Key Note Media Centre
Power Tools Market Driven by DIY and Innovation
According to the Power Tools 2012, a new Market Report by market intelligence provider, Key Note, the industry continued to experienced market growth for the second year in a row in 2011. A review of the market reveals that the industry grew by 2.3% to £218m over the course of the year. Within the industry, the power tools sector grew by 3.3% between 2010 and 2011 to £189m, while the accessories sector shrunk by 3.3% to £29m. Key Note attributes the decline in the accessories sector to advancements in technology and the introduction of more durable tools. The primary reason behind industry growth in the UK is the rise of do-it-yourself (DIY) and innovation, especially lithium-ion (Li-Ion) battery powered and multi-functional tools.
Power tools are benefitting from the downturn in the property market. Rather than moving house in an uncertain housing market, many consumers are instead choosing to redecorate and remodel their homes. Instead of hiring professionals, which can be expensive, many are choosing to take on the tasks themselves. This has been made possible by the introduction of ergonomically-designed power tools, which make it easier and more enjoyable for consumers to engage in DIY. DIY has also been made popular by television shows which feature home makeovers. As a result, after a decade of decline, the power tools industry is experiencing value growth and demand.
The demand for power tools had led manufacturers to produce a wider range of tools, which are suitable for all budgets and capabilities. Both supermarkets and DIY chains are increasingly introducing value power tools, many of which are imported from the Far East, especially the People's Republic of China (PRC). The advantage of these goods is their low price-tag: consumers who take on a single, small-scale DIY project do not necessarily want to invest in durable power tools, preferring value instead. Others, however, would rather buy manufacturers' branded power tools. In response, brands that are well-established in the professional sector are expanding into the consumer sphere to meet demand. Market leaders are Black & Decker, Robert Bosch and Makita (UK). The primary manufacturer with British origins is Earlex Ltd, which specialises in power decorating and cleaning tools.
After analysing data exclusive to Key Note, this Market Report predicts that the revival of the power tools industry in the UK will be short-lived. In spite of the rise in DIY, demand remains relatively low and the market will stagnate by 2015. It calculates that the industry will be worth £226m by 2016. To combat mature and saturated markets in the West, including the UK, manufacturers are turning to new markets, especially emerging economies such as India and Brazil, to secure future growth. Manufacturers are providing tools to the professional market in these countries, where the construction sector is flourishing and demand and growth is in the double digits.
Press enquiries: Jack Sykes at Key Note at email@example.com or 0845 504 0452. Press/review copies of the report are available on request.