These tools are basic necessities to carry out the smallest of tasks such as plumbing, drilling, cutting, removing, and tightening of screw & nuts. Factors such as rise in recovery in the construction industry and growth in industrialization and urbanization drive the growth of the market. In addition, urban population is projected to rise by 2050; thereby, fueling the demand for woodworking tools for residential application in the near future. Furthermore, surge in standard of living, particularly in the developing countries, empowers DIY culture, which drives the market growth. However, growth in popularity of woodworking tools and volatile economic conditions in Latin America are expected to hamper the market growth. Furthermore, the growth in machinery and equipment manufacturing sectors around the globe offers lucrative growth opportunities for the market players during the forecast period.
The global woodworking tools market is segmented on the basis of 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.
The major players profiled in the global woodworking tools market 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.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the woodworking tools market analysis from 2021 to 2031 to identify the prevailing woodworking tools market opportunities.
- 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.
Key Market Segments
By Type
- Chisels
- Hammers
- Saws
- Pliers Wrenches
- Drills
- Others
By Distribution Channel
- Online
- Offline
By Operation
- Manual
- Powered
By End user
- Professional
- DIY
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- 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.
- Wera Tools
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Table of Contents
Executive Summary
According to the report, titled, “Woodworking Tools Market," the woodworking tools market size was valued at $8.95 billion in 2021, and is estimated to reach $13.30 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031. The woodworking tools industry includes revenue generated by sales of woodworking tools through wholesalers, retailers, distributors and e-commerce websites in countries such as China and India. These tools are sold to individual users as well as professionals for personal and commercial & industrial applications.The woodworking tools market is majorly driven by sales of woodworking tools to individuals and professionals for new construction and maintenance in construction, automobile, oil & gas and other industries. In addition, the high market price of power tools leads to increase in sales of woodworking tools. However, the power tools manufacturers are developing and launching low-cost power tools in the market, which acts as a restraint to woodworking market. In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to halt in overall sales of woodworking tools, which in turn hindered the woodworking tools market growth. However, industries are gradually getting back on track and vaccine discovery is expected to lead to recovery of the market by mid-2021. Further, increase in adoption of DIY culture will increase the sales of woodworking tools and is projected to boost the market during the forecast period.
The global woodworking tools market is segmented on the basis of 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.
The major players profiled in the global woodworking tools market analysis include, ARAS Corporation, AVEFLOR, Con-Tech International, Custom Manufacturing & Engineering, Custom Manufacturing Corporation, Custom Mfg. Corp., Dassault Systems, DB Custom Manufacturing, DM&E, Hexagon AB, MetalTek, Micro-Mechanics, Monroe Engineering Products, Parametric Technology Corporation Inc., Promega Corporation, Siemens AG and Thomas Swan. 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 Findings of the Study
- The report provides an extensive analysis of the current and emerging global woodworking tools market trends and dynamics.
- Depending on type, the drills segment was the largest revenue generator in 2021.
- By distribution channel, the offline segment generated the highest revenue in 2021.
- By operation, the powered segment generated the highest revenue in 2021.
- Based on end user, the professional segment dominated the market in 2021.
- Region wise, Asia-Pacific is anticipated to dominate the global woodworking tools market share throughout the study period.
- The report provides an extensive analysis of the global woodworking tools market opportunity.
- The global woodworking tools market forecast analysis from 2022 to 2031 is included in the report.
Companies Mentioned
- 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.
- Wera Tools
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 222 |
Published | July 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 8952.6 million |
Forecasted Market Value ( USD | $ 13299.8 million |
Compound Annual Growth Rate | 4.0% |
Regions Covered | Global |
No. of Companies Mentioned | 17 |