Sales of electric screwdrivers are forecast to expand 5.1% annually to $340 million, representing a deceleration from the advances of the 2012-2017 period. Continued increases in construction spending will provide the greatest impetus for growth. In addition, consumer purchases of electric screwdrivers for DIY activities or as part of a household toolbox for simple repair tasks will contribute to advances. The general ease of use of electric screwdrivers relative to manual types will cause many consumers and professionals to supplement their existing screwdrivers with electric models. These and other trends are presented in Power Tools in the US, 17th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Shipments of electric screwdrivers are expected to rise 2.7% annually to $57 million in 2022, reversing declines posted over the past decade. Reshoring will increase domestic production of these tools somewhat. However, because of the generally low cost of these tools compared to other electric power tools, domestic firms face even more intense pricing competition from imported screwdrivers than other products, especially those from China and Mexico.
The US runs a substantial trade deficit in electric screwdrivers, with imports accounting for 86% of demand in 2017. Since 2007, the deficit has more than doubled as imports from countries with lower labor costs present fierce pricing competition for domestically made models. In addition, cordless units manufactured in China benefit from the proximity of suppliers of the necessary battery units, further promoting sales from this nation.
Power Tools in the US, 17th Edition (published 7/2018, 209 pages) is available for $5000 from The Freedonia Group. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email [email protected].
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