Power and Hand Tool Industry News

Power and hand tool demand in the U.S. is forecast to increase 3.3 percent anually through 2012, reaching $14.5 billion! The U.S. construction industry is expected to recover by the year 2012, creating more demand back from the professional sector. Until then, consumer demand will benefit from the continued interest in the do-it-yourselves and home remodeling markets. Another reason for demand will be the ongoing introduction of new products, especially in the cordless market.

The US mortgage crisis will compel  many homeowners to remain in their homes much longer than before, subsequently causing much more remodeling and home repair. While the professional market will grow slower than the consumer market right now, the pros will continue to account for the most overall tool demand through 2012. The fact is, the aging US housing stock will continue to increase demand for professional contractors for remodeling and repair jobs.

When specifically looking at tools, it looks like power tool demand will outpace hand tool demand, mainly due to the continuing popularity of cordless electric products such as saws, sanders, and screwdrivers. Cordless products will continue to show the best gains, benefiting from numerous factors, such as the current macroeconomics of the market to their performance advantages to plug-in models.

This information is courtesy of the Freedonia Group, a leading international business research company.

Related Articles

• Survey Rates Most Popular Tools And Purchase Locations
• Ridgid
• Hilti
• Power Tool Guide
• Milwaukee Introduces New Carbide Grit Hole Saws

 

You can connect with us via social media sites at

 

  Stay up to date with Power Tool News, Reviews, Woodworking and more with our Newsletter.

 

 

If you like this page or our website, feel free to buy us a beer.