CLEVELAND, Jan. 27, 2021 /PRNewswire/ — The COVID-19 pandemic wrought a net negative effect on the global power tool market in 2020, with a 3.2% sales decline recorded as construction and manufacturing activity ground to a halt and professional demand for power tools shrank:
- DIY home improvement trends in the much smaller consumer market did provide a bright spot for power tool suppliers in the last tumultuous year.
- Looking ahead, however, sales growth in the consumer market is expected to underperform the professional market due to the concentration of consumer sales in mature, high-income markets, like the US and much of Western Europe.
As global construction and manufacturing industries renormalize, demand is expected to recover quickly in 2021 and beyond, growing to $38 billion in 2024. Global Power Tools, now available from the Freedonia Group, provides in-depth analysis of the key trends that will drive this growth.
Cordless Electric Products Continue to Lead Global Market Growth
Cordless electric tools significantly outperformed the market between 2009 and 2019 as battery technology improved. This trend is expected to continue through 2024, with cordless products accounting for 45% of all power tool sales growth.
In high-income nations, cordless products are already established in consumer markets, which are beginning to mature. However, slowing gains in these areas will be more than offset by rising penetration of cordless tools in professional markets, where greater performance requirements have delayed the adoption of this technology.
Going forward, cordless tools will increasingly be able to match plug-in tools for power while offering longer run times for intensive use, leading more professionals to choose these products.
Industrializing Nations to Post Above Average Gains
In the US and West Europe, growth in power tool sales volumes will be limited and demand gains will be largely attributable to pricing growth as professional users increasingly invest in advanced cordless products.
Stronger growth will occur in the Asia/Pacific region, with India and China representing the world’s two fastest growing national markets for power tools. In addition, industrializing Southeast Asian nations like Indonesia and the Philippines are expected to post rapid gains, driven by strong advances in building construction and manufacturing activity.
Want to Learn More?
Global Power Tools is now available from The Freedonia Group. This study examines global supply and demand for power tools. Historical data (2009, 2014, and 2019) and forecasts for 2024 are provided for power tool demand by product, market, and power source; net exports; and shipments on a country-by-country basis.
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.
SOURCE The Freedonia Group