United States Power Tool Accessories Industry 2023 to 2028: Key Players Include Stanley Black & Decker, Robert Bosch, Techtronic Industries, Makita and Hilti - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "U.S. Power Tool Accessories Market - Industry Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The U.S. power tool accessories market size is expected to grow at a CAGR of 5.61% from 2022 to 2028

Opportunity and Challenge Analysis

Growing Demand For Prefabricated Buildings

Residences and commercial buildings 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.

The idea combines panelized and modular building systems that are thoroughly designed and constructed before construction begins, and the framework is installed following a carefully throughout work site design.

Prefabricated structures are becoming increasingly popular globally, notably in industrialized areas such as North America, especially in the United States. This, in turn, has increased the need from these construction producers for the power tools and accessories market.

Development In Lithium-Ion Batteries

Corded power tools have become predominant over the years and have reshaped the face of the power tool industry. It has also helped create and broaden new product lines in the battery-operated categories, which can further represent the U.S. power tool accessories market.

The creation of Li-ion batteries has been one of the most significant growth drivers of the cordless power tool market. Numerous advances in battery technology have also enabled greater backup capacity due to the growing demand for long-lasting battery life.

Consequently, the effectiveness and performance of li-ion batteries have significantly increased, and improvements in energy density, charging speed, stability, cyclability, and safety are being incorporated. Even though Li-ion batteries are more expensive to replace, more people choose to use them in electronic communication devices and electric vehicles, especially in the United States.

Industry Challenge

U.S.-China Trade War

In March 2018, the U.S. government imposed a 25% tariff on steel and a 10% tariff on aluminum originating from China and exported to the United States.

The tariffs impacted major industries as many of the steel and aluminum requirements of the U.S. manufacturers were met by cheaper imports from China. This increased the final output prices, passed on to end customers. Trade tensions have escalated since then and have impacted all major end-users.

These tariffs and other trade issues between the two countries negatively influenced most industries dependent on steel and aluminum.

As a result, a cost escalation was witnessed across many steel and aluminum industries. This acts as a barrier for market players regarding scaling up options. The U.S. power tool accessories market will depend on these trade and economic variables during the forecast period and is expected to face challenges in value and volume.

Market Segmentation

by Distribution Channel

• Offline
• Online

by Accessory Type

• Drill Bits
• Circular Saw Blades
• Batteries
• Screwdriver Bits
• Reciprocating Saw Blades
• Jig Saw Blades
• Band Saw Blades
• Abrasive Wheels
• Router Bits
• Others

by End User

• Industrial
• Energy
• Construction
• Aerospace
• Automotive
• Electronics
• Shipbuilding
• Others
• Commercial
• Residential

by Geography

• The U.S.
• South
• West
• Midwest
• Northeast

Competitive Landscape

The U.S. power tool accessories market is characterized by low market concentration and intense rivalry among competitors. Vendors are forced by the current situation to modify and improve their distinctive value propositions to have a significant market presence.

The U.S. power tool accessories market is fragmented and controlled by companies such as Stanley Black & Decker, Bosch, and TTI. Further, many domestic tool makers offer attachments in various sizes, shapes, and styles that match those made by a reputable vendor.

Key Company Profiles

• Stanley Black & Decker
• Robert Bosch
• Techtronic Industries
• Makita
• Hilti

Other Prominent Vendors

• Apex Tool Group
• Snap On
• Koki Holdings
• Fortive
• Positec
• Chervon
• Fein
• AIMCO
• Festool
• CS Unitec
• Dynabrade
• Husqvarna
• Stihl
• Blount
• KYOCERA
• Panasonic
• URYU SEISAKU
• Atlas Copco
• Ingersoll Rand
• Emerson

Market Dynamics

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

Enablers

• Development of Li-Ion Batteries
• Rise in Home Improvements & Diy Activities
• Rising Application of Fastening Tools

Restraints

• Hand Tools and Low Cost Labor
• Us-China Trade War
• End-User Variability
• Manufacturers Shifting Production Facilities to Other Countries

Key Questions Answered

1. How big is the U.S. power tool accessories market?

2. What is the growth rate of the U.S. power tool accessories market?

3. What are the key trends in the U.S. power tool accessories market?

4. Which accessory type dominates the U.S. power tool accessories market share?

5. Who are the prominent players in the U.S. power tool accessories market?

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