According to the research report titled ‘North America Power Tools Market Forecast 2027 By Tool Type, By Mode, By Application, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America power tools market is estimated to be worth USD 17 billion by the end of the forecast period 2021-2027.
 

As per report findings, expanding construction sector, and surging demand for advanced equipment for facilitating the construction of complex structures are the primary factors driving North America power tools market growth.

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Moreover, growing use of power tools for various repair & maintenance tasks in vehicle assembly lines, surging renovation & infrastructure development activities, and increasing demand for drills, wrenches, sanders, and other power tools will also propel market remuneration.

Based on mode type, the industry is arrayed into electric cordless, electric corded, and pneumatic. The electric-corded power tools segment is set to register a CAGR of 6.8% over 2021-2027, owing to their use in an array of sectors including construction, aerospace, automotive, energy, and shipbuilding. Moreover, technological advancements in products to enhance their efficiency and performance is also prompting segmental growth.

Based on application type, the industry is classified into construction, aerospace, automotive, energy, electronics, DIY, and others. DIY application segment held a share worth USD 2.3 billion in North America power tools industry in 2020. Rising popularity of DIY trends among the young generation, and increasing product demand in plumbing, renovation, interior decoration, and gardening, among other activities are driving the expansion of this sector.

Considering tool type, the market classification comprises drilling & fastening, sawing & cutting, material removal, demolition, wrenches and others. Among these, drilling & fastening power tools segment is estimated to be worth USD 5 billion by 2027. This can be attributed to adoption of advanced technologies to carry out heavy-duty industrial operations.

Prominent companies in North America power tools market are Apex Tool Group LLC, STIHL Holding AG & Co. KG, Snap-on Inc., Enerpac Tool Group, Koki Holdings Co. Ltd., Emerson Electric Co., Atlas Copco, Makita Corp., Hilti Corp., Stanley Black & Decker Inc., Techtronic Industries Co. Ltd., and Robert Bosch GmbH.