Statista overview report on the power-driven hand tools market and its potential for collaborative consumption
Sharing-based markets have grown at double-digit rates in recent years, introducing an intriguing paradigm shift within the capitalist economy: A switch 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.
The estimated global revenue generated by the traditional power-driven hand tools market is 41.9 billion U.S. dollars in 2020 and 45.6 billion U.S. dollars in 2021, expected to reach 56.1 billion by 2025, with a CAGR of 6.0 percent. Statista focused on the markets in eight countries, that combined are estimated to make up more than 70 percent of the global revenue: the United States, Canada, China, Germany, the United Kingdom, France, Spain, and Italy.
In these countries, the alternative power-driven hand tools market based on the sharing economy paradigm has been on the rise in recent years. Statista estimates that, indeed, the alternative market revenue of the eight countries reached up to 472 million U.S. dollars in 2020, forecast to climb to 808 million U.S. dollars in 2025. The CAGR over the period is expected to be 11.4 percent.
For further insights on the sharing economy:
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 report 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 report.
The sharing economy and power-driven hand tools
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