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 may have an indirect impact on 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.
According to the European Confederation of Woodworking Industries, the woodworking and furniture industry is Europe’s fifth largest manufacturing sector, contributing billions of euros to the regional economy.
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- 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.
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Europe Woodworking Power Tools market segment
- Corded Power Tools
- Cordless Power Tools
- Industrial Enterprises
- Commercial Carpenters, Joiners, and Masonry
- Service Providers
- Online Sales
- B2C Platform
- B2B Platform
- Offline Sales
- Bulk Suppliers
- Retail Suppliers
- Czech Republic