DUBAI, U.A.E, Sept. 24, 2020 /PRNewswire/ -- Future Market Insights (FMI) in its latest study reflects that the Europe woodworking power tools market will be reflecting a promising CAGR of 5 % over the projected period of 2020-2030. Growing carpentry and construction sectors promises lucrative growth prospects for the European woodworking power tools market.
The report further states that increasing efforts by the EU concerning carbon footprint reduction, and climate change prevention, the Europe timber market is legislating and investing in sustainable forest sources based on imports and local wood, which directly influences cost of woodworking operations and sales of the associated power tool. While affected by the COVID-19 pandemic, the market is poised to recover in 2021, with ease on pandemic regulations.
"Prominent players, corresponding to the swift demand surge for connectivity and smart technologies in woodworking are utilizing their expertise in developing software, services, and sensor technology to offer power tool solutions across domains to the consumer.", says the FMI analyst.
The Europe woodworking power tools market will be accounting for US$ 363.9 million through 2030 end.
By product type, the cutters status quo is poised to remain high throughout the approaching years.
In terms of configuration, the corded power tools are anticipated to expand at a faster pace by 2030.
By end-user, although commercial trades will hold prominence, industrial enterprises will play a key role in complementing market growth.
Online sales channels including B2C and B2B are gaining traction with higher growth rates during 2020-2030.
Woodworking Power Tools Market – Key Trends
Rising demand for cordless and corded product innovations along with the incorporation of li-ion battery technologies to spur market expansion.
Growing applications in various segments such as manufacturing of veneers, boards, and wood panels, pressure-treating, sawmilling, and planning activities, particularly in remote regions with low levels of industrialization contributing to the market growth
Brushless DC motors are furthering the adoption of woodworking power tools due to low maintenance requirements.
Woodworking Power Tools Market - Regional Analysis
Germany will be the biggest region holding 14.4% of the total market share towards 2030 end.
Improvement, maintenance, and repair activities in the construction industry of the UK will be prominent contributors to the European market throughout the assessment period.
France will maintain a positive growth trend due to a major focus on the local construction sector together with the government's low-carbon footprint strategy.
Woodworking Power Tools Market - Competitive Landscape
European woodworking power tool players are focusing on boosting product portfolio, facility, and regional expansion. Leading players are further involved in strategic acquisitions of small and regional players in the region to satiate customer's needs.
Stanley, Black & Decker took over the Lenox & Irwin tool brands, targeting for a multi-pronged growth strategy, including an extensive product range, expansion of retail and industrial distribution channels, regional expansion in Europe, as well as restraining acquisition prospects for its competitors.
Major players operating in the Europe woodworking power tools market are Stanley, Black & Decker, Makita Corporation, Robert Bosch Power Tools GmbH, Michael Weeing AG, Hilti Corporation, FEIN Power Tools Inc., Festoon GmbH, Farm International B.V., MILWAUKEE TOOL, Triton Tools and WEN Products.
Valuable Insights into the Europe Woodworking Power Tools Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Europe Woodworking Power Tools market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the Woodworking Power Tools market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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