DUBLIN–(BUSINESS WIRE)–The “U.S. Power Tool Accessories Market – Industry Outlook & Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
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.
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?
Opportunities & Trends
- Growing Prominence of Manufacturing
- Industry 4.0 and Smart Precision Manufacturing
- Growth in Construction Industry
- Growing Demand for Prefabricated Buildings
- Increasing Renewable Energy Installations
- Development of Li-Ion Batteries
- Rise in Home Improvements & Diy Activities
- Rising Application of Fastening Tools
- Hand Tools and Low Cost
- Us-China Trade War
- End-User Variability
- Manufacturers Shifting Production Facilities to Other Countries
by Accessory Type
- Abrasive Wheels
- Reciprocating Saw Blades
- Jig Saw Blades
- Drill Bits
- Circular Saw Blades
- Band Saw Blades
- Screwdriver Bits
- Router Bits
by End Users
- The U.S
- Southern US
- Western US
- Midwest US
- Northeast US
- Stanley Black & Decker
- Robert Bosch
- Techtronic Industries Company
Other Prominent Vendors
- Apex Tool Group
- Snap On
- Koki Holdings
- CS Unitec
- URYU SEISAKU
- Atlas Copco
- Ingersoll Rand
For more information about this report visit https://www.researchandmarkets.com/r/blsh2p