How Has The Computer Vision in Power Tool Accessories Market Size Evolved In Recent Years?
The power tool accessories market has seen considerable growth due to a variety of factors.
• Over the recent years, there has been a robust expansion in the power tool accessories market size. This market is projected to grow from $ 2.07 billion in 2024 to $ 2.2 billion in 2025, marking a compound annual growth rate (CAGR) of 6.5%.
This significant growth from the historical period can be ascribed to several factors. These include an escalation in construction and renovation activities, an uptick in DIY trends, expansion in the automotive sector, a surge in the demand for precision tools, advancements in material durability, and the burgeoning spread of industrial automation.
What Will Be The Power Tool Accessories Market Size In The Future?
The power tool accessories market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a substantial uptick is anticipated in the power tool accessories market, projected to reach a value of $2.81 billion by 2029, expanding at a compound annual growth rate (CAGR) of 6.3%.
This surge through the prediction period may be credited to factors such as a surge in construction and Do-It-Yourself activities, escalating demand for resilient and effective tools, expansion in industrial automation, thriving e-commerce sector, the transition towards cordless appliances, and substantial investments poured into infrastructure improvement. Key trends observed during the projection period are advancements in wireless technology, intelligent connectivity, augmented durability of tools, precision engineering, use of environmentally friendly materials, ergonomically designed tools, and the merge with automation systems.
What Are The Leading Drivers Of Growth In The Power Tool Accessories Market?
The escalation in building and renovation undertakings is forecasted to boost the progress of the power tool accessories market in the future. This growth in construction and remodeling tasks is powered by the surge in urbanization, population growth, and the requirement for infrastructure advancements. These factors are fostered by government-led initiatives, investments committed towards intelligent city projects, and improvements in construction methodologies. Power tool accessories are crucial in construction endeavors, aiding functions like cutting, grinding, drilling, and fastening. This enhances the precision and effectiveness of various building and renovation assignments. As an example, the Office for National Statistics reported in February 2023 that the UK experienced an annual increase in construction output of 5.6% in 2022. This was built on a significant 12.8% surge recorded in 2021. Consequently, the expansion in construction and renovation operations propels the power tool accessories market.
What are the Market Segments in the Power Tool Accessories Market?
The power tool accessories market covered in this report is segmented –
1) By Type: Drill Bits, Circular Saw Blades, Screwdriver Bits, Router Bits, Other Types
2) By Operation Type: Cutting, Drilling, Fastening, Routing And Planning, Other Operation Types
3) By Distribution Channel: Offline, Online
4) By End-User: Industrial, Commercial, Residential
Subsegments:
1) By Drill Bits: Twist Drill Bits, Hammer Drill Bits, Masonry Drill Bits, Spade Drill Bits, Auger Drill Bits, Step Drill Bits, Core Drill Bits, Countersink Drill Bits
2) By Circular Saw Blades: Wood Cutting Blades, Metal Cutting Blades, Diamond Circular Saw Blades, Carbide-Tipped Circular Saw Blades, General Purpose Circular Saw Blades, Abrasive Circular Saw Blades, Specialty Circular Saw Blades
3) By Screwdriver Bits: Phillips Bits, Slotted Bits, Torx Bits, Square Drive (Robertson) Bits, Hex Bits, Pozidriv Bits, Security Bits, Impact Driver Bits
4) By Router Bits: Straight Router Bits, Spiral Router Bits, Edge-Forming Router Bits, Flush Trim Router Bits, Dovetail Router Bits, Chamfer Router Bits, Round-Over Router Bits, Rabbeting Router Bits
5) By Other Types: Sanding Discs And Belts, Jigsaw Blades, Oscillating Multi-Tool Blades, Polishing Pads, Angle Grinder Discs, Taps and Dies, Drill Chucks And Clamps
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What Trends are Shaping the Power Tool Accessories Market Size?
Big players in the power tools accessories market are stepping up their game by creating more durable and efficient accessories including brushless motors. This is to enhance overall performance and meet the growing needs for high-performance tools. Brushless motors are advantageous as they provide a longer runtime, do not require brush replacement, which increases their durability, ensures efficient use of power, and prolongs the tool's lifespan. An example of this trend is the GWS12V-30 12V Max Brushless 3-inch Angle Grinder, which was launched in June 2022 by Robert Bosch GmbH, a German engineering firm. This heavy-duty cutting tool features an efficient brushless motor, quick braking system for safety and battery efficiency, and optimized gears. Another standout feature is its 19,500 RPM speed that effortlessly slices through tough materials. Its compact, user-friendly design assures comfort and control during prolonged usage. Other noteworthy features include a unique spindle-lock design for swift wheel changes and a rapid braking system that stops the wheel in less than a second following the shutdown. This powerful and speed-efficient tool, coupled with handy features, makes it an indispensable part of any professional's toolkit.
Who Are the Key Players in the Power Tool Accessories Market?
Major companies operating in the power tool accessories market are include:
• Robert Bosch GmbH
• Hitachi Ltd
• Stanley Black & Decker Inc.
• Kyocera Corporation
• Atlas Copco AB
• Emerson Electric Co.
• Techtronic Industries Company Limited
• Hilti Corporation
• Ingersoll-Rand Plc
• Makita Corporation
• Husqvarna Group
• Snap-On Incorporated
• Chervon Limited (Skil)
• Festool Group GmbH & Co. KG
• Metabowerke GmbH
• Klein Tools Inc.
• L. S. Starrett Company
• Bain Capital LP (Apex Tool Group)
• Silverline Tools
• Evolution Power Tools
• Craftsman
• Dremel
• Baier GmbH
• EAB Tool Company Inc
What are the Regional Insights into the Power Tool Accessories Market?
Asia-Pacific was the largest region in the power tool accessories market in 2024. The regions covered in the power tool accessories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
