In 2020, the COVID-19 pandemic had a net negative impact on the North American power tool industry, with decline in demand and so as industry revenue. Domestic demand was majorly hit by slow moving construction and industrial production owing to movement control restrictions, rise in unemployment as many companies reduced the workforce to recover losses incurred after the virus hit the geography.
New York, June 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Power Tools Market-Post COVID-19 Performance & Outlook to 2027" - https://www.reportlinker.com/p06099821/?utm_source=GNW
Also industrial production was on halt for non-essential goods and supply chain disruptions contributed in low demand. On the other hand there was rise in DIY activities that generated the demand for portable power tools.
Renovation spending was steadily increasing in Canada before the virus outbreak however after witnessing a strong performance in 2019, spending on home renovations fell in 2020 owing to rise in unemployment and uncertain economy environment while there was also a significant percentage of population who initiated renovation during lockdown using DIY tools.
With swelling production of efficient lithium-ion battery over the last decade, prices have declined by 85%, making electric vehicles and energy storage commercially viable. Owing to rise in production and demand for Li-ion batteries in the region, market revenue reached to USD 9.4 billion in 2018 however cost has declined over the last one decade.
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.
The report titled "North America Power Tools Market-Post COVID-19 Performance & Outlook to 2027" helps the reader to gain insights on regional economy performance along with 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.
The report helps readers to gain information on following areas:
- What is the Past, Present, and Future outlook performance of the North America Power Tools market?
- 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.
- Discuss the Strategic Profiling of Major Players operating in the region.
Read the full report: https://www.reportlinker.com/p06099821/?utm_source=GNW
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