Power-driven hand tools

A Statista DossierPlus on the power-driven hand tools market and its potential for collaborative consumption

Power-driven hand tools Sharing-based markets grew at double-digit rates in the past years, introducing an intriguing paradigm shift within the capitalistic economy: from the traditional market based on producers (or distributors) selling the exclusive ownership of a good to their customers for a price, to collaborative consumption schemes based on the subscription to a platform to temporary rent a good shared among multiple users.

In 2020, the global revenue generated by the traditional power-driven hand tools market is estimated at 34.5 billion U.S. dollars, and it is expected to reach 38.5 billion by 2024, with a CAGR of 2.8 percent. The sharing-based market of power-driven hand tools is in its earlier stage of development in the countries with the largest number of mobility sharing users (United States, Canada, Germany, United Kingdom, France, Italy, and Spain). Forecasting its evolution, two different scenarios are depicted. If the shared power-driven hand tools market captures the momentum of other consumer goods sharing markets, Statista estimates an overall double-digit CAGR of up to 12.8 percent in the four years from 2020 to 2024. The markets of the abovementioned countries are expected to reach a combined market revenue of over 741.2 million U.S. dollars in 2024.
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During the last decade, the sharing economy has been on a constant rise in the most industrialized countries, becoming more and more popular in an increasing share of consumers. From the providers’ perspective, the sharing economy is shaped around three business models: Access-based, marketplace, and on-demand. All of them are based on the subscription to a (digital) platform to gain access to a set of shared goods or shared services (often offered in a Peer-to-Peer fashion), paying either a usage- or a subscription-fee rather than the traditional market price.

After having witnessed the successful development of sharing-based business models in popular consumer goods markets (above all, car-, bike-, and scooter-sharing), this DossierPlus focuses on power-driven hand tools and its sharing potential. Power-driven hand tools are defined as the items produced in the NACE sector 28.24, thus hand tools with self-contained electric or non-electric motor or pneumatic drive. Examples of power-driven hand tools are circular, reciprocating, and chain saws, drills and hammer drills, hand-help power sanders, pneumatic nailers, and grinders.

For a deeper insight, download our power-driven hand tools DossierPlus.

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