North America Power Tools Market: Post-COVID Recovery, Growing Demand for Cordless Tools, and DIY Culture Drive Industry Growth

In the global power tools market, North America holds dominant share, mainly due to its automobile manufacturing, aerospace manufacturing as well as construction industry and also DIY culture has a key role to play. Therefore, the region is expected to have the leading position in coming years as well. Cordless power tools are gaining market share driven by falling prices of lithium ion batteries that is making the cordless power tools more affordable. However in 2020, exports has declined sharply due to fall in exports demand.

Get the Free Sample Report:- https://www.makreo.com/report/north-america-power-tools-market-post-covid-19-performance-outlook-to-2027

In 2020, there found to be a decline of -0.01% of revenues over the previous year in North America, owing to great losses in businesses (mainly construction and automobile sector) due to Covid-19 pandemic in 1H2020. The losses to the industries are expected to get reversed sooner by 2023, however the second wave of coronavirus exacerbating the situation even more than before by weakening the investors' confidence in the market.

► Demand by Type of Power Tools
■ Electric Power Tools: Industries including manufacturing automobiles and aerospace in the US are giving boost to the demand of power tools; there also seen a positive response in the adoption of electric power tools. Canada is also trying to capture the opportunity by expanding automobile manufacturing capabilities.

■ Electric Power Tools: Industries including manufacturing automobiles and aerospace in the US are giving boost to the demand of power tools; there also seen a positive response in the adoption of electric power tools. Canada is also trying to capture the opportunity by expanding automobile manufacturing capabilities.

► Key Growth Factors of North America Corrugated Power Tools Market
■ Raw Material Cost: The cost of raw materials and the total costs of power tools tends to show a direct relationship as the total costs of power tools get more affected due to the changing costs of the raw materials including steel, rubber, plastic, fasteners, batteries, and others. It can be supported by the fact that out of the total cost of the power tools, about 50%-60% of the cost consist of raw materials that are used in manufacturing of power tools.

■ Demand for Li-ion Batteries: Due to the technological advancements and innovations, the cordless power tools in 2010 saw a surge in demand for Li-ion batteries from the mostly used Nickel Cadmium (NiCd) batteries. However the use of batteries in such power tools is not found to be less than Nickel Cadmium (NiCd), Nickel-metal hydride (NiMH), and Li-ion so far.

► Growing Importance of DIY
The demand for purchase of old homes are rising at a higher rate as Millennials with a high to moderate spending capacity wanted to get refurbishing and renovation done as per their desires and new designs emerging in the country. Hence, the demand for DIY Home Renovation is expected to see an upward trend during a period of 2020-2027 at a CAGR of 4.8%.

► Scope of the Study
The report titled "North America Power Tools Market-Post COVID-19 Performance & Outlook to 2027" published by Makreo Research and Consulting Firm helps the reader to gain insights on regional economy performance along with a country overview. Report discusses market past, present and future expected performance, mainly estimation for 2020 and 2021. Profile of key players has also been discussed.

► Key Questions Answered:-
■ What is the Past, Present, and Future outlook performance of the North America ■ Discuss the market performance of Electric and battery operated cordless tools, including historical performance, recent developments, and future projections.
■ Discuss the analysis of North America power tools market by geography wherein we have covered the US, Canada and Mexico.
■ Report helps the reader to study power tools market by its classification including Electric, Pneumatic, hydraulic and others.
■ What is the role of end user in the industry has also been studied in the report, covering industrial application, commercial application and residential application.
■ Discuss detail examination of micro and macro dynamics, specifically growth enablers, market retardants and recent development in the market.

Find out more:- https://www.makreo.com/report/north-america-power-tools-market-post-covid-19-performance-outlook-to-2027

Similar Related Reports:-
Global Power Tools Market Outlook to 2027-COVID-19 Impact Assessment
https://www.makreo.com/report/global-power-tools-market-outlook-to-2027-covid-19-impact-assessment

Makreo Research and Consulting,
Office No 30, 2nd Floor, Crystal Plaza, Hiranandani Complex,
Sec 7, Kharghar, Navi Mumbai, Maharashtra - 410210, India
Phone Number
+91-9619699069
Email Address
info@makreo.com

Makreo is a Market research and consulting firm working closely with business conglomerates worldwide to help them in many aspects of driving their business growth and assist in making wise decisions with the help of our qualitative & quantitative market insights.

This release was published on openPR.