LONDON--(BUSINESS WIRE)--The power tools market in US is expected to grow by USD 1.29 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 3%.
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The market is driven by the growing demand for from DIY projects. In addition, the steady growth of major end-user industries is anticipated to boost the growth of the power tools market in US.
The high cost of professional plumbers, electricians, and mechanics in increasing the popularity of DIY culture in the US. Also, many DIY enthusiasts in the country are increasingly engaging themselves in activities such as modification, upgrading, maintenance, and rebuilding of their material possessions. Besides, the growing number of home improvement stores has increased the availability of power tools for DIY projects in the US. For instance, Lowe’s increased the number of retail stores from 289 to 2,129 between 2014 and 2016 in the country. Similarly, the Home Depot Product Authority posts online videos to educate customers on carrying out DIY projects. All these factors are significantly contributing to the growth of the power tools market in the US.
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Major Five Power Tools Companies in US:
ANDREAS STIHL AG & Co. KG
ANDREAS STIHL AG & Co. KG operates its business through the Unified segment. The company offers a wide range of power tools such as Cordless Power Systems, Smart Solutions, Chainsaws, Chainbars, and others.
Apex Tool Group LLC
Apex Tool Group LLC operates its business through segments such as Brands and Markets. The company offers a wide range of power tools such as DC Electric Tools, Automated Fixturing Solutions, Fixtured Spindles, Global Controllers and Housing, Pneumatic Assembly Tools, Pneumatic Power Motors, and others.
Emerson Electric Co.
Emerson Electric Co. operates its business through segments such as Automation Solutions and Commercial and Residential Solutions. The company offers a wide range of power tools such as cordless tools and pneumatics tools, which include Bench and Stationary, Pneumatics & Compressors, Corded Power Tools, JobMax, and others.
Illinois Tool Works Inc.
Illinois Tool Works Inc. operates its business through segments such as Automotive OEM, Food Equipment, Construction Products, Polymers & Fluids, Specialty Products, Test & Measurement and Electronics, and Welding. The company offers power tools for heavy-duty cutting in metal, wood, drywall, masonry, or plastics.
Ingersoll Rand Inc.
Ingersoll Rand Inc. operates its business through segments such as Industrials, Energy, and Medical. The company offers 12V Impact Wrench. It is a series of cordless impact wrenches with a brushed motor and a Li-ion battery. The company also offers 409 Die Grinder. It is a pneumatic die grinder that allows the precision grinding of difficult-to-access surfaces and corners of a workpiece.
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Power Tools Market Technology Outlook in US (Revenue, USD Billion, 2019-2024)
Power Tools Market End-user Outlook in US (Revenue, USD Billion, 2019-2024)
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