The global power tool accesories market was valued at more than USD1,416 million in 2016 and is expected to surpass USD 1,629 million by 2020, says Technavio.
Technavio has announced its latest market research report on power tool accessories for the forecast period, 2017-2021. This market analysis, under the tools and components vertical, discusses the major drivers and key emerging trends that will influence the growth of the global power tool accessories market during the forecast period. Some of the top vendors listed in this industry analysis include Makita, Bosch, Stanley Black & Decker, and Techtronic.
In terms of geographical analysis, the Americas is expected to continue its domination over the global market and is likely to reach almost USD705 million by 2021. The US will emerge as the key revenue-generator.
“Manufacturers in the automotive sector in the US are introducing new models of EVs incorporated with advanced technologies owing to the rising interest in EVs. The country is aiming to be the global leader in next-generation vehicle technologies. With support in the form of financial incentives and R&D, the country expects to lessen its dependence on petroleum products for transportation and future for EV seem to be optimistic,” says Anju Ajaykumar, a lead analyst at Technavio for tools and components.
Click here to request a free sample of this report
The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in sales of passenger cars
Automobile sales are expected to grow during the forecast period, with India and China expected to contribute a major share in the region. In the passenger vehicles category, Asia had topped the list with 44% share in terms of sale in 2015. Rapid Urbanization, better road infrastructure, increasing personal mobility needs, and consumer preference for new models with high fuel efficiency and low emissions are some of the factors driving the market growth in Asia. Increase in consumer preference toward fuel efficiency and low emission will drive the demand for passenger cars, subsequently propelling the demand for power tools and accessories.
Growth of fabricated metal products
The rise in demand for fabricated metals is attributable to the demand from the construction and machinery industries. Fabricated metals comprise ammunition, small arms, cutlery and utensils, stamped metal products, fasteners, springs, building products, tanks, cranes, and hardware. All these are manufactured using power tools. The rise in use of power tools is expected to result in wear and tear of accessories, leading to a surge demand for power tool accessories.
Rise in construction activities in emerging nations in APAC
Initiatives such as Smart cities mission, Make in India, and housing for all program undertaken by the government of India are expected to trigger construction activities in the country. Under the smart cities initiative, 97 cities were planned to be transformed by 2022. Out of the 97 cities, 20 cities had to be transformed in the first list in January 2016 and 13 cities later in May 2016. In addition, under the housing for all scheme, the government has planned to build around 30 million houses in rural areas by 2022. Indonesia is yet another emerging nation in APAC that is contributing 10% of its GDP in the construction sector. The government has announced an infrastructure spending of $450 billion between 2016 and 2020.
Some of the other prominent vendors identified in this report are Atlas Copco, Baier, Hilti, Hitachi Koki, Husqvarna, IRWIN TOOLS, Klein Tools, and Snap-on.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Power Tools Accessories Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Power Tools Market 2016-2020
- Global Surgical Power Tools Market 2016-2020
- Power Tools Market in the US 2015-2019
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
