Europe Woodworking Power Tools Market Will Account For An Estimated 14.4% Of The Overall Market Share By 2030

According to a new study by Future Market Insights, the rise of the European woodworking power tools market has been largely associated with the region’s construction and carpentry sectors (FMI). The European woodworking power tools market is expected to be worth US$ 363.9 million in 2030, with Germany, the United Kingdom, and France leading the way.

According to the report, the EU is increasing its efforts to prevent climate change and reduce its carbon footprint, and the European timber sector 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.

To broaden the market, market participants can increasingly focus their offerings on repair, renovation, and maintenance applications, according to the report.

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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 a faster recovery through 2021, with economic uncertainties still prevalent.

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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.

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.