that individuals including hobbyists, residents, amateurs, or enthusiasts perform themselves, such as modifying, upgrading, maintaining, and rebuilding their material possessions, including household appliances, automobiles, residences, and bicycles. In addition, DIY projects are performed using raw or semi-finished raw materials, suitable tools, and equipment with little or no assistance from professionals.
Moreover, with the increasing popularity of social media channels, more people are getting involved in DIY projects to demonstrate their creative skills. In addition, before hiring professionals or other labor for home repair jobs, brainstorming has become a part of life, especially for calculating the cost of professional plumbers, electricians, and mechanics. Hence, such factors are positively impacting the power tools accessories market in UK. Therefore, it is expected to drive the UK power tools accessories market growth during the forecast period.
Some of the most well-established companies in the UK power tools accessories market have introduced flexible battery systems in their power tool offerings. In addition, power tools with a flexible battery system can be operated with a single type of battery that can produce different output voltages. Furthermore, this eliminates the need for the user to own a variety of batteries and allows the interchangeability of batteries between power tools that require different voltage outputs.
Moreover, wireless charging batteries for power tools were first launched by Robert Bosch GmBH. In addition, the company currently offers wireless charging batteries either with sales of new products or as a standalone charging kit comprising a wireless compatible battery and charger. Furthermore, the wireless charging kit can be used to replace the existing battery system in older models of cordless power tools. Hence, such factors are positively impacting the power tools accessories market in UK. Therefore, it is expected to drive the UK power tools accessories market growth during the forecast period.
China is one of the major producers of power tools and accessories across the world. In addition, most companies in the power tools accessories market prefer to obtain a significant proportion of their finished power tools and accessories from contract manufacturers based in China. Furthermore, China supplies most of the power tool manufacturers in the UK with components and assemblies, including air motors, brushless motors, and Li-ion batteries.
Therefore, there is a well-developed power tool and accessories manufacturing ecosystem in China. In addition, the cost of producing power tools and accessories in China is considerably lower than that in the UK due to several reasons, such as the ready availability of raw materials, less costly labor, economies of scale, and lower research and development (R&D) and advertising budgets. Hence, as per the market forecast, such factors are negatively impacting the power tools accessories market in UK. Therefore, it is expected to hinder the UK power tools accessories market growth during the forecast period.
The drill bits segment is estimated to witness significant growth during the forecast period. Drills are available in various sizes and shapes and are capable of generating different types of holes in several different materials. In addition, to create holes, drill bits are typically attached to a drill, which allows them to cut through the workpiece, usually by rotation. Furthermore, drill bits are developed from different materials to suit their purpose.
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The drill bits segment was the largest segment and was valued at USD 128.07 million in 2018. Even though almost all bits are developed from metal due to their toughness, the major difference comes in the metal composition. In addition, some common materials used in drill bits include high-speed steel (HSS), cobalt, carbides, and solid carbide. Furthermore, the coating used in drill bits includes black oxide, titanium nitrate, titanium aluminum nitrate, and bronze oxide. Moreover, twist bits are a type of drill bits that are mainly used to drill small holes into walls and wood. In addition, their unique design facilitates them to channel dust from the hole as they work. Hence, such factors are fuelling the growth of this segment which in turn drives the UK power tools accessories market growth during the forecast period.
Based on the end-user, the segment is classified into professional and individual. The professional segment will account for the largest share of this segment. There is a significant growth of the professional segment of the power tools accessories market in the UK due to the size of the construction, manufacturing, and automotive industries. In addition, professionals are ready to pay premium prices for better quality and more durable cordless power tools, as these find continuous use. Moreover, they are also ready to use pneumatic and hydraulic power tools that are considered inefficient by ordinary consumers because of their high maintenance and the need for additional ancillary equipment. Furthermore, the growth of the professional market segment will be driven by the expansion of the construction, manufacturing, and automotive industries. Hence, such factors are fuelling the growth of this segment which in turn drives the UK power tools accessories market growth during the forecast period.
Companies 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.
Atlas Copco AB: The company offers power tools accessories such as adapters, air tool oils, and angle tool holders.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ANDREAS STIHL AG and Co. KG, Armeg Ltd., Bahco, Baker Hughes Co., Caterpillar Inc., Drill King International, Emerson Electric Co., Festool GmbH, Hilti AG, Jack Sealey Ltd., Koki Holdings Co. Ltd, KYOCERA Corp., Makita Corp., Robert Bosch GmbH, Sandvik AB, Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., The L.S. Starrett Co., and Tools4Trade
Technavio UK power tools accessories market research and growth report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. Market forecasting classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially focusing on the market report categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The UK power tools accessories market analysis and report forecasts market growth and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
UK Power Tools Accessories Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.48% |
Market Growth 2024-2028 |
USD 91.27 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.98 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ANDREAS STIHL AG and Co. KG, Armeg Ltd., Atlas Copco AB, Bahco, Baker Hughes Co., Caterpillar Inc., Drill King International, Emerson Electric Co., Festool GmbH, Hilti AG, Jack Sealey Ltd., Koki Holdings Co. Ltd, KYOCERA Corp., Makita Corp., Robert Bosch GmbH, Sandvik AB, Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., The L.S. Starrett Co., and Tools4Trade |
Market dynamics |
Parent market analysis, 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 report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Market Segmentation by Distribution Channel
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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