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U.S. Power And Hand Tool Sales Expected To Hit $15.5 Billion In 2009

U.S. manufacturers of power and hand tools can expect steady growth through 2009, according to a new market study.
May 27, 2005
2 min read

U.S. manufacturers of power and hand tools can expect steady growth through 2009, according to a new market study.

According to a research project published by The Freedonia Group Inc., a Cleveland-based industrial market research firm, U.S. tool sales are expected to rise to $15.5 billion in 2009 from $12.8 billion in 2004.

Advances will result from upgrades to more powerful, high-end power tools, and by the continuing diffusion of cordless products. Accelerating growth in manufacturing output will create opportunities in the professional sector, and continued interest in do-it-yourself activities will sustain the consumer market.

The Freedonia Group made the forecast in a study showing that U.S. manufacturer sales of power and hand tools rose nearly 17 percent from 1999 to 2004.

Demand for power tools is forecast to rise 24 percent to nearly $9.9 billion in 2009 from 2004, driven by increased imports and advances in cordless tools.

The sales of hammers and other hand tools are expected to rise 14 percent to $5.6 billion during the same time period, the study found. 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. However, opportunities will result from the spread of more ergonomically designed tools.

Growth in consumer tool demand will outpace the professional market through 2009 because of the popularity of do-it-yourself activities and consumers buying power tools with more features. Tool producers will continue to target this growing segment, with a number of marketing approaches, including strategies aimed at women.