Long-term growth market

In 2002 the global market for power tools achieved a currency-adjusted volume of 7.7 bn euro, which corresponds to a decline of one per cent. The market researchers at Bosch attribute this development to the poor state of the global economy. In terms of quantity the market grew by two per cent to 117 mio power tools.
"World power tool market 2002"
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Europe in the red
In Europe the power tool market saw its volume decrease by two per cent to 2.9 bn euro. Moderate growth was recorded in terms of quantity to 42 mio power tools. Especially crucial to the decline in sales is the economic situation in Germany, where the market volume went down by eight per cent to 580 mio euro. However, the total number of units sold actually rose by two per cent. Trends were varied in the other countries of Europe. The market in the United Kingdom showed new impulses for growth and achieved a currency-adjusted volume of 576 mio euro in 2002, which signifies an increase of two per cent. Demand in France, on the other hand, remained stagnant at around 310 mio euro. France is still the third biggest market for power tools in Europe. There was a positive result in Spain, whereas the Italian market was stagnant. The market in Switzerland went down by four per cent to 75 mio euro, and in Austria by ten per cent to 44 mio euro.
Weak growth in North America
The market volume in North America increased by one per cent to 3.1 bn euro, which means this is still the largest single market. Quantitative growth amounted to one per cent, achieving an overall volume of 48 mio power tools. This restrained development is a reflection of the weak growth of the gross national product, the decline of construction activity and the running down of stocks by the dealers.
Positive trend in Asia
The balance sheet for 2002 makes positive reading in Asia. The market volume rose by two per cent to one billion euros. Whereas the Japanese market continues downward, strong growth is recorded for the rest of Asia.
The market in Latin America was also in decline, with sales of power tools down by 20 per cent to 0.3 bn euro. One of the crucial factors here was the collapse of the national economy in Argentina.
Optimistic outlook
The Bosch market researchers expect to see a generally positive tendency for the power tool market in the years to come. They are reckoning on annual growth rates of three to four per cent in terms of value. The forecast is for stagnation this year where value is concerned, but an…