Technavio Announces the Publication of its Research Report Global Power Tool Accessories Market 2017-2021
Technavio recognizes the following companies as the key players in the global power tool accessories market: Makita, Bosch, Stanley Black & Decker, and Techtronic
Other Prominent Vendors in the market are: Atlas Copco, Baier, Hilti, Hitachi Koki, Husqvarna, IRWIN TOOLS, Klein Tools, and Snap-on
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Commenting on the report, an analyst from Technavios team said: Over the past few years, the interest in EV in the US automotive sector has surged, with manufacturers beginning to introduce new EV with advanced technology. The country is proposing to be the global leader in next-generation vehicle technologies. With support in the form of financial incentives and R&D, the country expects to lessen its dependence on petroleum products for transportation and future for EV seem to be optimistic. The sales of plug-in cars in the US was 50.1 thousand units in 2005 and it has increased to 116.10 thousand units in 2015.
According to the report, power tools are used for various applications in automotive production line. Therefore, rise in sales or production of vehicles is expected to propel the demand for power tools and accessories. Sale of vehicles and evolution of the automobile industry can be closely linked to the demand for air filters. Despite the global economic slowdown and high crude oil prices during 2011-2014, the automobile market grew at a CAGR of 3.63%. The decline in crude prices in the after 2014 has boosted the sales of passenger vehicles. With 41% or 32.36 million units of car sales, Asia had the biggest market share in the world in 2015.
Further, the report states that different power tools are developed for efficient and easy movement of goods. These power tools are available with various capabilities and features to increase the operational convenience. Also, they are available with increased usability, accurate controls, and fool-proof technology to eliminate the risks in mishandling high-speed power tools. These features increase the cost of power tools. Several small-scale industries avoid investing in efficient and effective or high quality power tools due to the high cost of the product along with high maintenance cost. Decline in demand for power tools is expected to hinder the growth of the global power tool accessories market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Power Tool Accessories
Power tools enable users to create products with ease and convenience. Engine-driven power tools, electric power tools, and pneumatic power tools are some of the types of power tools. Engine-driven power tools require steam engines to operate and are used by both professionals and individuals to cut hedges and wood. The source of power for the pneumatic power tool is compressed air.
Technavios analysts forecast the global power tool accessories market to grow at a CAGR of 3.45% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global power tool accessories market for 2017-2021. To calculate the market size, the report considers the demand for power tool accessories during the forecast period.
The market is divided into the following segments based on geography:
Technavio’s report, Global Power Tool Accessories Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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