The world is witnessing new developments and market trends in the construction industry.

The automobile industry also saw the demand increase for automobiles, thus driving the demand for machines and equipment, including power tools and accessories. However, the restrictions were lifted as the pandemic got under control and the situation got better the infrastructural projects were resumed, which stirred the demand for power tools once again, meanwhile also driving the demand for the power tool accessories market. The construction industry, one of the most important industries that make use of and demand power tools and their accessories, was more or less completely shut, which had an immediate negative effect on the power tools and power tool accessories market. The supply chain for raw materials was highly disturbed.

The sales went down as the demand for these tools and their accessories also plummeted. The impact of COVID-19 was also seen in the power tools and the power tools accessories industry, as both markets saw major downfalls leading to plunging sales numbers. Such factors are a significant contributor to the power tool accessories market. Power tools, which include drilling and fastening tools, demolition tools, sawing and cutting tools, and material-removal tools, have unlimited use across the industrial, commercial, and residential sectors. Industries like construction and automotive also serve as a source of innovation and product development for power tools and accessories. The power tools have been a convenient solution for workers across industries that also help eliminate manual labor. The growth in the use and demand for Li-ion batteries and the rise in infrastructural developments has further surged the demand for cordless tools and batteries. They also have various household applications, such as the removal of paint, soldering of wire, thawing of pipes, and other DIY projects. These accessories are mainly used in the automobile, aerospace, construction, electronics, and shipbuilding industries. Rapid industrialization and increasing applications in the household and commercial sectors are primarily driving the power tools and power tool accessories market. The global power tool accessories market size is expected to reach USD 22.00 billion by 2028 from USD 15.53 billion in 2022, at a CAGR of 5.98% during the forecast period.

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