Demand for Power Tools On the Rise

comments (0) July 9th, 2009 in Blogs

Ed Pirnik, producer

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According to the business and industry intelligence site, Report Buyer, the global demand for power tools is expected to exceed $28 billion in 2013. That forecast is based on an expected yearly growth rate of about three percent.

The prediction is based largely on the expectation of a turnaround in the U.S. housing crisis and a rising standard of living in developing countries around the world. Although professional users are still responsible for the majority of the market, Report Buyer expects those numbers to be eclipsed by the ever-expanding DIY consumer market.

Could it be that our current economic slump is causing more folks in the U.S. to attempt home repairs and alterations themselves, as opposed to forking over money to seasoned pros? Exactly what is causing this growth in the consumer end of the power tool market? Given the amount of economic growth in nations like China and India in recent years, I'm not so surprised about market growth in those regions, the U.S. is another story however. Chime in below with your own thoughts, expectations and forecasts.

And if you'd like to feed your craving for tools while helping to alleviate the symptoms of our current recession, pop over to our Tool Guide.

2010 Tool Guide
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posted in: Blogs, tools, power tools, growth, economy, industry

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