When it comes to the tools sector, global demand for both hand and power tools is heavily influenced by the buoyancy of the construction industry. While the economic downturn lessened demand for hand and power tools, there has been steady growth in recent years as the global economy and the building industry recover.
Approximately 200 million units of electric power tools were sold globally in 2015, a significant lead over pneumatic power tools of which 88 million were sold. Although pneumatic power tools are expected to gain market share during the medium term, electric power tools sales will continue to dominate the global power tools market.
Global demand for power tools is projected to increase at a compound annual growth rate (CAGR) of over 5% to US$36.2 billion in 2020 and US$46.5 billion in 2025. In contrast, hand tool market revenues are projected to witness growth rates of above 3%, as end-users show an increasing preference for power tools. Although cordless power tools are more expensive than their corded counterparts, ease of use and enhanced safety are making them popular, especially among DIY consumers. Due to the popularity of cordless power tools demand is expected to increase in the future, as use grows in developing countries. Demand for power tools can be broadly categorised into industrial and household. The industrial segment is anticipated to remain the highest end-use sector for power tools for the foreseeable future, however, demand is expected to remain steady from the household segment owing to the growth in DIY.
(Sources: www.futuremarketinsights.com and www.freedoniagroup.com)
Demand for hand and power tools in the Irish market is strongly related to product quality, according to Rhino Distribution.
Tools for success from Rhino
Rhino has recently added new Edma slate and flooring tools to its product range, as well as new Cobit power tool accessories and Ambrosol sprays. “The focus continues to be on introducing quality products and brands to complement our existing ranges. We are finding that as the economy continues to recover tradesmen and keen DIY consumers are moving away from the cheaper options when it comes to hand and power tools and are demanding those tools and brands that are going to stand the test of time and usage. We here at Rhino have the brands and products that will satisfy our customers’ needs,” a company spokesperson said. “Rhino Distribution offers a wide range of quality brands and products, together with regular promotions, plus a top-class service.”