CLEVELAND, May 21, 2020 /PRNewswire/ — According to the Freedonia Group study Power Tools, the COVID-19 pandemic is having a mixed effect on power tool sales. DIY home improvement activity is up under lockdown, driving new and upgrade sales. However, unemployment has hit Depression levels, and weakened outlooks in construction, durable goods manufacturing, and personal incomes will hurt near-term prospects.
Demand for power tools in the consumer market is forecast to advance 2.2% per year through 2024 to $2.9 billion. Gains will be supported by a variety of factors including:
- ongoing interest in DIY projects and marketing via DIY websites and television shows, which will continue to support aspirational tool ownership
- the increasing sophistication of DIY projects
- an elevated interest in more advanced power tools
- the ease with which consumers may purchase power tools via e-commerce websites
- affordability of private label brands at stores such as Lowe’s and Home Depot, which can entice consumers who do not own tools to make a purchase
Demand for cordless power tools in the professional market is forecast to increase 6.7% annually, reaching $2.0 billion in 2024:
- As cordless tools become more powerful, they represent an increasingly attractive and convenient replacement for plug-in and other power tools in professional applications.
- This shift is mostly the result of new battery technology developments that have allowed cordless tools to exceed the performance of their plug-in counterparts.
As a result of these improvements, demand for cordless electric tools surpassed plug-in versions in the professional market in 2019. Going forward, cordless power tools are expected to continue to increase their share of electric power tool demand (excluding parts and attachments) to just under 60%.
For more information see the Power Tools study page. https://www.freedoniagroup.com/Power-Tools.html
Contact Corinne Gangloff for an interview with the analyst.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
Press Contact:
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SOURCE The Freedonia Group
