Tools powered by smaller markets
The power tools* market experienced modest growth in 2016. Sales volumes increased by 3.1%, outpacing value growth of 1.1%. In contrast to previous years, October and November saw a significant uplift in sales thanks to retailer promotions like ‘Black Friday’, which prior to last year had a moderate impact.
Most of the key segments within the tools market performed well, with electric screw drivers and benchtop tools achieving double digit growth on last year. Saws, sanders and minitools follow closely behind, each recording upwards of 5% growth. It was, however, the largest category which accounts for over 40% of power tool sales that struggled in 2016. Total drills suffered a 4% value decline as a result of an overall drop in average prices and fewer sales of cordless products.
Though power tools are predominantly an instore purchase – online sales continue to gain momentum. Online value share has risen to 19% which represents an uplift of 28% compared to sales in 2015. This trend is likely to continue as more consumers prefer the product and price transparency that shopping online provides, as well as time the saving benefits.
*Total Power Tools 21, GfK Panelmarket (excluding Garden Centres)