The global B2B eCommerce market for power tools and accessories is projected by Research and Markets to hit $15.11 billion by 2028, which would mean a compound annual growth rate of 18.1 percent, according to a Yahoo Finance report Monday (Nov. 1).
With the COVID-19 pandemic continuing its global spread, buyers and sellers in the power tools and accessories B2B eCommerce market are looking more closely at third-party digital channels, which is pushing the projections to unprecedented levels, the report says.
In the past, power tools manufacturers have primarily sold their products on their own websites or through distributors, but the emergence of Amazon and eBay as a platform for power tools and accessories has pushed the sales potential further than ever, according to the report.
Drills comprised the largest market share in 2020 and is expected to continue strong sales growth, largely because of the availability of lightweight drills featuring long-lasting batteries at affordable prices.
China and North America are expected to lead the way when it comes to growing regional demand for the B2B eCommerce market for power tools and accessories between now and 2028, according to Research and Markets, spurred by the online platforms Alibaba and Amazon, both of which allow buyers to purchase in bulk and achieve discounts.
Related: Report: Payment Choice, Automation Key to Global B2B Advertising Growth
Recent PYMNTS research shows that more than 68% of digital marketing firms are using automated technology to prioritize collections of fees and 71% reported improved collections following accounts receivable (AR) automation.
PYMNTS’ Payments In B2B Advertising Report notes a shift in how B2B companies advertise their products and services since the start of the COVID-19 pandemic. Display advertising is predicted to reach roughly $5.1 billion for U.S. B2B organizations in 2021, up 33% from $3.8 billion in 2020.
B2B cross-border transactions are expected to surpass $42.7 trillion in value by 2026, an approximate $8 trillion increase from 2021, our research shows.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More