North America Power Tools Market Research Report, 2028

North America Power Tools Market Research Report, 2028

Actual Market Research 31-01-2023 89 Pages Figures : 13 Tables : 21 Region : North America Category : Manufacturing & Industry Machinery, Parts & Equipment

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1. Cavinkare Private Limited

2. Honeywell International Inc.

3. Panasonic Corporation

4. 3M Company

5. Robert Bosch GmbH


Hand tools necessitate a great deal of manual labour and consume a great deal of time, resulting in non-uniformity; on the other hand, power tools are a one-time investment that provides easier work, time savings, and precision work quality. These advantages of power tools over traditional tools are assisting in the growth of the market at a higher value. Power tools are tools that require additional power sources to operate their mechanisms; they have a motor to power their operation. These motors can be powered by electricity, compressed air, or internal combustion using fuel. Drilling, demolition, cutting and sawing, material removal, polishing, and other operations are performed with these power tools. These operations necessitate the use of various tools such as drills, hammers, jigsaws, and sanders. The increased use of cordless power tools and the incorporation of brushless motors into power tools are driving factors in the market. However, the high cost of power tool maintenance stifles market growth. Power tools are used to make users' lives easier in both the industrial and residential sectors. They provide greater accuracy, ease of use, and productivity. Working with power tools makes the job easier and faster. According to the research report, "North America Power Tools Market Research Report, 2028," published by Actual Market Research, the market is projected to reach a size of USD 15.21 billion by 2028. The market has grown at a moderate rate of 2.09% from 2017 to 2022. North America is a significant shareholder in the power tool market. Power tool demand is being driven by the region's growing infrastructure and industrial development. Furthermore, the presence of major players such as Stanley Black & Decker, Emerson Electric Co., and Apex Tool Group contributes to the region's revenue share. Furthermore, the scarcity of cheap labour encourages the adoption of do-it-yourself jobs, which contributes to regional growth. Leading companies anticipate moderate growth in North America, due in part to investments in the construction sector. The DIY tool trend will be noticeable across the United States and Canada, which bodes well for regional growth. Furthermore, advancements in drilling technology will provide additional impetus to drilling and fastening tools throughout the region. For example, Bosch Power Tools, a global leader in power tools and accessories, is launching a new brand campaign centred on the engineering of their power tools, which are designed to meet the demands of construction and trades workers on the job. According to the report, the market is divided into three major countries: the United States, Canada, and Mexico. Among them, the United States held more than 70% of the market in 2022 and is expected to maintain its dominance by 2028. One of the primary factors driving power tool adoption in the United States is rising construction spending. The country has seen a significant increase in construction spending in recent years, which is expected to continue in the near future. This can be attributed to the government's various beneficial initiatives. The United States government, for example, announced an infrastructure plan in January 2021 that calls for upgrading airports, modernising ageing road infrastructure and transit systems, and retrofitting over two million homes and commercial buildings. Such initiatives are expected to result in aggressive investments in non-residential construction projects, driving market growth. The US Census Bureau and the US Department of Housing and Urban Development jointly announced a new residential construction rate of 1,681,000 seasonally adjusted annual units authorised by building permits. Construction of new privately owned houses began in May 2021, with a total completion rate of 1,572,000 and 1,368,000, respectively, at a seasonally adjusted annual rate. Texas, Louisiana, Virginia, Georgia, North Carolina, Tennessee, Maryland, and Florida are the top states with the most projects in the pipeline in the United States. As a result, the effectiveness of construction projects is dependent on portable power tools such as drillers, circular saws, impact wrenches, angle grinders, and routers. As a result, there will be a demand for US cordless power tools in this region. Furthermore, the United States power tool market is expected to dominate overall market revenues due to the rising trend of self-renovation, which is a less expensive alternative to hiring high-cost professionals such as carpenters and electricians. This, combined with rising productivity from completing tasks on time by using power tool equipment, is estimated to foster demand in the residential sector and spur North America's growth. The market is divided based on tool type into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others. Drilling and fastening tools were the market leaders in 2022. However, demolition and sawing and cutting tools accounted for more than half of the market in the same year. Due to the high costs of hiring professional plumbers, carpenters, electricians, and so on, the growing trend of self-renovating houses in North America is expected to increase residential demand for drilling and fastening tools during the forecast period. Because of the demand for efficiency, power tools are outpacing traditional hand tools in the professional and residential segments. For example, the construction industry is under intense pressure to develop new tools that reduce human effort. The surge in the infrastructure and construction markets is a boon to the power tool market, which will also force future innovations. The rise in the cost of manual labour, home improvement