Global Power Tool Accessories Industry market was 1379.52 million US$ in 2017
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Global Power Tool Accessories Industry market was 1379.52 million US$ in 2017 and is expected to 1569.18 million US$ by the end of 2023, growing at a CAGR of 2.17% between 2018 and 2023.
The US was the world’s largest consumer and second largest producer of power tools, accounting for 24 percent of sales and 12 percent of output. The US market will account for approximately one-sixth of additional global sales. The country is a significant market for power tools because it is home to substantial tool using industries such as construction, general manufacturing, and motor vehicle production and repair. In addition, there is widespread interest in do-it-yourself (DIY) activities, resulting in a sizable consumer market.
China was the second largest national market for power tools, with ten percent of global demand, and was the largest producer, with one-third of global output. In addition, power tool growth in China through 2018 will be nearly double the global average. However, India will post even more rapid gains among major countries, albeit from a very small base. Both countries have extremely low power tool market penetration rates, with widespread adoption limited by the high initial purchase price of power tools compared to non-powered hand tools. Poverty and unreliable electric grids also play a role, particularly in rural areas. In much of the developing world, the availability of low cost laborers utilizing hand tools has limited power tool demand.
From the type perspective, the Sanding and polishing market is valued at 4004.54 million USD in 2017 and is expected to reach 5213.34 million USD by the end of 2023, growing at a CAGR of 4.49% between 2018 and 2023. With the rising labor costs and increasing productivity requirements around the world, Automatic Power Tool Accessories are getting higher and higher, occupying the majority of the market.
From the application perspective, the Professional market was 5675.95 million US$ 2017 and is expected to reach 7346.61 million US$ by the end of 2023, growing at a CAGR of 4.39% between 2018 and 2023. Advances will be fastest in the world’s developing areas, where significant and increasing levels of construction spending are expected. In general, power tool use in the world’s developing areas is less saturated, and most sales there are first time purchasers. China and India, which are in the process of modernizing their housing stock, will see particularly rapid growth in power tool demand. Among developed nations, power tool sales will be boosted by improved economic conditions and increasing construction activity in the US and Western Europe.
Power Tool Accessories is a very common industrial tool, its market is very broad, and it has great potential for development all over the world. At the same time, the industry's entry barriers are low, so existing companies face this huge competitor risk without exception. In order to survive in the fierce competition, enterprises must strengthen the construction of marketing channels and cultivate a loyal customer base to increase their market share. On the other hand, enterprises should focus on the production of technology research and development and standardized products to achieve improvement. Product use value and the goal of expanding exports.
Global Power Tool Accessories Industry has experienced a rapid development in recent years. With the improving process and reducing cost, Global Power Tool Accessories Industry price has been fluctuated in last five years. In the next few years, we estimate the industry growth rate will still increase. We tend to believe that this industry has a promising developing future due to the rapid global economic development.