Frequently Asked Questions
The global Power tool accessories market was valued at USD 15.2 Billion in 2022.
The Power tool accessories market is expected to grow at a CAGR of 6.3% between 2023 and 2030, reaching USD 23.32 Billion in 2030.
Drill Bits is the leading segment by type, holding around half of the share in value in 2022.
The Industries govern the demand for power tool accessories worldwide, holding a massive share of nearly 30% in 2022.
The screwdriver Bits segment is expected to post the highest CAGR during the forecast period.
Europe is fueling the growth of the Power tool accessories industry, with nearly two-fifth share in 2022.
The top players include Apex Tool Group LLC (Bain Capital Partners), Atlas Copco AB, Hilti Aktiengesellschaft, Husqvarna Group, Ingersoll-Rand Plc (Gardner Denver Holdings Inc.), Klein Tools Inc., and others
The rising demand for power tools across various sectors such as construction, manufacturing, automotive & global construction industry growth, including residential, commercial, and infrastructure projects, are the major market drivers.
Intense competition within the power tool accessories market can lead to pricing pressures & power tool accessories industry is susceptible to counterfeit products and intellectual property infringement restraints of the power tool accessories industry.
The rise of e-commerce and online retail platforms has transformed the way consumers purchase power tool accessories & adoption of industrial automation and Industry 4.0 technologies in manufacturing processes are opportunities for the power tool accessories industry.