Technavio's latest market research report on the global DIY power tools market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global DIY power tools market from 2017-2021. (Graphic: Business Wire)
The performance of the DIY power tools market depends on the performance of the housing sector, which will depend on the financial stability of consumers, access to credit facilities, disposable income, employment, and demographic factors. These factors cumulatively affect the consumer decision-making process on what percentage of their disposable income to spend on house repair and maintenance. The global DIY power tools market is expected to grow at a CAGR of more than 4% during the forecast period.
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The top three emerging market trends driving the global DIY power tools market according to Technavio research analysts are:
- Emergence of energy-efficient power tools
- Demand for smaller and more powerful power tools
- Increased competition from Chinese manufacturers
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Emergence of energy-efficient power tools
Energy management is one of the key cost factors that concern organizations. The development of power tools with high power consumption creates several problems that need to be faced by companies as well as customers and other end-users. This increases the cost of utilizing power tools. Thus, several vendors in the global DIY power tools market have started developing power tools with Li-ion batteries.
Although the cost of Li-ion batteries is higher than nickel-based batteries, Li-ion batteries have high energy density and are much lighter. Also, the cost of maintenance is negligible as Li-ion batteries do not need a periodic discharge and charge as they have no memory. Moreover, Li-ion batteries have lower self-discharge than nickel-based batteries. Increased R&D toward energy-efficient power tools with low power rating is expected to drive the demand for DIY power tools.
Demand for smaller and more powerful power tools
There is a growing trend favoring small, ergonomic tools that are more powerful as compared to traditional power tools. This has led to significant demand for smaller and lighter tools. For instance, DIY users prefer smaller and lighter power tools while doing ordinary jobs and working in tight spaces.
According to Anju Ajaykumar, a lead analyst at Technavio for tools and componentsresearch, "Manufacturers are working to optimize the balance between size and weight to fulfill the requirements of the customer segment. This demand has made the 12-volt Li-ion the fastest growing segment of professional power tools over the last year. Li-ion offers the benefit of packing more power into a smaller package. This is expected to propel the demand for DIY power tools."
Increased competition from Chinese manufacturers
In the last few years, there has been a rapid increase in the competition among vendors in the global DIY power tools market. The increased competition leads to a decrease in the overall price of power tools. Consequently, there is an increase in price wars among the players in the market. Vendors are facing increased competition from Chinese vendors that offer low-cost power tools.
"Even though several vendors in the global power tools market are experiencing increased labor costs, vendors are absorbing these costs to provide cost-effective power tools in a bid to capture market shares. Also, vendors focus on the development of economically-priced products to tap the micro, small, and medium-scale enterprises sector," says Anju.
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