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US DEMAND FOR POWER & HAND TOOLS TO REACH $11 BILLION IN 2014
Demand for power and hand tools in the US will increase 4.1 percent annually to $11 billion in 2014. Although difficult in the shorter term, the US housing market is expected to recover by 2014, creating demand in the professional sector. In the meantime, consumer demand will benefit from continued interest in DIY and home remodeling activities. The expected recovery in manufacturing activity will also boost gains, as will the ongoing introduction of new products -- especially improved cordless tools. Preventing even more rapid gains will be strong price competition in nearly every category of tools, coupled with the durability of many hand, pneumatic and enginedriven products. In addition, the expected price declines in the most advanced batteries for electric tools will restrain value growth in the large electric tool segment. These and other trends are presented in Power & Hand Tools, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Maintaining established trends, growth in demand for power tools will continue to outpace that for hand tools, climbing 4.3 percent annually through 2014. Demand increases for power tools traditionally outpace gains for hand tools as better-performing, more competitively priced powered units replace hand tools. In addition, product innovations will continue to broaden the potential pool of power tool users, with more powerful cordless tools attracting more professional demand. The hand tool market, while rising a solid 3.8 percent per year, will be limited by the inherently simple design of these products, which allows for only modest innovation and pricing increases, as well as rising competition from cordless power tools. In addition, many hand tools are designed to last decades, dampening opportunities for replacement demand.
Through 2014, professional demand will grow more rapidly than consumer demand as many of the leading professional markets recover from sharp declines in 2008 and 2009. In addition, professional users purchase the majority of power and hand tools in dollar terms. This reflects the greater concentration of expensive power tools among professional users, and their requirements for more durable, value-added hand tools. Professional users also must replace tools more frequently, although for some basic hand tools even professionals can use a tool for more than a decade. Given the amount of use, professionals are often willing to pay more for better quality tools. Consumers, on the other hand, are more likely to shop by price, and rarely have need of certain expensive tool systems like pneumatics and hydraulics.
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