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Worldwide demand for power tools is expected to surpass $32.9 billion in 2018, according to The Freedonia Group’s World Power Tools study.
The 4.8 percent forecasted growth is an improvement from the gains recorded between 2008 and 2013, a report about the study says.
The study attributes growth in the power tool category to improved economic conditions and boosts in U.S. and Western European construction.
The U.S. is the world’s largest consumer and second largest producer of power tools, holding 24 percent of the world’s consumption and 12 percent of the world’s production. Between 2013 and 2018, the U.S. “will account for approximately one-sixth of additional global sales,” says Kyle Peters, analyst at The Freedonia Group.
To read more about the study, click here.
