Woodworking Tools Market Research, 2031
The global woodworking tools market size was valued at $8.95 billion in 2021, and is projected to reach $13.30 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031. Woodworking tools are the equipment that are manually operated in construction, oil & gas, automobile and several other sectors for plumbing, carpentry, servicing and maintenance purposes. These tools are used by individuals as well as commercial professionals. These woodworking tools are sold through wholesalers, retails outlets, authorized dealers, company websites and e-commerce websites.
Woodworking tools products witnessed a higher demand, owing to their durability and availability at low cost. Moreover, advancements such as introduction of woodworking tools with insulated layers, which protect the user from electric shock and give a handle grip for holding the tool, further strengthen the market growth. In addition, surge in residential construction industry in the developing countries such as China, India, and Brazil, is expected to increase the demand for woodworking tools such as hammers, screwdrivers, cable cutters, and others. However, rise in popularity of cordless power tools may hamper the woodworking tools market growth. The impact of this factor is anticipated to reduce in future due to intense competition and new product launches by market players.
Construction, manufacturing, hotel, and tourism industries were majorly affected during the outbreak of the COVID-19 pandemic. Manufacturing activities were halted or restricted. This led to decline in manufacturing of various equipment used for woodworking tools manufacturing as well as their demand in the market, thereby restraining the growth of the woodworking tools industry. Conversely, industries are gradually resuming their regular manufacturing and services. This led to re-initiation of woodworking tools manufacturing companies at their full-scale capacities that helped the woodworking tools market share to recover by end of 2021.
On the contrary, the woodworking toolsindustry is developing constantly, owing to increased dependency on renewable power sources such as wind energy, hydroelectricity, solar energy, and others. The construction of new power generation units requires high-capacity power tools for the installation, assembly, and maintenance. For instance, the electric power tools serve this purpose by offering ease of use and high productivities. This factor is expected to increase the demand and thus boost the powered tools market.
The woodworking tools market is segmented into type, distribution channel, operation, end user, and region. On the basis of type, it is classified into chisels, hammers, saws, pliers & wrenches, drills and others. By distribution channel, it is divided into online and offline. By operation, it is categorized into manual and powered. By end user, it is segmented into professional and DIY. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, in 2021, the drills segment dominated the woodworking tools market, in terms of revenue, and others segment is expected to witness growth at the highest CAGR during the forecast period. As per distribution channel, in 2021, the offline segment led the market, and the online segment is expected to exhibit highest CAGR in the near future. By operation, the powered segment led the market in 2021, in terms of revenue and is anticipated to register highest CAGR during the forecast period. By end user, the professional segment led the market in 2021, in terms of revenue and DIY segment is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2021; however, LAMEA is anticipated to register highest CAGR during the forecast period.
COMPETITION ANALYSIS
The major players profiled in the global woodworking tools market analysis include, Akar Tools Limited, Altendorf GmbH, Apex Tool Group, C&A Hardware Tools Co. Ltd, Channellock, Inc., Emerson Electric Co., JCBL India, Klein Tools Inc., Kreg Tool Company, Makita, Milwaukee, Ridgid, Robert Bosch, Snap-On Incorporated., Stanley Black and Decker, Techtronic Industries Co. Ltd. and Wera Tools. Major companies in the market have adopted product launch, partnership, business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the woodworking tools market forecast from 2021 to 2031 to identify the prevailing woodworking tools market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the woodworking tools market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global woodworking tools market trends, key players, market segments, application areas, and market growth strategies.
Woodworking Tools Market Report Highlights
| Aspects | Details |
 By Type |
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 By Distribution Channel |
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 By Operation |
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 By End user |
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 By Region |
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 Key Market Players | Stanley Black and Decker, Akar Tools Limited, JCBL India, Milwaukee, Klein Tools Inc., Apex Tool Group, Channellock, Inc., Kreg Tool Company, Altendorf GmbH, Techtronic Industries Co. Ltd., C&A Hardware Tools Co. Ltd, Ridgid, Makita, Wera Tools, Robert Bosch, Emerson Electric Co., Snap-On Incorporated |
Analyst Review
The use of woodworking tools is highest in the Asia-Pacific region due to growth of industrial sector and rise in urbanization. In addition, the utilization of hammers, wrenches, and cable cutters is on a rise, owing to increase in the cable and construction industry around the globe. Moreover, Asia-Pacific is expected to witness growth at the highest CAGR during the forecast period, with notable growth in the developing countries such as China and India, which have become a favorable destination for investments in the manufacturing sector.
Growth in demand for automation in industries has transformed the adoption of woodworking tools in the recent years. These woodworking tools are cheap as compared to the power tools that work on electricity and other advance technology. The hand tools are popular due to the DIY culture and their features such as lightweight and more durable. Manufacturers of hand tools are taking continuous efforts to develop durable and efficient woodworking tools for the automation industry.
Players operating in the woodworking tools market have adopted product launch as their key growth strategy to gain a stronger foothold. Thus, all these factors together are anticipated to significantly contribute toward the growth of the global woodworking tools market.
The global woodworking tools market was valued at $8,952.6 million in 2021, and is projected to reach $13,299.8 million by 2031, registering a CAGR of 3.9% from 2022 to 2031.
The forecast period considered for the global woodworking tools market is 2022 to 2031, wherein, 2021 is the base year, 2022 is the estimated year, and 2031 is the forecast year.
To get latest version of global woodworking tools market report can be obtained on demand from the website.
The base year considered in the global woodworking tools market report is 2021.
The top companies holding the market share in the global woodworking tools market report include Akar Tools Limited, Altendorf GmbH, Apex Tool Group, C&A Hardware Tools Co. Ltd, Channellock, Inc., Emerson Electric Co., JCBL India, Klein Tools Inc., Kreg Tool Company, Makita, Milwaukee, Ridgid, Robert Bosch, Snap-On Incorporated., Stanley Black and Decker, Techtronic Industries Co. Ltd. and Wera Tools.
The top market players are selected based on two key attributes - competitive strength and market positioning.
The report contains an exclusive company profile section, where leading 17 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
By operation, the powered segment is the highest share holder of woodworking tools market.
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