(MENAFN- PR Newswire) CLEVELAND, March 12, 2021 /PRNewswire/ -- Bank of America Securities upgraded Stanley Black & Decker's rating as consumer demand for power tools remains high, bolstered by the burst of DIY home renovation activity seen throughout the pandemic:
- Though overall global power tool sales declined in 2020 due to a sharp drop in manufacturing and especially nonresidential construction activity, Stanley, as well as other leading power tool suppliers, have seen record consumer power tool sales in major markets, particularly the US, since the pandemic's onset.
- With a new round of stimulus checks expected to hit bank accounts any day, US consumers will have more to spend on DIY home renovation projects and the power tools needed to execute them.
While DIY home improvement activity is expected to return to normal levels as the pandemic recedes and consumers resume old behaviors, long-term growth in the global power tools market will be supported by rebounding manufacturing activity and nonresidential construction spending, as well as the ongoing shift in these professional markets to value-added cordless electric tools.
Global Power Tool Demand to Top $28 Billion in 2024
Global demand for electric power tools is forecast to rise 3.4% per year through 2024, according to a new Freedonia Group analysis. Key trends to watch include:
- Professional sales will outperform consumer sales long term, reflecting the concentration of consumer demand in mature markets like the US and Western Europe. In many less developed nations – including China and India – cultural preferences significantly limit interest in DIY.
- Between 2019 and 2024, cordless products are expected to account for 81% of professional electric tool sales growth. Technological advances are quickly eroding the performance gap between plug-in and cordless tools, driving professional end-user adoption. Additionally, availability of cordless technology is rapidly growing in areas where penetration has historically been low – particularly sanders, polishers, and grinders.
Want to Learn More?
Global Power Tools is now available from the Freedonia Group. This study examines global supply and demand for power tools. Historical data (2009, 2014, and 2019) and forecasts for 2024 are provided for power tool demand by product, market, and power source; net exports; and shipments on a country-by-country basis.
Spin-off studies focusing on the global markets for electric power tools and professional power tools are also available.
About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at or contact us for custom research: +1 440.842.2400.
Press Contact: Corinne Gangloff+1 440.842.2400[email protected]
SOURCE The Freedonia Group
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