Power Tool Accessories Market size to grow by USD 373.87 billion | Market Research Insights Highlight the Increase in the Sales of Passenger Cars as Key Driver | 17000+ Technavio Reports

NEW YORK, Nov. 16, 2021 /PRNewswire/ — According to the research report «Power Tool Accessories Market – Forecast and Analysis Report…

NEW YORK, Nov. 16, 2021 /PRNewswire/ — According to the research report «Power Tool Accessories Market – Forecast and Analysis Report 2020-2024«, the market witnessed a YOY growth rate of 3.80% in 2020 at an accelerating CAGR of 5% between 2019 and 2024. The report is segmented by end-user (professional and consumer) and geography (APAC, Europe, MEA, North America, and South America). 

North America is the largest market for power tool accessories. The rise in the number of outsourcing activities to countries such as Canada, Mexico, and Brazil will facilitate the power tool accessories market growth in North America over the forecast period. 

View FREE Sample: to know additional highlights on various market segments & their impact in coming years. 

Vendor Insights 

The global power tool accessories market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. 

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their products. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market. 

For Instance, In July 2019, Sandvik AB acquired a 30% stake in Beam IT, a leading provider of metal additive manufacturing services. Similarly, In October 2019, Atlas Copco AB agreed to acquire Scheugenpflug AG, a German supplier of dispensing solutions. 

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

  • Atlas Copco AB
  • Baker Hughes Co.
  • Bellwether Resources International Inc.
  • Bit Brokers International Ltd.
  • Caterpillar Inc.
  • Drill King International LP
  • Drilling Products Inc.
  • Halliburton Co.
  • National Oilwell Varco Inc.
  • Sandvik AB

Find additional highlights on the growth strategies adopted by vendors & their product offerings. Read Free Sample Report. 

Geographical Market Analysis 

North America will provide maximum growth opportunities in the power tool accessories market during the forecast period. According to our research report, the region will contribute 38% of the global market growth and is expected to dominate the market through 2024. 

The US and Canada are the key markets for power tool accessories in North America. Market growth in this region will be faster than the growth of the market in the European and South American regions.

Know more about this market’s geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/power-tool-accessories-market-industry-analysis

Revenue Generating Segment

The power tool accessories market share growth by the professional segment will be significant during the forecast period. The professional segment of the global power tool accessories market is larger than the consumer segment because of the size of the construction, manufacturing, and automotive industries. The segment of this market will be driven by improvements in the construction, manufacturing, and automotive industries. It is expected that the US, China, and India to be the major contributors to this growth.

Key Market Trends & Challenges: 

The increased integration of the Internet of Things (IoT) in manufacturing processes is a factor supporting the power tool accessories market share growth. 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. Such data helps in increasing the efficiency of industrial machinery, reducing its downtime, and increasing its useful life and process safety.

However, the decline in construction and automobile sales in China is a major challenge for the power tool accessories market. The recent slowdown that the Chinese economy has been experiencing will have an adverse impact on power tools and accessories markets. The slowdown is mainly attributed to the sluggish performance and manufacturing overcapacity of the country’s real estate sector. The manufacturing sector is also adversely affected by the slowdown of the Chinese economy. The primary problem of this sector is the excess production capacity. The slow growth of the manufacturing sectors in China will have an adverse effect on the global power tool accessories market. 

View free sample for highlights on market Trends & Challenges affecting the power tool accessories. 

Customize Your Report 

Don’t miss out on the opportunity to speak to our analyst and know more insights about this market report. Our analysts can also help you customize this report according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.

We offer USD 1,000 worth of FREE customization at the time of purchase. Speak to our Analyst now! 

Power Tool Accessories Market Value Chain Analysis 

It includes the following core components: 

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • End market
  • Marketing and sales
  • Services

Related Reports: 

Cables and Accessories Market –The cables and accessories market share should rise by USD 39.80 billion from 2021 to 2025 at a CAGR of 5.43%. Download a free sample now!

Power Tools Accessories Market in UK – The power tools accessories market in the UK has the potential to grow by USD 29.76 million during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 3.82%. Download a free sample now!

Power Tool Accessories Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 5%

Market growth 2020-2024

USD 373.87 million

Market structure

Fragmented

YoY growth (%)

3.80

Regional analysis

APAC, Europe, MEA, North America, and South America

Performing market contribution

North America at 38%

Key consumer countries

The US and Canada

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Atlas Copco AB, Baker Hughes Co., Bellwether Resources International Inc., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., National Oilwell Varco Inc., and Sandvik AB

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization preview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Us: 

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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: media@technavio.com

Website: www.technavio.com/ 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/power-tool-accessories-market-size-to-grow-by-usd-373-87-billion–market-research-insights-highlight-the-increase-in-the-sales-of-passenger-cars-as-key-driver–17000-technavio-reports-301424302.html

SOURCE Technavio