The global power tool accessories market size is expected to grow at a CAGR of 6.1% from 2021 to 2027. Power tools, regarded as an ideal alternative for hand tools, are used for various industrial, commercial, residential, and DIY activities. These compact tools can be either pneumatic, hydraulic, or battery-operated in their functioning. For optimum end-use, power tools use supporting accessories like blades, batteries, chisels, bits, cutters, and chargers to maximize overall productivity and performance. The growth in Li-ion batteries is stimulating the demand for cordless power tools and their associated accessories. Cutting and drilling tools are estimated to be the major categories that boost the revenue for supplements, including circular saws, drills, drivers, wrenches, screwdrivers, nut runners, and reciprocating saws.
Advancements in technology have led to the growth of several tools and machines used across industries. Power tools are outpacing traditional hand tools in the professional and residential segments due to the demand for higher efficiency. For example, the construction industry experiences high pressure to launch innovative tools that reduce human effort. The surge in the substructure and the construction market is a boon to the power tools market that will also enforce innovations in the future years. The rise in manual labor costs and home improvement activities such as DIY has pushed the demand for user-friendly tools.
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Power tools have been a convenient solution for workers across industries since it helps eliminate manual labor. Industries like construction and automotive also serve as a source of innovation and product development for power tools and accessories since they are the forerunners in adopting the latest market trends. Power tools, including drilling and fastening, demolition, sawing and cutting, and material-remov