“Growth in infrastructure is a major contributor for both the power tools market and power tool accessories market in the country. To leverage this opportunity, power tool manufacturers are planning to expand their operation in the country”
In this report, Technavio covers the market outlook and growth prospects of the global power tool accessories market for 2017-2021. The market size has been calculated based on demand for power tool accessories during the forecast period.
Construction activities in the US and Asian countries such as India and Indonesia are expected to drive the global power tool accessories market during the forecast period. India aims at becoming the next major manufacturing hub and for this the government has rolled out several incentives and policies. “Growth in infrastructure is a major contributor for both the power tools market and power tool accessories market in the country. To leverage this opportunity, power tool manufacturers are planning to expand their operation in the country,” says Anju Ajaykumar, a lead analyst at Technavio for research on tools and components.
Technavio’s research study segments the global power tool accessories market into the following regions:
Americas: largest power tool accessories market
“In the Americas, the US is a major revenue contributor to the power tool accessories market. The rise in outsourcing activities to regions such as Canada, Mexico, and Brazil will drive the demand for power tools and accessories,” says Anju.
Power tool accessories market in the Americas was valued at USD 585.53 million in 2016 and is expected to reach USD 704.66 million by 2021, growing at a CAGR of close to 4% during 2016-2021.
The demand for power tool accessories is expected to increase due to the demand for passenger vehicle and medium- and heavy-duty vehicles and rise in construction activities. But a major demand for power tool accessories is expected to arise from the passenger vehicle segment, especially in North America.
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Power tool accessories market in EMEA
Power tool accessories market in EMEA was valued at USD 455.1 million in 2016 and is projected to reach USD 518.1 million by 2021, growing at a CAGR of 2.63% during the 2016-2021 period.
European countries such as Germany, the UK, and Italy are major markets for power tools and accessories markets due to the growing investment in automotive and aerospace industries in the region. The automobile production in Europe grew by 4.3% in 2016 from second quarter of 2015. Automobile production in Europe increased from 10,964.8 thousand units in the second quarter of 2015 to 11,439.3 thousand units in second quarter of 2016. Exports in the region also grew by almost 3% when compared with the previous year. Apart from this, Europe has become a major destination for EV. Countries such as the Netherlands, Norway, France, and Germany have reported an increase in sales.
Power tool accessories market in APAC
APAC will be the fastest growing segment for the power tool accessories market during the forecast period and emerging countries, such as India, Thailand, and Indonesia, are expected to contribute to the demand. This rise in demand is due to the increase in construction activities and growth of the automotive market and manufacturing industries.
The power tool accessories market in APAC was valued at USD 334.2 million in 2016 and will likely reach USD 406.4 million by 2021, growing at a CAGR of 3.99% during the forecast period.
The top vendors in the global power tool accessories market highlighted in the report are:
- Stanley Black & Decker
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