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As more and more people switch to cordless power tools and more energy efficient appliances, the global hand tools and accessories market continues to expand.
By 2018, the global power tools industry is projected to hit a value of US$28 billion, due to the rebound in the construction industry, growth in the automotive sector, and increased demand for hand tools from the emerging markets, specifically the rapidly growing residential construction work in China and India.
Demand within the global power tools market has been growing at a steady pace, making it one of the most consistently profitable sectors in the industry despite the current global economic crisis. A large part of this development has been driven by increased demand for cordless powertools such as saws and drills.
Demand gains for power tools will continue to outperform those for hand tools, as power tools benefit from greater capacity for innovation, especially among cordless electric tools. For instance, lithium-ion batteries are becoming increasingly prominent in cordless tools, as they offer a lighter weight and longer run time than the nickel-based batteries they replace.
Increases in the hand tool market are ultimately limited by their inherently simple design, which allows for only modest improvements and pricing increases. In addition, many hand tools are designed to last decades, restraining opportunities for replacement sales.
Professional demand will outpace consumer gains through 2016, due to a rebound in housing starts and increases in manufacturing output. Professionals typically use tools on a daily basis and, as a result, must replace tools more frequently. Professionals are often willing to pay more for higher quality tools, since the initial investment will pay off over the long run through better performance and longer tool life.
The US constitutes the largest regional market worldwide. The rebound in the residential housing sector in the US, backed by the increase in new housing starts, is expected to propel the demand for hand tools in the country. Demand for hand tools in the US is forecast to expand 4.8% per year to $13.1 billion in 2016, a turnaround from declines recorded over 2006-2011.
Though industrialised countries, such as Europe and the US, continue to hold a significant share of the global hand tools market, emerging economies in Asia are considered as substantial growth markets.
For more information on the global power tools market, see the latest research: Global Power Tools Market
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