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 size

• Power Tool Accessories Market trends

• Power Tool Accessories Market industry analysis

• Power Tool Accessories Market five forces analysis

• Power Tool Accessories Market competitive landscape

Power Tool Accessories Market 2023-2027: Market Dynamics

Key Drivers

• The increase in sales of passenger cars is a major driver for the market growth.

• Rapid urbanization, better road infrastructure, and consumer preference for new vehicle models with high fuel efficiency and low emissions are the major factors driving the market for automobiles.

• Power tools have various applications in the automotive production line and thus, a rise in the sales or production of vehicles is expected to propel the demand for power tools and accessories.

• Moreover, the recent recovery from the economic crisis and growth in the economy has boosted the sales of commercial vehicles in the region.

• Hence, 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.

Major Challenges

• The high cost of power tools is the major challenge that may hinder the market growth. 

• Different power tools are developed for the efficient and easy movement of goods and they are available with various capabilities and features to increase operational convenience.

• They are also available with increased usability, accurate controls, and fool-proof technology to eliminate the risks of mishandling high-speed power tools, which increase the cost of power tools.

• Thus, 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.

Power Tool Accessories Market 2023-2027: Segmentation
Power Tool Accessories Market is segmented as below:

• End-user

• Type

• Geography

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.

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What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

• Global competitiveness and key competitor positions

• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

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

• Atlas Copco AB - The company offers power tools accessories such as circular cutter with bolting solutions, screw feeder, and torque controllers.

• Bahco - The company offers impact tools such as Impact sockets, magnetic impact socket, and safety springs for impact sockets.

• Baker Hughes Co. - The company offers power tools accessories such as iTrak applications with automated fluids monitoring, automated directional drilling and reservoir navigation, automated tripping optimization, and automated ROP optimization.

Power Tool Accessories Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist power tool accessories market growth during the forecast period

• Estimation of the power tool accessories market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the power tool accessories market

• Analysis of the market's competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of power tool accessories market vendors

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Table Of Contents :

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global power tool accessories market 2017 - 2021

• 4.2 End-users Segment Analysis 2017 - 2021

• 4.3 Type Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by End-user

• 6.1 Market segments

• 6.2 Comparison by End-user

• 6.3 Professional - Market size and forecast 2022-2027

• 6.4 Consumer - Market size and forecast 2022-2027

• 6.5 Market opportunity by End-user

7 Market Segmentation by Type

• 7.1 Market segments

• 7.2 Comparison by Type

• 7.3 Drill bits - Market size and forecast 2022-2027

• 7.4 Screwdriver bits - Market size and forecast 2022-2027

• 7.5 Router bits - Market size and forecast 2022-2027

• 7.6 Others - Market size and forecast 2022-2027

• 7.7 Market opportunity by Type

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027

• 9.4 Europe - Market size and forecast 2022-2027

• 9.5 APAC - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 UK - Market size and forecast 2022-2027

• 9.10 China - Market size and forecast 2022-2027

• 9.11 Canada - Market size and forecast 2022-2027

• 9.12 Germany - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 Atlas Copco AB

• 12.4 Bahco

• 12.5 Baker Hughes Co.

• 12.6 Caterpillar Inc.

• 12.7 Drill King International

• 12.8 Emerson Electric Co

• 12.9 Festool GmbH

• 12.10 Hilti Corp.

• 12.11 Koki Holdings Co. Ltd.

• 12.12 KYOCERA corp.

• 12.13 Makita Corp.

• 12.14 Robert Bosch GmbH

• 12.15 Snap on Tools Pvt. Ltd.

• 12.16 Stanley Black and Decker Inc.

• 12.17 Techtronic Industries Co. Ltd.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

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