Woodworking tools market is a vibrant marketplace. From large machinery to handheld tools, woodworking tools and equipment used to manufacture essential products with increasing levels of precision, quality, and scale. Rising housing construction and expanding renovation activities to bolster the future demand for woodworking tools.
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Apart from this, China-U.S. trade war is set to dampen the consumer sentiment and plunge the retail sector growth, directly influencing the demand for woodworking tools. Moreover, the sales of woodworking tools is foreseen to growth substantially through online channels. The phenomenal growth of the online sales has been driven in part by the huge internet population and rapid uptake of online shopping by consumers across the globe. Nevertheless, DIY or consumers engaged in woodworking owing to hobby are likely to remain concentrated in few parts of Europe and North America.
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Regional Outlook
Nearly a quarter of world’s furniture is manufactured in Europe, translating a huge demand for woodworking tools. Germany, Italy, Poland, and France are ranked among the prominent furniture producers worldwide and held a significant share in the woodworking tools market as well. In the last decade, the growth of the furniture market in China has been impressive, turning China into the world leader. Subsequently, China is set to observe a substantial growth in the coming years and reach new heights in the global woodworking tools market. India and Brazil are foreseen to create hefty demand for woodworking tools against the backdrop of robust productive investments by the international furniture players.
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Key Participants
List of some of the prominent market participants/brands in the global woodworking tools market discerned across the value chain include:
• Altendorf GmbH
• Makita
• Milwaukee
• Ridgid
• DeWalt
• Robert Bosch
• Kreg Tool Company
• Shanghai AMC Int’l Trading Co., Ltd.
• FEIN Power Tools Inc.
• Hida Tool
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