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United States Power Tool Accessories Industry Report to 2027 - Rise in Home Improvements & DIY Activities is Driving Growth
Wednesday, December 14, 2022
DUBLIN, Dec. 6, 2022 /PRNewswire/ -- The "U.S. Power Tool Accessories Market - Industry Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
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The U.S. power tool accessories market is expected to grow at a CAGR of 6.17% during 2022-2027.
The power tools accessories market in the US is largely being driven by accelerated industrialization and rising applications in the residential and commercial sectors. These power accessories are mostly employed in the automotive, aviation, building, electronics, and shipbuilding sectors.
They may also be used for various domestic tasks, including painting, soldering wire, defrosting pipes, and other do-it-yourself DIY jobs. The need for cordless tool batteries has increased due to the rising use and rising demand for Li-ion batteries, as well as the expansion of infrastructure.
The scope for cutting and sawing accessories is more prominent due to the rise in wooden building construction. As an initiative for a sustainable environment, woods are preferred over concrete as a timber building weighs only 20% when compared with concrete counterparts.
Furthermore, timber buildings also play a vital role in reducing carbon dioxide from the atmosphere. This can be more prevalent in Europe and North America. This can further surge the demand for accessories related to jigsaws, cutting saws, routers, sanders, and reciprocating saws in the future. The market for power tools is benefiting from the boom in infrastructure and building, which will also drive future advancements.
Automotive Industry Insights
With the growing population, the demand for vehicles is anticipated to increase and to support this further, tech advancements are also taking place. Midwest US seems to have the highest demand for trucks. Automakers and suppliers have become one of the largest contributors to the US manufacturing sector, contributing to around 3% of the total GDP; therefore, it also generates the maximum jobs in the country. Over the past decade, auto manufacturers have exported over 1.2 trillion dollars' worth of automotive vehicles and parts.
The US is a hub for many leading automotive companies, including companies like General Motors, Ford, and Tesla, which is very aggressively developing itself, and the demand for tesla automobiles is also quite high. The US in 2020 was reported to produce over 8.5 million vehicles which saw a more than 18% decrease from 2019. In 2020, the revenue generated by motor vehicles and motor parts dealers was nearly USD 1.3 trillion.
The mentioned numbers depict how crucial is the automotive industry to the US. The development in the automotive sector implies the growth in demand for power tools which is known to increase the demand for power tool accessories eventually. Texas is also one of the leading states in the US to employ the highest numbers of workers in the aerospace industry, including avionics technicians, aircraft mechanics, and aircraft assemblers, all of whom are known to use power tools; thus, it is expected to lead to the demand for the power tools in the region which is expected to increase the demand for power tool accessories in the region.
Opportunity & Challenge Analysis
Growing Demand for Prefabricated Buildings
Residences and commercial buildings that are made in preparation in a warehouse, often in components that can be readily moved and integrated into the property, are known as prefabricated or prefab houses and constructed dwellings. Prefabricated construction is referred to as prefab. The idea combines panelized and modular building systems that are thoroughly designed and constructed before construction begins. The framework is installed, all by a carefully thought-out work site design.
Prefabricated structures are becoming increasingly popular worldwide, but notably in industrialized areas like North America, especially in the US. In turn, this has increased the need from these construction producers for power tools and power tool accessories market.
Development in Lithium-Ion Batteries
With corded power tools has been more predominant for years, the venture of cordless power tools has reshaped the face of the power tool industry. It has also helped to create and broaden new product lines in the battery-operated categories, which can further represent the power tool accessories market. The creation of Li-ion batteries has been one of the most significant growth drivers in the cordless power tool market. Numerous advancements have been achieved in batteries for greater backup capacity because of the growing demand for long-lasting battery life. The effectiveness and performance of Li-ion batteries have significantly increased.
Improvements have also been made in terms of energy density, charging speed, stability, cyclability, stability, and safety. Although Li-ion batteries will cost more to replace, more people choose to utilize them in electronic communication devices and electric vehicles, especially in the US.
US-China Trade War
In March 2018, the US government imposed a 25% tariff on steel and a 10% tariff on aluminum originating from China and exported to the US. The tariffs impacted major industries as many of the steel and aluminum requirements of the US manufacturers were met by cheaper imports from China. This increased the final output prices, which were passed on to end customers. The trade tensions have escalated since then and impacted all major end-users.
The high dependence of US manufacturers on Chinese suppliers was impacted and expected to continue as trade tensions rise. The lack of sourcing alternatives has a trickle-down effect on the market in focus. The trade tensions between the countries had a negative impact on the demand and supply in both APAC and North America and are not limited to China and the US.
The global economy is going through a rough phase due to COVID-19. It's no different for the US, and the continued trade-related issues between the US and China (especially when China and the US are not only important countries in the global economic and trade perspectives but also the precision parts manufacturing perspective) are the cause of concern for the overall functioning of the industry. Trade protectionism and barriers are acting as a challenge to market growth.
