LONDON--(BUSINESS WIRE)--Technavio analysts forecast the power tools market in US to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.
Flexible battery system and wireless charging is one of the major trends being witnessed in the power tools market in US 2019-2023. In the US, some of the most recognized vendors in the market have introduced flexible battery systems in their power tool offerings. Power tools with a flexible battery system can be operated with a single type of battery that can produce different output voltages. It removes the need to own different types of batteries and allows the interchangeability of batteries between power tools requiring different voltage outputs. It also removes redundancy and improves the productivity of the power tool operator on a job site.
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According to Technavio analysts, one of the key factors contributing to the growth of the power tools market in US is the growing demand for power tools for DIY protects in US:
Power tools market in US: Growing demand for power tools for DIY protects in US
DIY projects refer to activities in which individuals such as hobbyists, residents, amateurs, or enthusiasts engage themselves in the modification, upgrading, maintenance, and rebuilding of their material possessions such as household appliances, automobiles, residences, and bicycles. Raw or semi-finished raw materials, suitable tools, and equipment with no or little assistance of professionals are used in DIY projects. Globally, majority of the DIY projects undertaken include home improvement.
According to a senior analyst at Technavio for research on tools and components, “The demand for DIY tools, including power tools, for home improvement projects is growing in the US, due to the middle-class populace seeking to improve their home spaces to ensure a better standard of living. Moreover, factors such as the high cost of professional plumbers, electricians, and mechanics is increasing the popularity of the DIY culture in the US.”
Power tools market in US: Segmentation analysis
The power tools market in US research report provides market segmentation by end-user (professional and consumer) and by technology (electric, pneumatic, and others). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The professional segment held the largest market share in 2018, accounting for nearly 73% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The electric segment held the largest market share in 2018, accounting for nearly 73% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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