B2B E-commerce Marketplaces By Power Tools & Accessories Industry Overview
The global B2B e-commerce marketplaces by power tools & accessories market size was valued at USD 4.26 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2021 to 2028.
The growth can be attributed to the growing number of buyers and sellers approaching third-party e-commerce websites to buy and sell power tools. Bulk discounts, price transparency, and features to easily compare products on various parameters are some of the other factors that are also expected to contribute to the growth of the market over the forecast period. B2B e-commerce marketplaces refer to the third-party e-commerce websites facilitating the purchase of power tools and related accessories. Unlike first-party e-commerce websites, B2B e-commerce marketplaces support all the market players in the B2B value chain by connecting buyers and sellers and opening new sales channels for their partners to incorporate additional products to cater to the changing needs of the buyers.
Gather more insights about the market drivers, restrains and growth of the Global B2B E-commerce Marketplaces By Power Tools & Accessories Market
The overall power tools market had to confront a decline in sales in H1/2020 in the wake of the outbreak of the COVID-19 pandemic. However, an increase in e-commerce sales across North America and Europe aided in a gradual market recovery. The outbreak of the pandemic particularly prompted businesses to consider alternatives, such as third-party digital channels for selling their products. As such, an upsurge in the number of sellers on third-party websites, such as Amazon.com, eBay, and Alibaba.com, particularly bodes well for the growth of the market.
Power tools, such as power drills, impact wrenches, saws, and grinders, are widely used across various construction activities. For instance, power drills are used for drywall installations, electrical fittings, boring holes, and driving screws, among other tasks; while impact wrenches, which envisage a heavy-duty, fastening device, are used extensively in repairs, equipment maintenance, and product assembly. Power tools help in simplifying heavy-load tasks and in increasing operational efficiency. Hence, power tools are used extensively in both industrial and household environments.
The demand for power tools used in construction activities shows no signs of abating as several governments around the globe are aggressively pursuing infrastructure development projects. Given the lockdowns, social distancing norms, and restrictions on the movement of people and goods in the wake of the outbreak of the pandemic, e-commerce channels are expected to play a vital role in catering to the growing demand for power tools. The discounts and other benefits offered on bulk orders by e-commerce marketplaces are also expected to make them a preferred channel for buyers looking forward to procuring power tools.
Distributors, direct sales representatives, and brick and mortar stores have conventionally been the primary sales channels to sell power tools. Most of the B2B customers have long-term relationships with sales representatives of power tool manufacturers. The strong preference for direct sales channels can particularly challenge the growth of B2B e-commerce marketplaces. As such, any reluctance of buyers to adopt alternative channels for procuring power tools can potentially hinder the growth of the B2B e-commerce marketplaces by power tools & accessories market over the forecast period.
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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:
B2B E-commerce Marketplaces By Power Tools & Accessories Product Outlook (Revenue, USD Million, 2017 - 2028)
B2B E-commerce Marketplaces By Power Tools & Accessories Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- July 2019: Alibaba.com launched a multipoint initiative aimed at creating domestic and international B2B marketplaces opportunities for small businesses to expand the customer base.
Key Companies profiled:
Some of the prominent players operating in the global B2B e-commerce marketplaces by power tools & accessories market are:
- Amazon.com, Inc.
- eBay Inc.
- Ferguson Enterprises, LLC.
- IndiaMART InterMESH Ltd.
- Quill Lincolnshire, Inc.
- W.W. Grainger, Inc.
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