Key Questions Answered:
1. What is the market size of the U.S. power tools accessories market?
2. What is the growth rate of the U.S. power tools accessories market?
3. Who are the key players in the U.S. power tools accessories market?
4. What are the latest trends in U.S. power tools accessories market?
5. Which part of us gaining prominence in the power tools accessories market?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
7.1 Report Overview
7.2 Automotive Industry Insights
7.3 Opportunity & Challenge Analysis
7.4 Segment Analysis
7.5 Regional Analysis
7.6 Competitive Landscape
8 Introduction
8.1 Overview
8.2 Automotive Industry Insights
8.3 North America -Market Overview
8.3.1 Emerging Market Scenario After Covid-19 Debacle
8.4 Key Insights
8.5 Covid-19 Impact Analysis
8.6 Value Chain Analysis
8.6.1 Suppliers
8.6.2 Manufacturers
8.6.3 Distributors/Retailers
8.6.4 End-users
8.7 Faq
8.7.1 Value Propositions to Focus for Product Development
8.7.2 Major Vendors in Power Tools Market
8.7.3 Major Trends in Power Tools Market
9 Market Opportunities & Trends
9.1 Growing Prominence of Manufacturing
9.2 Industry 4.0 and Smart Precision Manufacturing
9.3 Growth in Construction Industry
9.4 Growing Demand for Prefabricated Buildings
9.5 Increasing Renewable Energy Installations
10 Market Growth Enablers
10.1 Development of Li-Ion Batteries
10.2 Rise in Home Improvements & Diy Activities
10.3 Rising Application of Fastening Tools
11 Market Restraints
11.1 Hand Tools and Low Cost
11.2 Us-China Trade War
11.3 End-User Variability
11.4 Manufacturers Shifting Production Facilities to Other Countries
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Accessory Type
12.3.1 Market Size & Forecast
12.4 End-User
12.4.1 Market Size & Forecast
12.5 Five Forces Analysis
12.5.1 Threat of New Entrants
12.5.2 Bargaining Power of Suppliers
12.5.3 Bargaining Power of Buyers
12.5.4 Threat of Substitutes
12.5.5 Competitive Rivalry
13 Accessory Type
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Drill Bits
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.4 Screwdriver Bits
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.5 Router Bits
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.6 Circular Saw Blades
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.7 Jig Saw Blades
13.7.1 Market Overview
13.7.2 Market Size & Forecast
13.8 Band Saw Blades
13.8.1 Market Overview
13.8.2 Market Size & Forecast
13.9 Abrasive Blades
13.9.1 Market Overview
13.9.2 Market Size & Forecast
13.10 Reciprocating Saw Blades
13.10.1 Market Overview
13.10.2 Market Size & Forecast
13.11 Batteries
13.11.1 Market Overview
13.11.2 Market Size & Forecast
13.12 Others
13.12.1 Market Overview
13.12.2 Market Size & Forecast
14 End-Users
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
15 Industrial End-Users
16 Commercial
17 Residential
18 Geography
18.1 Us: Market Overview
18.1.1 South
18.1.2 West
18.1.3 Midwest
18.1.4 Northeast
19 Competitive Landscape
19.1 Competition Overview
20 Key Company Profiles
20.1 Stanley Black & Decker
20.1.1 Business Overview
20.1.2 Product Offerings
20.1.3 Key Strengths
20.1.4 Key Strategies
20.1.5 Key Opportunities
20.2 Robert Bosch
20.2.1 Business Overview
20.2.2 Product Offerings
20.2.3 Key Strengths
20.2.4 Key Strategies
20.2.5 Key Opportunities
20.3 Techtronic Industries Co.
20.3.1 Business Overview
20.3.2 Product Offerings
20.3.3 Key Strengths
20.3.4 Key Strategies
20.3.5 Key Opportunities
20.4 Makita
20.4.1 Business Overview
20.4.2 Product Offerings
20.4.3 Key Strengths
20.4.4 Key Strategies
20.4.5 Key Opportunities
20.5 Hilti
20.5.1 Business Overview
20.5.2 Product Offerings
20.5.3 Key Strengths
20.5.4 Key Strategies
20.5.5 Key Opportunities
21 Other Prominent Vendors
21.1 Apex Tool Group
21.1.1 Business Overview
21.1.2 Product Offerings
21.2 Snap On
21.2.1 Business Overview
21.2.2 Product Offerings
21.3 Koki Holdings
21.3.1 Business Overview
21.3.2 Product Offerings
21.4 Fortive
21.4.1 Business Overview
21.4.2 Product Offerings
21.5 Positec
21.5.1 Business Overview
21.5.2 Product Offerings
21.6 Chervon
21.6.1 Business Overview
21.6.2 Product Offerings
21.7 Fein
21.7.1 Business Overview
21.7.2 Product Offerings
21.8 Aimco
21.8.1 Business Overview
21.8.2 Product Offerings
21.9 Festool
21.9.1 Business Overview
21.9.2 Product Offerings
21.10 Cs Unitec
21.10.1 Business Overview
21.10.2 Product Offerings
21.11 Dynabrade
21.11.1 Business Overview
21.11.2 Product Offerings
21.12 Husqvarna
21.12.1 Business Overview
21.12.2 Product Offerings
21.13 Stihl
21.13.1 Business Overview
21.13.2 Product Offerings
21.14 Blount
21.14.1 Business Overview
21.14.2 Product Offerings
21.15 Kyocera
21.15.1 Business Overview
21.15.2 Product Offerings
21.16 Panasonic
21.16.1 Business Overview
21.16.2 Product Offerings
21.17 Uryu Seisaku
21.17.1 Business Overview
21.17.2 Product Offerings
21.18 Atlas Copco
21.18.1 Business Overview
21.18.2 Product Offerings
21.19 Ingersoll Rand
21.19.1 Business Overview
21.19.2 Product Offerings
21.20 Emerson
21.20.1 Business Overview
21.20.2 Product Offerings
22 Report Summary
22.1 Key Takeaways
22.2 Strategic Recommendations
23 Quantitative Summary
23.1.1 Accessory Type
23.1.2 End-User
24 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/d74uyw
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