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The Global Market for Power Tools

Author

Listed:
  • Michael A Deneen

    (Senior industry analyst, The Freedonia Group, Cleveland, OH, 44115, USA)

  • Andrew C Gross

    (Department of Marketing, Cleveland State University, Cleveland, OH, 44115, USA.)

Abstract

The global demand for power tools rose from $19.0 billion in 1999 to $22.8 billion by 2004 and is expected to increase to $29.2 billion in 2009. The annual rate of growth was 3.7 percent during 1999-2004; the projected rate during 2004-2009 is 5.0 percent. This reflects accelerating growth in developing regions, with the most promising opportunities occurring in Latin America, Africa/Mid-East, and Asia-Pacific. Electric tools (plug-in and cordless) dominate world demand, comprising three-fourth of shipments in 2004. Commercial users accounted for 70 percent and households for 30 percent of total sales, a ratio that should prevail during the coming years. North America accounted for 40 percent of total demand but for only 30 percent of production, as U.S. firms shifted operations to countries with lower wages. While hundreds of companies offer power tools, only a few firms hold significant market share. The leaders are Black & Decker (United States), Bosch (Germany), TechTronic (Hong-Kong), Makita (Japan), and Hitachi (Japan); together they accounted for 37 percent of global sales in 2004.Business Economics (2006) 41, 66–73; doi:10.2145/20060309

Suggested Citation

  • Michael A Deneen & Andrew C Gross, 2006. "The Global Market for Power Tools," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 41(3), pages 66-73, July.
    • Handle: RePEc:pal:buseco:v:41:y:2006:i:3:p:66-73
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