Global Power Tool Accessories Market Outlook and Forecasts to 2025 - Impact of COVID-19 - ResearchAndMarkets.com
The power tools accessories market by revenue is expected to grow at a CAGR of over 6% during the period 2019-2025.
The "Power Tool Accessories - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The power tools accessories market by revenue is expected to grow at a CAGR of over 6% during the period 2019-2025.
The global power tool accessories market is expected to witness growth after the post-2020. Rapid industrialization and increasing applications in households and commercial sectors are primarily driving the power tool accessories set. These sets are primarily used in industries such as automobile, aerospace, construction, electronics, and shipbuilding. The growth in the use and demand for Li-ion batteries along with the rise in infrastructural developments have surged the demand for cordless power tools and batteries. The industrial sector is the largest end-user followed by commercial and residential segments.
The spread of the COVID-19 pandemic across the globe in early 2020 has deeply plummeted the demand from end-user industries, especially from construction, automotive, and electronics. All new and running projects have come to a standstill. While a few industry experts are optimistic, the market is expected to grow from Q3 2020.
The following factors are likely to contribute to the growth of the power tools accessories market during the forecast period:
- Growing Prominence in Asian Manufacturing
- Industry 4.0 and Smart Precision Manufacturing
- Growth in the Construction Industry
- Development in Lithium-ion Batteries
The study considers the present scenario of the power tools accessories market and its market dynamics for the period 20192025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Key Questions Answered
- What is the power tool accessories market size and growth rate during the forecast period?
- What are the factors impacting the growth of the power tool accessories market shares?
- Which accessory type/end-user/region is generating the largest revenues for the European market?
- Who are the leading vendors in the power tool accessories market, and what are their market shares?
- What is the impact of the COVID-19 pandemic on the power tool accessories market?
Market Dynamics
Opportunities & Trends
- Growing Prominence Of Asian Manufacturing
- Industry 4.0 & Smart Precision Manufacturing
- Growth In Construction Industry
Growth Enablers
- Development In Li-Ion Batteries
- Rising Home Improvement & DIY Activities
- Rising Application Of Fastening Tools
Restraints
- Availability Of Hand Tools & Low-Cost Labor
- Fluctuations In Raw Material Prices
- End-User Variability
Prominent Vendors
- Black & Decker
- Robert Bosch
- Techtronic Industries Company (TTI)
- Makita
- Hilti
Other Prominent Vendors
- Apex Tool Group
- Snap-on
- Koki Holdings
- Fortive
- Positec
- Chervon
- Fein
- FERM
- AIMCO
- Festool
- CS Unitec
- Dynabrade
- Husqvarna
- Stihl
- Blount
- KYOCERA
- INTERSKOL
- Panasonic
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
- Emerson
For more information about this report visit https://www.researchandmarkets.com/r/hywqf3
View source version on businesswire.com: https://www.businesswire.com/news/home/20200827005337/en/