B2B E-commerce Marketplaces By Power Tools & Accessories Industry Overview
The global B2B e-commerce marketplaces by power tools & accessories market size is projected to reach USD 15.11 billion by 2028, expanding at a CAGR of 18.1% from 2021 to 2028, according to a new report by Grand View Research, Inc. The outbreak of the COVID-19 pandemic is prompting both buyers and sellers to consider third-party digital channels to buy and sell power tools, thereby driving the growth of the market over the forecast period. Manufacturers of power tools primarily rely on direct sales via e-commerce websites and distributors for selling their products. However, the growing popularity of third-party marketplaces, such as Amazon.com and eBay, owing to various marketing and promotional strategies, such as high discounts and coupons, these marketplaces pursue are particularly proving lucrative for power tool manufacturers.
B2B E-commerce Marketplaces By Power Tools & Accessories Market Segmentation
Grand View Research has segmented the global B2B e-commerce marketplaces by power tools & accessories market based on product and region:
Based on the Product Insights, the market is segmented into Drills, Saws, Wrenches, Grinders, Sanders, Others.
- The drills segment accounted for the largest market share of over 30% in 2020 and is expected to register the highest CAGR exceeding 20% over the forecast period. The growth of the segment can be attributed to the wide application portfolio power drills can cater to in home improvement and industrial applications across various industries and industry verticals, such as automobile, energy and power, and aerospace. The growing demand for lightweight, electric drills also bodes well for the growth of the segment over the forecast period.
- The wrenches segment is anticipated to expand at a CAGR exceeding 19% over the forecast period. The increasing popularity of cordless wrenches and air wrenches is anticipated to drive the growth of the segment. Additionally, the growing preference for Do-It-Yourself (DIY) tools for various applications in automotive repairs, such as removing lug nuts and frame or chassis bolts, is also expected to contribute to the growth of the segment.
B2B E-commerce Marketplaces By Power Tools & Accessories Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies Profile & Market Share Insights
B2B e-commerce marketplaces by power tools and accessories accounted for a single-digit share in the overall B2B e-commerce marketplaces market in 2020. However, the market share is expected to increase significantly over the forecast period. The growth can be attributed to the adoption of Product Information Management (PIM) tools by e-commerce vendors to provide comprehensive information about the power tools on their websites.
Some of the prominent players operating in the global B2B e-commerce marketplaces by power tools & accessories market include,
- Alibaba.com
- Amazon.com, Inc.
- ChinaAseanTrade.com
- DIYTrade.com
- eBay Inc.
- Flipkart.com
- Ferguson Enterprises, LLC.
- eworldtrade.com
- IndiaMART InterMESH Ltd.
- Quill Lincolnshire, Inc.
- W.W. Grainger, Inc.
Order a free sample PDF of the B2B E-commerce Marketplaces By Power Tools & Accessories Market Intelligence Study, published by Grand View Research.
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