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The Europe power tools market size is forecast to increase by USD 2.57 billion at a CAGR of 4.36% between 2023 and 2028. The market is witnessing significant growth, driven by several key trends. One of the primary factors fueling market expansion is the increasing popularity of cordless power tools, which offer greater convenience and mobility compared to their corded counterparts. Another trend influencing the market is the rising adoption of Brushless Direct Current (BLDC) motors in power tools, as they provide improved efficiency, longer battery life, and reduced maintenance requirements. Additionally, the low penetration of power tools in Eastern Europe presents a significant growth opportunity for market participants. Despite these positive developments, challenges persist, including increasing competition, fluctuating raw material prices, and stringent safety regulations. Overall, the market is poised for strong growth, driven by these trends and the untapped potential in emerging regions.
The market is witnessing significant growth due to the increasing adoption of cordless power equipment in various industries such as automotive and wind energy. The shift towards battery-powered tools, particularly those using lithium-ion batteries, is driving market growth. Emerging economies in Europe are also contributing to the market expansion. The automotive sector and wind energy industry are major consumers of professional power tools, including fastening tools, hedge trimmers, string trimmers, lawnmowers, and edgers.
Furthermore, the use of raw material prices and moving parts in power tools production can impact market growth. Tritan Renew copolyester, a durable and lightweight material, is increasingly being used in power tool manufacturing to reduce weight and improve durability. The petrochemical industry plays a crucial role in providing raw materials for power tool manufacturing. The market is expected to continue its growth trajectory, with consumer products and professional products segments showing significant demand.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The commercial segment is estimated to witness significant growth during the forecast period. The European power tools market is witnessing significant growth due to the increasing adoption of battery-powered tools, particularly in emerging economies. The automotive sector and wind energy industry are key contributors to this trend, as they require portable and efficient tools for manufacturing and maintenance. Fastening tools, powered by lithium-ion batteries, are gaining popularity in both professional and consumer markets.
Furthermore, cordless power equipment, including hedge trimmers, string trimmers, lawnmowers, and edgers, are witnessing increased demand due to their mobility and longer run times. The petrochemical industry and moving parts manufacturing also rely on power tools for material removal and processing. Raw material prices, particularly copper, impact the ASP of power tools, leading to price fluctuations. The electric segment is expected to dominate the market, while pneumatic and hydraulic tools, as well as demolition and routing tools, cater to the industrial segment.
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The commercial segment was valued at USD 4.74 billion in 2018 and showed a gradual increase during the forecast period.
Rest of Europe is estimated to contribute 65% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is experiencing significant growth, particularly in emerging economies such as Germany. Fueled by the increasing construction activities driven by the European Central Bank's low interest rates and the influx of immigrants from war-torn regions, private and public spending on residential and industrial construction is on the rise. Germany, Europe's largest DIY market, is a technologically advanced economy with a strong engineering talent pool and a leading exporter of industrial machinery, automobiles, chemicals, and household equipment. In the power tools sector, there is a growing trend towards battery-powered tools, with Lithium-ion batteries becoming increasingly popular due to their high energy density and long runtime.
Furthermore, the automotive sector and wind energy industry are major consumers of power tools, with a focus on cordless equipment for moving parts and material removal. The electric segment is expected to grow, with demand for fastening tools, hedge trimmers, string trimmers, lawnmowers, edgers, and other multi-purpose products. However, raw material prices, particularly copper, and price fluctuations can impact the market. The industrial segment, which includes pneumatic and hydraulic tools, routing tools, and demolition tools, is also expected to grow, driven by the petrochemical industry and infrastructure projects.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing popularity of cordless power tools is the key driver of the market. The market is experiencing significant growth, particularly in the cordless power tools segment. This trend is being driven by the increasing adoption of battery-powered tools in various industries, including the automotive sector for manufacturing processes and the wind energy industry for maintenance and installation. Tradespeople, such as construction workers, plumbers, and woodworkers, continue to be the primary users of power tools. However, the growing popularity of DIY projects in the European home improvement market is expanding the consumer base for power tools. Companies in this market are increasingly using Lithium-ion batteries due to their superior performance and longer run time.
