The Demand for Hand Tools in The US Market Is Foreseen to Shoot up by 3% Yearly

The demand for hand tools in the US market is foreseen to shoot up by 3% yearly. The US construction outlook is expected to recover by 2013, creating demand in the professional sector. In the meantime, consumer demand will benefit from continued interest in DIY and home remodeling activities. On-going introduction of new products, especially improved cordless tools, will create gains in all markets. Maintaining established trends, power tool demand is forecast to outpace hand tool demand due to the continuing popularity of cordless electric products such as saws, sanders, polishers and grinders. Hand tool demand is limited by the inherent durability of these products. Unlike power tools, common household tools such as hammers frequently outlive their owners, dampening replacement demand. In addition, product innovation is less common than in power tools, limiting opportunities for value gains. Cordless products will continue to post the best gains, benefiting not only from macroeconomic factors but from their performance advantages with plug-in models. Although growing more slowly than consumer demand, professional users will continue to account for the majority of overall tool demand through 2016. Professionals use a greater variety of tools, most of which are also more expensive than those used by consumers. The development of improved battery technology, such as lithium-ion chemistry, has encouraged both consumers and professionals to use cordless technology. Such developments are likely to boost the growth for the industry in the future. Source: researchandmarkets