DUBLIN--(BUSINESS WIRE)--Nov 23, 2022--
The "Power Tool Accessories Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global power tool accessories market is expected to grow at a CAGR of 6.55% during 2022-2027.
MARKET ANALYSIS
Rapid industrialization and increasing applications in the household and commercial sectors are primarily driving the power tools and power tool accessories market. These accessories are mainly used in the automobile, aerospace, construction, electronics, and shipbuilding industries. They also have various household applications, such as the removal of paint, soldering of wire, thawing of pipes, and other DIY projects. The growth in the use and demand for Li-ion batteries and the rise in infrastructural developments has further surged the demand for cordless tools and batteries.
The power tools have been a convenient solution for workers across industries that also help eliminate manual labor. Industries like construction and automotive also serve as a source of innovation and product development for power tools and accessories. They also serve as forerunners in adopting the latest market trends. Power tools, which include drilling and fastening tools, demolition tools, sawing and cutting tools, and material-removal tools, have unlimited use across the industrial, commercial, and residential sectors. Such factors are a significant contributor to the power tool accessories market.
OPPORTUNITY & CHALLENGE ANALYSIS
Growth In Construction Industry
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 the 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 for all shortly. The rising number of residential building construction is expected to drive the demand for power tools leading to the demand for power tool accessories. For instance, in India, the government plans to provide housing for all by the end of 2022, which requires constructing around 30 MN low-cost houses and about 100 smart cities. It will lead to adopting modern, innovative, and green technologies and building materials for faster and quality construction of houses. It would also require necessary tools such as power tools and equipment such as power tool accessories to carry out the construction processes boosting the global power tool accessories market growth.
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.
SEGMENTATION
Segmentation by Accessory Type
Segmentation by End-user
Segmentation by Geography
North America
Europe
APAC
Latin America
Middle East & Africa
Key Vendors
Other Prominent Vendors
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Market at a Glance
7 Premium Insights
8 Introduction
9 Market Opportunities & Trends
10 Market Growth Enablers
11 Market Restraints
12 Market Landscape
13 Accessory Type
14 End-User
15 Industrial
16 Commercial
17 Residential
18 Geography
19 North America
20 Europe
21 APAC
22 Latin America
23 Middle East & Africa
24 Competitive Landscape
25 Key Company Profiles
26 Other Prominent Vendors
27 Report Summary
28 Quantitative Summary
29 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/voq2f2
View source version on businesswire.com:https://www.businesswire.com/news/home/20221123005217/en/
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KEYWORD:
INDUSTRY KEYWORD: OTHER MANUFACTURING MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/23/2022 05:16 AM/DISC: 11/23/2022 05:16 AM
http://www.businesswire.com/news/home/20221123005217/en