World demand to rise 4.6% annually through 2016
World power tool demand is forecast to increase 4.6 percent annually through 2016 to $28.1 billion. Global demand will improve significantly from 2006-2011 market gains, spurred by continued demand in developing regions. Recovery in the bedrock US market will also benefit demand, bolstered by the rebound in US housing construction. In addition, continued industrialization in the developing world will boost demand.
China dominates production,India to grow the fastest
China has become the dominant producer of power tools. China has become increasingly important over the last decade, as both a key supplier and user of power tools. Between 2001 and 2011 production in the country more than doubled, while demand during this same period quadrupled. Major export markets for Chinese made power tools include its regional neighbors, the US, and Western Europe. In recent years, other developing countries have also risen as notable suppliers and users of power tools, although none of these countries have experienced the same degree of growth as China. India will increase at the fastest rate of any country, expanding more than 10 percent per year through 2016.
Industrialized countries to remain largest markets
Power tool demand will continue to be heaviest among industrialized countries. The intensity of power tool use in these countries is a byproduct of their sizable professional markets, as well as a large consumer base. However, power tool saturation is much higher in these nations and, going forward, demand gains will trail growth in developing countries.
Cordless electric tools to be fastest growing products
Cordless electric tools will experience the most robust growth through 2016, advancing 8.3 percent per year. Cordless tools will continue to replace plug-in models, as technological improvements have shortened the power advantage that corded tools once held. In the aggregate, electric power tools account for the majority of all power tool demand, as they are used extensively by both professionals and consumers in most applications. Pneumatic tools will be spurred by rising motor vehicle production, which itself is a byproduct of industrialization in the developing world. Demand for engine-driven and other tool types (e.g., hydraulic, powder-actuated) will benefit from a recovery in the world’s forestry industry, as lumber is a key material used in the construction industry. Additionally, the continued need for these tools in niche applications will support advances.
Professional demand, which accounted for 70 percent of global power tool sales in 2011, will outpace consumer demand through 2016. Within the professional market there are numerous specific applications where power tools find use; however, the three primary outlets are in the automotive (including automotive aftermarket), construction, and manufacturing industries. Consumer users of power tools include do-it-yourselfers (DIYers), hobbyists, and homeowners. Demand for power tools in the consumer market tends to be less dependent on government trends. Instead, cultural preferences and personal income levels are a more significant indicator of consumer power tool demand.
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