|U.S. Power Tools Market 2022 Product Definition, Regional Outlook, Forecast And CAGR 2030|
U.S. Power Tools Industry Overview
The U.S. power tools market size was valued at USD 10.14 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.5% from 2021 to 2028. During the first half of 2020, the spread of COVID-19 led to a decrease in orders owing to the temporary suspension of production activities, supply chain disruptions, and decreased consumer spending. However, the demand elevated in the second half of the year, and the market experienced modest year-on-year growth. Post COVID-19, the market is anticipated to record stable growth over the forecast period on account of the resurgence of major end-use industries, such as construction and automotive.
Power tools reduce manual efforts as they operate on power sources such as electricity and rechargeable batteries. The ease of operation makes them a preferred tool for applications such as production and assembly lines and maintenance and repair, which involve high-intensity operations and require high efficiency. Power tools also offer benefits such as reduced labor and time requirements and ease of portability. Such benefits are expected to positively influence their adoption over the forecast period.
Gather more insights about the market drivers, restrains and growth of the U.S. Power Tools Market
Increasing construction spending is one of the primary factors driving the adoption of power tools in the U.S. The country has witnessed a considerable increase in construction spending over the last few years, which is projected to continue in near future as well. This can be attributed to various favorable initiatives taken by the government. For instance, the infrastructure plan announced by the U.S. government in January 2021 envisages upgrading airports, modernizing aging road infrastructure and transit systems, and retrofitting over two million homes and commercial buildings. Such initiatives are expected to lead to aggressive investments in non-residential construction projects, subsequently driving the growth of the market.
The pandemic has resulted in increased time spent at home, encouraging people to undertake home improvement projects and DIY activities. Home improvement projects have witnessed a paradigm shift from professional contractors to homeowners, thereby driving the adoption of power tools among homeowners. To capitalize on the growing preference for DIY projects, vendors have introduced affordable and easy-to-use power tools featuring long-lasting batteries that are well-suited for household usage. A diverse range of power tools is available in the market for various applications, such as roofing, landscaping, and kitchen and bathroom remodeling. The increasing number of home improvement and maintenance projects is expected to create a new pool of end users and open new avenues for market growth over the coming years.
However, the high costs associated with power tools pose a challenge to market growth. Due to the use of electronic components and assemblies, such as batteries, motors, and power circuitry, the price of power tools is higher compared to conventional hand tools. Additionally, dust exposure, heavy-duty operations, and extensive use can lead to excessive wear and tear of these tools, which is adding to the maintenance costs. Besides, the growth of the market is also impeded by regulatory compliance requirements. Since end users range from professional technicians to hobbyists and residential consumers, manufacturers have to abide by the industrial safety standards to ensure the safety of these end users.
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U.S. Power Tools Market Segmentation
Grand View Research has segmented the U.S. power tools market based on product, mode of operation, application, type, and sales channel:
U.S. Power Tools Product Outlook (Revenue, USD Million, 2018 – 2028)
U.S. Power Tools Mode of Operation Outlook (Revenue, USD Million, 2018 – 2028)
U.S. Power Tools Application Outlook (Revenue, USD Million, 2018 – 2028)
U.S. Power Tools Type Outlook (Revenue, USD Million, 2018 – 2028)
U.S. Power Tools Sales Channel Outlook (Revenue, USD Million, 2018 – 2028)
- Indirect Channel
- Direct Channe
Market Share Insights
- June 2021: Hilti Zimbabwe, one of the subsidiaries of Hilti Corporation, merged with Lighting World, a lighting and electrical manufacturer. This enabled the company to open a new shop and repair center in Lighting World’s Harare showroom. The merger is expected to help the company increase its customer base and international market presence.
- December 2020: Makita Corporation launched angle grinders with a non-removable guard. The non-removable guard is intended to ensure safety while operating tools at job sites.
- July 2020: Techtronic Industries Co. Ltd., through its MILWAUKEE brand, launched M12 FUEL HATCHET 6 pruning saws equipped with REDLITHIUM batteries.
- July 2020: Stanley Black & Decker, Inc. partnered with DeepHow to implement the latter’s AI platform, Stephanie, into its upskilling programs. This advanced platform enhances knowledge capture, improves training efficiency, promotes workplace safety, and assists the existing user base in construction and industrial operations.
Key Companies profiled:
Some of the key players operating in the U.S. power tools market are:
- Apex Tool Group
- Atlas Copco AB
- Hilti Corporation
- Ingersoll-Rand PLC
- Makita Corporation
- Robert Bosch Group
- Stanley Black & Decker
- Techtronic Industries Co., Ltd.
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