Forecast by Future Market Insights states that the Europe woodworking power tools market is estimated to grow at a CAGR of 5% between 2020 and 2030.
The construction and carpentry sectors in Europe are driving the growth of the woodworking power tools market (FMI). In 2030, the European woodworking power tools business, led by Germany, the United Kingdom, and France, is expected to be worth USD 363.9 million.
According to the report, the EU is stepping up its efforts to combat climate change and reduce its carbon footprint, and the European timber sector is investing in and legislating for sustainable forest sources in terms of both domestic and imported wood, which may have an indirect impact on the pricing of woodworking operations and associated power tool sales.
To widen the market, market participants might progressively focus their products on repair, renovation, and maintenance applications, according to the report.
According to the European Association of Woodworking Industries, the woodworking and furniture business is Europe’s fifth largest industrial sector, contributing billions of euros to the regional economy.
Key Takeaways:
- Planers power tools to witness greater traction through 2030 on the back of furniture applications.
- Cordless woodworking power tools to remain lucrative through the forecast period, with demand from DIYers, and operational convenience benefits providing impetus.
- Commercial tradesmen such as carpenters, masons and joiners to witness for significant demand.
- Online sales are expected to display higher growth rates, on the back of DIYers, wider product range, and offers & discounts.
- Germany is a highly lucrative market for woodworking power tools, owing to the steady growth of the non-residential construction sector and the presence of major players.
“In line with the rapid surge in demand for smart technologies and connectivity in woodworking, major market players in Europe have been using their expertise in developing sensor technology, services, and software to provide power tool solutions across domains to customers,” says analyst at FMI.
Europe Woodworking Power Tools Market Segment:
Product Type:
- Drills
- Planers
- Grinders
- Saws
- Cutters
- Sanders
- Routers
- Screwdrivers
- Wrenches
- Chasers
- Others
Configuration:
- Corded Power Tools
- Cordless Power Tools
End User:
- Industrial Enterprises
- Commercial Carpenters, Joiners, and Masonry
- Service Providers
- DIY/Individual
Sales Channel:
- Online Sales
- B2C Platform
- B2B Platform
- Offline Sales
- Bulk Suppliers
- Retail Suppliers
Region:
- Germany
- Italy
- France
- U.K.
- Spain
- BENELUX
- Russia
- Poland
- Czech Republic
Access Report Details for More In-Depth Information!
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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