As cited by the research report titled ‘Global Power Tools and Accessories Market Size study, Breakup by Type (Drill Bits, Screwdriver Bits, Router Bits, Circular Saw Blades, Jig Saw Blades, Band Saw Blades, Abrasive Wheels, Reciprocating Saw Blades and Other), by Application (Milter Saw, Drill Machine, Reciprocating Saw, Hole Saw and Others), by End-Use Sector (Industrial, Automotive, Construction, Aerospace and Defense, Energy, Marine, Residential) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global power tools and accessories market is projected to grow with a strong CAGR to garner significant returns over 2021-2027.
 

Rapid advancements in battery technology coupled with widespread adoption of cordless power tools with high-density batteries are majorly driving global power tools and accessories market growth. Manufacturers are lately focusing on developing advanced cordless power tools and launching innovative products, thereby positively swaying the industry dynamics.
 

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In addition, many companies entering into strategic collaborations to introduce novel products with advanced technologies. In May 2018 for instance, Triax Technologies partnered with Robert Bosch Tool Corporation to develop a tracking device that will be able to trace tools and equipment as well as monitor real time workers and safety data.
 

Electric fastening tools are the most suitable power tools required while installing wind turbines due to requirement of precise torque, thus augmenting the market development. On the downside, high cost of ownership of power tools due to constant maintenance and repair requirements are likely to impede the market progression over the projected timeline of 2021-2027.
 

Based on tool type, global power tools and accessories industry is segmented into drilling and fastening tools, drills, demolition tools, impact wrenches,impact drivers, screwdrivers and nutrunners, rotary hammers/hammer drills/demolition hammers, jigsaws, band saws, reciprocating saws, circular saws, sheers and nibblers, sanders/polishers/buffers, material removal tools, grinders, sawing and cutting tools,  angle grinders, die and straight grinder, routing tools, routers/planers/joiners, and others.
 

Considering mode of operation, the marketplace is divided into electric, corded, cordless, pneumatic, and others (hydraulic and power-actuated). Speaking of application range, the business space is categorized into industrial, construction, residential, automotive, aerospace, energy, shipbuilding, and others.
 

The geographical analysis of the industry includes regions like Asia Pacific, Europe, North America, and Latin America. Asia Pacific is likely to be a lucrative growth avenue for the industry participants over the forecast timeline 2021-2027, on account of increasing infrastructural development, rising industrialization, and urbanization.
 

Meanwhile, Middle East and Africa market is anticipated to showcase significant growth over the projected timeline, owing to rapid expansion of the oil & gas and construction sectors among others.
 

Prominent players profiled in the global power tools and accessories industry are Snap-on Incorporated, Robert Bosch GmbH, Makita Corporation, Koki Holdings Co. Ltd., Klein Tools Inc., Ingersoll-Rand Plc, Husqvarna Group, Hilti Aktiengesellschaft, Atlas Copco AB, and Apex Tool Group LLC (Bain Capital Partners).