Power Tool Accessories Market size to grow by USD 758.76 million from 2022 to 2027; Increase in sales of passenger cars to influence market growth

Apr 24, 2023

NEW YORK, May 8, 2023 /PRNewswire/ -- Technavio has been monitoring the power tool accessories market, and it is expected to grow by USD 758.76 million from 2022 to 2027. As per the latest report, the market will progress at a CAGR of 5.1% during the forecast period. This report aid business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. Increased integration of the Internet of Things (IoT) in manufacturing processes is a key trend promoting the emerging power tool accessories market. Industrial machines, such as compressors, pumps, industrial robots, and power tools, are equipped with IoT technology and 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. Hence, such data helps in increasing the efficiency of industrial machinery, reducing its downtime, and increasing its useful life and process safety. Click & get Latest Sample Report within minutes!

Power Tool Accessories Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our power tool accessories market report covers the following areas:

Power Tool Accessories Market 2023-2027: Market Dynamics

Key Drivers

Major Challenges

Power Tool Accessories Market 2023-2027: Segmentation

Power Tool Accessories Market is segmented as below:

The market share growth of the professional segment will be significant for market growth during the forecast period. Professionals are ready to pay a premium price for better quality and more durable accessories because they are used continuously. Also, they are ready to adopt pneumatic and hydraulic power tools, which are generally not preferred by the consumer segment. This is because these tools require high maintenance and additional ancillary equipment. Hence, in the professional segment, a major demand for accessories is expected to arise from pneumatic and hydraulic power tools.

To learn more about global trends and other market dynamics, download a sample report!

What's New? -

Power Tool Accessories Market 2023-2027: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. We provide a detailed analysis of around 25 vendors operating in the Power Tool Accessories Market, including some of the vendors such as 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. Backed with competitive intelligence and benchmarking, our research reports on the Power Tool Accessories Market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

Vendor Offerings

Power Tool Accessories Market 2023-2027: Key Highlights

Gain instant access to 17,000+ market research reports covering 800 technologies across 50 countries.

Technavio's SUBSCRIPTION platform

Related Reports:

The power tool batteries market size is expected to increase by USD 1.95 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.91%. Furthermore, this report extensively covers power tool batteries market segmentation by type (Li-ion battery and nickel battery) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The increase in consumer use of power tools is notably driving the power tool batteries market growth.

The cutting tool inserts market is estimated to grow at a CAGR of 5.93% between 2022 and 2027. The size of the market is forecast to increase by USD 2,046.36 million. This report extensively covers market segmentation by application (milling tool inserts, drilling tool inserts, rotary tool inserts, turning tool inserts, and others), type (carbide tool inserts, Cubic Boron Nitride inserts, ceramic inserts, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The rise in construction activities in emerging nations of APAC is notably driving the market growth.

Power Tool Accessories Market Scope

Report Coverage

Details

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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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.

Browse for Technavio's Industrials Market Reports

Table Of Contents :

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/power-tool-accessories-market-size-to-grow-by-usd-758-76-million-from-2022-to-2027-increase-in-sales-of-passenger-cars-to-influence-market-growth---technavio-301816980.html

SOURCE Technavio

Originally published on the BLOX Digital Content Exchange.