The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreFeb 2015
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Power tools suffered from sluggish sales in the review period, despite significant product innovations and improvements. This was due to the products’ dependence on macroeconomic conditions, which have been highly volatile since 2008. Key markets such as the US are expected to see a positive development in the property market, which should propel some growth in power tools. Other regions remain tough, with ongoing austerity in Europe and cooling down in emerging markets.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
In many emerging countries, DIY is not seen as positively as in the West, where it is linked to the idea of pride and achievement. This sentiment may never prevail in some countries like China. Kingfisher Plc had to accept this and decided to exit at the end of 2014. This reality may lead manufacturers and retailers to turn to the trade business instead of the consumer market.
All manufacturers are transiting to cordless tools, equipped with efficient and lightweight lithium-ion batteries. Corded products are likely to decline as they are now matched in power and efficacy by battery-operated ones, although the higher prices of cordless tools will continue to be a limiting factor. However, as competition rises unit prices will drop, expanding the consumer base.
Women are increasingly targeted by power tool manufacturers and retailers thanks to changing lifestyles and a reduction in income inequality. Single mothers, as well as women seeking independence, represent key growth segments.
Fuelled by the internet and social media, power tool sharing is a new paradigm for the industry. While it is seen as a threat to sales of new equipment, it can spread the DIY culture among young and tech-savvy users, which could eventually make them want to own tools themselves.
Many developed markets will be faced with the ageing of their populations, which will create opportunities for age-related home improvement projects (easier access, safety in bathrooms, monitoring systems, etc).
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.