Release Date:
World power tool demand is projected to rise 4.4 percent per year through 2015, reaching $27.3 billion, according to a study by market research firm, The Freedonia Group Inc.
The study, World Power Tools, expects the most rapid demand growth to come from developing countries in Asia, where rising incomes as well as residential and nonresidential building construction will boost demand. China will post the strongest gains, along with India, which the survey predicts to average 9 percent growth annually through 2015.
Outside of Asia, the study says other opportunities for growth exist in Eastern Europe, thanks to a rise in fixed investment activity. The U.S. market will also provide opportunities for growth, reflecting a turnaround in the current housing crisis and consumers' interests in do-it-yourself projects, according to results. The markets of Japan and Western Europe will post gains that fall short of the global average, with below-average outlooks for construction expenditures.
Electric tools, both plug-in and cordless, are expected to dominate world demand, as these tools represented over 70 percent of power tool sales in 2010. Electric tools, especially hand drills, will remain the leading type of power tool, while cordless products will post the best gains.
Professional demand for power tools will grow more rapidly than consumer demand through 2015, with professional users accounting for more than two-thirds of power tool sales, according to study results.
A full copy of the 346-page study may be purchased from The Freedonia Group.