Power Tools Market in US 2019-2023
About this market
DIY projects refer to activities in which individuals such as hobbyists, residents, amateurs, or enthusiasts engage themselves in the modification, upgrading, maintenance, and rebuilding of their material possessions such as household appliances automobiles residences and bicycles. DIY projects are performed using raw or semi-finished raw materials, suitable tools, and equipment with no or little assistance of professionals. Home improvement projects constitute the majority of the DIY projects undertaken in the global DIY market Some of the home improvement projects include replacing a shower faucet or refinishing the basement and attic. In addition. supply-side factors such as the growing number of home improvement stores and the increasing availability of power tools (from mass merchandisers and online retailers) are expected to drive the demand for power tools or DIY projects in the US. Technavio’s analysts have predicted that the power tools market in US will register a CAGR of over 6% by 2023.
Technological innovation accelerating replacement demand
Tradesmen such as construction workers. plumbers. and woodworkers are the major end-users of power tools in the US market. Unlike DIY users. tradesmen expect greater precision. convenience. and productivity from their power tools. Thus. either a considerable decline in the performance of power tools or the availability of technologically advanced power tools results in the replacement demand for power tools from tradesmen which will fuel the growth of the power tools market in the US.
Risk of rising interests’ rates
A rising interest rate discourages borrowing by businesses and individuals and encourages savings. This results in reduced business and consumer spending. The benchmark rates in the US are expected to rise further in 2019 due to the strong economic growth of the US rising inflation and the higher issuance of the US government bonds. This may pose a significant growth risk for the construction industry in the US. Since the construction industry is one of the major end-users of power tools in the US. the rising interest rates may also hinder the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the power tools market in US during the 2019-2023, view our report.
The power tools market in US appears to be fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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