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World power tools demand to exceed US$27 billion in 2007.

Worldwide demand for power tools is projected to increase nearly six percent per annum to US$27.3 billion in 2007. Gains will exceed the 1997-2002 pace because of accelerating global economic growth, which will stimulate construction and consumer spending activity, two major determinants of power tool demand. Advances will also benefit from the rising demand for cordless models, which offer convenience advantages over traditional plug-in tools. These and other trends are presented in World Power Tools, a new study from The Freedonia Group, Inc., a Cleveland-based industrial market research firm.

The most rapid growth in power tool demand is forecast for the developing areas of Asia/Pacific, Latin America, Eastern Europe and Africa/Mideast. Increasing industrialization in these regions will lead to infrastructure-building projects as well as rising living standards that will benefit demand. However, the mature economy of Japan will lag the global average of growth. Gains for power tools in the more mature regions of North America and Western Europe will also be below the global average. North America and Western Europe will, however, continue to be leading markets for power tools through 2007, accounting for over two-thirds of the global total.

The largest national industries (in descending order of 2002 output) are those of the US, Japan, Germany and China. China, which quadrupled shipments from 1992-2002, is expected to continue to grow impressively, eclipsing Japan and Germany by 2007. Gains in China have benefitted from export opportunities to the developed nations, in particular the US.

Electric tools (plug-in and cordless) dominate world demand, comprising nearly three-fourths of power tool sales in 2002. Electric tools (most notably hand drills) are expected to remain the leading type of power tool, due to their frequent use in both consumer and professional applications. Cordless models will continue to comprise a rising percentage of electric tools, as gains outpace the industry average.

World Power Tools (published 05/2003, 293 pages) is available for $4,700 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 pr@freedoniagroup.com. Information may also be obtained through www.freedoniagroup.com.

A limited license to use or reprint information from this news release is granted to you provided attribution for the same--including, if possible, the price of the report--is given to The Freedonia Group, Inc. (Cleveland, OH). We would also appreciate the courtesy of receiving a copy of the article or publication in which we appear.
WORLD POWER TOOL DEMAND
(million US dollars)

 % Annual Growth

Item 1997 2002 2007 02/97 07/02

World Power Tool Demand 17170 20500 27300 3.6 5.9
 North America 6720 8450 11030 4.7 5.5
 Western Europe 4755 5785 7320 4.0 4.8
 Asia/Pacific 3955 4150 6000 1.0 7.7
 Latin America 560 615 890 1.9 7.7
 Eastern Europe 680 860 1170 4.8 6.3
 Africa/Mideast 500 640 890 5.1 6.8

[c] 2003 by The Freedonia Group, Inc.


Contact: Corrine Gangloff

Media Relations

phone: 440.684.9600

fax: 440.646.0484

pr@freedoniagroup.com
COPYRIGHT 2003 Subscription: $00.00 per year as of 1/94. Published irregularly. Contact Freedonia Group, 3570 Warrensville Cente
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

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Comment:World power tools demand to exceed US$27 billion in 2007.
Publication:Research Studies - Freedonia Group
Geographic Code:1USA
Date:May 22, 2003
Words:525
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