Report: Tool Sales Reach $8.6 Billion in U.S.
Industry grows for the sixth year straight as manufacturers release a steady stream of new products
May 04, 2006
U.S. sales of power tools increased for the sixth year straight, according to a recent industry report, and power tool manufacturers are taking advantage of the growing market with a steady stream of new product releases.
Power tool sales grew to $8.6 billion in 2005 from $8.13 billion in 2004 and $7.7 billion in 2003, according to a January report from Specialists in Business Information, a division of MarketResearch.com. Researchers expect sales to continue to grow steadily and reach $11 billion by 2010.
Innovations such as lithium-ion battery technology, better dust collection, and laser-guided systems are driving demand in the U.S., according to the report. The fastest growing tool categories include cordless drills and electric-powered tools such as portable saws, routers, and planers. The report compiles industry data and results from a consumer spending survey of nearly 25,000 respondents.
Signs of growth are apparent at Black & Decker Corp., which owns the DeWalt, Delta, and Porter-Cable brands. Sales from its power tools division rose 2% in the first quarter of 2006 compared to the same quarter a year ago. The company reported first-quarter 2006 earnings last week. Despite this increase in sales, profits were down as the company fights rising costs of raw materials used to produce its tools, such as copper and plastic.
New products power growth
Bosch, Delta, Hitachi, and Black & Decker unveiled new products in the last month that feature some of the new industry innovations driving demand.
Bosch released its 10.8v Pocket Driver PS20, the latest cordless tools in its product line to feature lithium-ion battery technology. The 10.8-volt Pocket Driver measures 6 in. by 6-1/2 in. and weighs less than 2 lb. with the battery. DeWalt is expected to follow suit with the release of its own lithium-ion powered tools later in the year.
Delta rolled out a new version of its 10-in. contractor-style tablesaw, adding a few new features and options that weren’t available on the earlier model. The tablesaw now comes with a left-tilting or right-tilting blade. It also is available with three fence options — a Biesemeyer, Unisaw, or light-weight Biesemeyer-style fence. The company claims that dust collection was also improved in the new tool.
Hitachi unveiled a new 10-in. portable tablesaw. The C10RB has a 30-in. by 21-in. table with a telescoping wing that increases the standard ripping capacity by 24-1/2 in.
Black & Decker released a new 10-in. compound miter saw with a laser guide mounted on the blade guard that turns on and off independently of the trigger. The FS110L compound miter saw also has table extensions to support longer stock.
Matt Berger is managing editor of FineWoodworking.com.
May 4, 2006
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