activities, and DIY has increased the demand for user-friendly tools. Power tools, on the other hand, are primarily used by automotive manufacturers and repair and maintenance service providers in the automobile industry, as automotive manufacturing assembly lines involve numerous fastening jobs. Similarly, the increased use of wrenches, sanders, drills, and other power tools in the construction industry is increasing market demand. Growth in renovation and infrastructure activities in North America will fuel market expansion even further. The Ontario Line Subway, Steel Mini Mill, Osceola Steel Plant, George Massey Tunnel Replacement, Pearson Ranch Mixed Use Development, Bleutech Park/Siemens – Bleutech Park Las Vegas, PGOC – North Las Vegas Helios Medical Campus, Kansas Gov./Panasonic Engineering – De Soto Electric Vehicle Battery Plant, MTA US – Metro-North Penn Station Access, and DoT Texas – Southeast Connector are among the major construction projects across North America. Furthermore, the market is expected to gain traction in the coming years as the potential growth of the aerospace industry increases. Aviation is one of the country's fastest-growing industries, which has resulted in increased production of military aircraft, commercial airliners, and missiles. The increase in export practises and the country attributed as the main supplier of military and civil aerospace hardware, which is expected to register a spike in power tool sales for use during aircraft maintenance, such as metalworking tools, torque wrenches, and speed handles, are expected to boost the growth of the North American power tool market in the next six years. Power tools, on the other hand, are gaining popularity in household applications due to their ease of use and mobility. Do-it-yourself (DIY) activities are becoming increasingly popular, resulting in increased demand from household consumers. Businesses are selling products with improved safety features to meet the needs of consumers who are not trained experts. Special Bosch protection features, such as the rotation control clutch in rotary hammer drills and the restore protection in angle grinders, are available from Bosch Power Tools. These features tend to reduce the likelihood of product injury and tend to incorporate power tools in household applications. According to application, the industrial segment is expected to maintain the largest market share in the North American power tools market during the forecast period. Based on mode of operation, the market share of electric tools is at an all-time high and is expected to rise further during the forecast period. Several tools and machines have been developed as a result of technological advancements across industries. Furthermore, the increasing penetration of advanced technologies across heavy industrial applications has contributed to the market's anticipated growth. Both professionals and do-it-yourself customers have preferred these tools over alternatives. The constant advancements in these electric power tools also help to increase their demand. Furthermore, the ease of use of electric power tools has made them popular even among non-professional users, primarily in household operations. Power tools' small sizes and easy availability encourage their use even in commonplace applications such as drilling, cutting, and others, which drives the electric power tool market's growth. Recent Developments • In January 2021, GWS Tool Group, a US-based manufacturer of highly engineered custom, standard, and modified standard cutting tools, paid an undisclosed sum for Taurus Tool & Engineering. GWS's product line and capabilities in custom HSS tooling and custom thread-on modular tooling are expanded by the acquisition of Taurus tools, as is its capacity for sophisticated carbide hole-making and milling tools. Taurus Tool & Engineering is a precision custom cutting and power tool manufacturer based in the United States. • Snap-on Incorporated, a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information, and systems solutions, has been invited to speak at Bank of America's Merrill Lynch 2020 Consumer & Retail Technology Conference. Ingersoll-Rand Plc, also known as Trane Technologies, is a manufacturing company that was formed by the merger of Ingersoll-Sergeant Drill Company and Rand Drill Company in 1905. Major companies present in the market: Robert Bosch Gmbh, Stanley Black & Decker, Inc., Hilti Corporation, Atlas Copco Ab, Makita Corporation, Emerson Electric Co., Koki Holdings Co., Ltd., Ingersoll Rand, Techtronic Industries Co., Ltd., Enerpac Tool Group, Apex Tool Group, L.L.C., Snap-On Incorporated, Festool Gmbh, Panasonic Corporation, Honeywell International Inc., Kyocera Corporation, Husqvarna Ab, Chevron Group, and Considered in this report • Geography: North America • Base year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • The North America power tool market, with its value and forecast, along with its segments • Power Tool Market Analysis by Country • Various drivers and challenges • Ongoing trends and developments • Top-profile companies • Strategic advice Countries covered in the report: • The United States of America • Canada • Mexico By Tool Type: • Drilling and fastening tools • Demolition Tools • Sawing and cutting tools • Material Removal Tools • Routing Tools • Others By operation mode: • Electric • Pneumatic • Others (hydraulic) By Application Type: • Industrial • Residential The approach of the report This report is the result of a combined approach of primary and secondary research. Secondary research was initially used to gain an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases and annual reports of companies, as well as government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Following this, we began making primary calls to consumers, segmenting them equally into regional aspects, tier aspects, age groups, and gender. Once we had primary data with us, we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the power tools industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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