The rise of the European woodworking power tools market has been largely associated with the construction and carpentry sectors in the region, says a new study by Future Market Insights (FMI). The Europe woodworking power tools market stands at an estimated value of US$ 363.9 million in 2030, with Germany, UK, and France holding the lead.
Growing efforts by the EU toward climate change prevention, and carbon footprint reduction, the timber sector of Europe is investing and legislating toward sustainable forest sources in terms of local wood and imports, which could indirectly influence the pricing of woodworking operations and associated power tool sales, finds the report.
The report also states that market players can target their offerings increasingly towards repair, renovation, and maintenance applications to widen the scope of sales and adoption.
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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.
Covid-19 Impact
The European wood and woodworking industries have been significantly impacted by the lockdown measures imposed during the coronavirus pandemic. The first half of 2020 witnessed a major slump in orders for woodworking tools and machinery, in addition to delivery delays. Health and safety restrictions in woodworking facilities during the crisis slow down operations substantially.
According to the Italian Woodworking Technology Association, orders fell by more than 20% in comparison to 2019. Lockdown and restriction on production activities will have an impact through the rest of 2020. Financial aid from governments in the region is expected to be important for faster recovery through 2021, with economic uncertainties still prevalent.
Competitive Intelligence
The European woodworking power tools market is largely fragmented and competitive, and leading players are focusing on geographical and product line expansions, with acquisitions serving growing diversity in applications. For example,
- Stanley Black and Decker has acquired the Irwin and Lenox tool brands for portfolio expansion in power tools and the consolidation of retail and industrial distribution channels in previously untapped areas.
- Robert Bosch GmbH, has invested 1.6 billion in north-eastern Hungary for a power tools manufacturing plant, in addition to entering a partnership aiming towards the standardization of power source designs with Gardena GmbH.
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More About the Report:
A new market research report published by Future Market Insights (FMI) on the Europe woodworking power tools market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the Europe woodworking power tools market through five different segments – product type, configuration, end user, sales channel and region. The Europe woodworking power tools market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the production of woodworking power tools and product adoption across European nations.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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