US power & hand tools demand to exceed $15 billion in the year 2005: for immediate release: October 30, 2001. (News Release).
Power tool demand is forecast to rise nearly 5 percent annually through 2005 to $9.4 billion, outpacing hand tools due to the continuing popularity of cordless electric products such as saws, sanders, polishers and grinders. Electric drills and saws are expected to show above average growth. Electric screwdrivers are also expected to offer good growth prospects. Shipments of cordless power tools from US facilities are forecast to rise nearly ten percent annually, approaching $1.5 billion by 2005.
Hand tool demand is forecast to rise 3.2 percent annually through 2005, to $5.7 billion, limited by the inherent durability of these products. Unlike power tools, common household tools such as hammers frequently outlive their owners, dampening replacement demand. Some opportunities will result from the spread of more ergonomically designed tools. The rising number and average age of motor vehicles in the US park will boost gains for automotive hand tools since aftermarket repairs will become more common. Among particular product types, multitools will present the strongest growth possibilities, due to ongoing new product development.
Professional users will continue to dominate overall tool use, comprising over two-thirds of demand in value terms in 2000. Professionals use a greater variety of tools, most of which are also more expensive than those used by consumers. Since the construction industry comprises the largest portion of professional demand, gains will be limited by decelerating growth in construction expenditures. This factor will be offset to some extent by the rising number and average age of vehicles in the US motor vehicle park, which will create opportunities among automotive aftermarket professionals. Growth in consumer tool demand will outpace that of the professional market through 2005, due to the ongoing popularity of do-it-yourself activities and the trade-up by consumers to feature-laden power tools. Tool producers will continue to target this growing segment with a number of marketing strategies. For example, suppliers are marketing power tools in special kits designed to attract value oriented consumers into buying a range of tools at once.
Power & Hand Tools (published 10/2001, 241 pages)is available for $3,800 from The Freedonia Group, Inc., 767 Beta Drive, Cleveland, OH 44143-2326. For further details, please contact Corinne Gangloff by phone 440.684.9600, fax 440.646.0484 or e-mail email@example.com. Information may also be obtained through
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US POWER & HAND TOOLS DEMAND (million dollars) % Annual Growth Item 1995 2000 2005 00/95 05/00 Power & Hand Tools Demand 8555 12250 15080 7.4 4.2 Power Tools 4967 7420 9430 8.4 4.9 Electric Tools 3615 5580 7160 9.1 5.1 Other Power Tools 1352 1840 2270 6.4 4.3 Hand Tools 3588 4830 5650 6.1 3.2 (C) 2001 by The Freedonia Group, Inc.
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|Title Annotation:||Freedonia Group report|
|Comment:||US power & hand tools demand to exceed $15 billion in the year 2005: for immediate release: October 30, 2001. (News Release).(Freedonia Group report)|
|Publication:||Research Studies - Freedonia Group|
|Article Type:||Brief Article|
|Date:||Oct 30, 2001|
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