Embracing Change: Proactive Strategies For Success In The Rapidly Evolving Power Tool Industry

Continuous urbanisation drive and construction activities will spur power tool demands in Southeast Asia, according to Roland Berger’s Timothy Wong, Principal, Lead of Southeast Asia Industrial Practice.

“In Southeast Asia, continuous urbanisation drive and construction activities will drive power tool demands, particularly for the professional categories. Product and service innovation and cost optimisation are critical to be competitive,” Timothy remarked.

The power tool industry experienced a demand surge in the wake of the COVID-19 pandemic as people spent more time at home and took on home improvement projects. Professional end markets such as construction and industry also witnessed a demand, leading to a boost for power tool players.

However, this situation was not sustainable, and in 2022, revenue growth lost its momentum. Multiple challenges from changing macroeconomic perspectives and market dynamics led to a sharp profitability decrease for many leading power tool players. Sven Siepen, Steffen Thiel and Stefan Kriger of Roland Berger too offer their success strategies for the industry.

5 Key Drivers Causing Lost Momentum And Falling Profits

Roland Berger’s research identified five critical areas power tool players must address to maintain growth and profitability:

• Market slowdown and pricing pressure
• Global footprint strategy and supply chain risks
• Evolving customer behavior and sales approaches
• Sustainability challenges, and
• Battery technology and innovation

Read more here —–> https://shorturl.at/fkrKY

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