DUBLIN, Sept. 14, 2018 /PRNewswire/ --
The "Power Tools" report has been added to ResearchAndMarkets.com's offering.
U.S. demand for power tools is projected to increase 3.9% per year to $8.2 billion in 2022.
Power tools will benefit from continuing technology developments and ongoing strength in construction and manufacturing markets, as well as sanguine economic conditions leading to formation of new households and home purchases, which spur consumers to buy power tools.
Technological Innovation Driving Gains
Growth in the U.S. power tools market is largely determined by technological innovation. As batteries and brushless motors have become more powerful, cordless tools have experienced surges in growth. Additionally, advances in smart features such as Bluetooth connectivity, custom settings, and error monitoring drive gains in value-added products.
Cordless Tools Taking Market Share from Plug-In Electric and Pneumatic Models
In 2017, cordless tools represented over half of demand for electric tools. As cordless tools have become more powerful with technological advancements, they have become more competitive with traditional plug-in models. Furthermore, breakthrough technologies are expected to further the appeal of cordless tools in applications where powerful pneumatic tools have dominated in the past, totally changing the landscape of the power tools market.
Professional Markets to Remain Fastest Growing Amid Increased Construction and Manufacturing Activity
The professional market makes up two-thirds of demand for power tools, and will continue to have the greatest impact on gains through 2022. Growth in construction spending and manufacturers' shipments are expected to propel demand for power tools used in construction and manufacturing applications as these users replace old tools or decide to switch to newer technologies.
This study presents historical demand data (2007, 2012, and 2017) and forecasts for 2022 by power source (plug-in, cordless, pneumatic, and other), by electric product (drills; saws; sanders, polishers, and grinders; screwdrivers; impact wrenches; planers and routers; hammers; other electric tools; and parts and attachments), by pneumatic product (nailers and staplers; impact wrenches; drills and screwdrivers; percussion tools; sanders, polishers, and grinders; other pneumatic tools; and parts and attachments), by market (construction, automotive aftermarket, industrial and other professional, and consumer), and by distribution channel (home centers, direct sales and distributors, hardware stores, e-commerce, and mass marketers).
The study also evaluates company market share and provides analysis on industry competitors including Stanley Black & Decker and Techtronic Industries.
For more information about this report, visit https://www.researchandmarkets.com/research/qvpp69/the_u_s_power?w=5
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SOURCE Research and Markets