Furthermore, these technologies provide users with added convenience and control over their power tools. The demand for cordless power equipment, including hedge trimmers, string trimmers, lawnmowers, and edgers, is increasing due to their portability and ease of use. In the industrial segment, material removal tools, demolition tools, and routing tools are in high demand. Raw material prices, particularly for copper, can significantly impact the pricing of power tools and their accessories. The market also includes pneumatic and hydraulic tools and multi-purpose products with additional accessories. Price fluctuations in raw materials and the availability of alternative materials, such as Tritan Renew copolyester, can impact the competitiveness of companies in the market. Overall, the market is expected to grow steadily, driven by the increasing demand for professional and consumer products in various industries.
The increasing use of BLDC motors in power tools is the upcoming trend in the market. Power tools in Europe are witnessing significant growth due to the increasing adoption of battery-powered tools, particularly in emerging economies. The automotive sector and wind energy industry are major contributors to this trend, as they require fastening tools and other power equipment for manufacturing and installation processes. The use of lithium-ion batteries in battery-powered tools ensures reliability, low maintenance, and long life, making them popular choices for both professional and consumer applications. The electric segment is expected to grow significantly due to the increasing availability of raw materials such as Tritan Renew copolyester and the decreasing prices of lithium-ion batteries.
However, price fluctuations due to raw material prices, particularly for copper, may impact the market. The industrial segment includes pneumatic and hydraulic tools, material removal tools, and demolition tools. These motors have integrated electronics that provide power tools with protection against overload and reduce maintenance requirements. Power tools used in the petrochemical industry and for landscaping applications such as hedge trimmers, string trimmers, lawnmowers, and edgers are also witnessing significant growth. Wuhan, China, is a major hub for the production of multi-purpose power tools and additional accessories. The use of motors in power tools increases their runtime and extends their life, making them a cost-effective solution for various industries.
The low penetration of power tools in Eastern Europe is a key challenge affecting the market growth. The market is witnessing significant growth, particularly in the emerging economies of Eastern Europe. However, developed countries in Western Europe continue to dominate the market, accounting for the majority of the revenue. This trend is observed among key players. These companies earn over 60% of their revenues from developed European countries like Germany, France, the UK, and Italy. The high demand for professional power tools, including battery-powered ones, in the automotive sector and wind energy industry, contributes to this revenue pattern.
Additionally, the DIY market in Western Europe is thriving, driving the demand for consumer products like hedge trimmers, string trimmers, lawnmowers, and edgers. In the professional segment, the demand for fastening tools, material removal tools, demolition tools, and routing tools remains strong. Raw material prices, particularly for lithium-ion batteries and copper, impact price fluctuations in the market. The electric segment, which includes cordless power equipment, is expected to grow at a steady pace, while the industrial segment, which includes pneumatic and hydraulic tools, continues to be a significant contributor to the market. The petrochemical industry is also a key consumer of power tools due to the moving parts in their machinery. Overall, the market is expected to remain robust, driven by the demand for professional and consumer products, as well as the ongoing trend towards cordless and battery-powered equipment.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
NDREAS STIHL AG and Co. KG: The company offers power tools such as GS 461 concrete cutter for professional use on construction sites, Petrol chain saws for cutting firewood, and property maintenance.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth, particularly in emerging economies, driven by the increasing adoption of battery-powered power tools in various industries. The automotive sector and wind energy industry are key contributors to this trend, as they seek to reduce emissions and improve efficiency. Battery-powered power tools, including those using lithium-ion batteries, are gaining popularity due to their portability and lower maintenance requirements. Manufacturers such as Milwaukee Tool Corporation, Bosch, DeWalt, Ingersoll Rand, Snap-on Incorporated, Apex Tool Group, and others are leading the charge in this market. Innovations like Milwaukee's One-Key and Bosch's Toolbox app are enhancing user experience and increasing productivity.
Furthermore, the DIY market also plays a crucial role in the growth of the market. Cordless power equipment, including hedge trimmers, string trimmers, lawnmowers, and edgers, are popular consumer products. However, raw material prices, particularly for copper and other metals used in moving parts, can impact price fluctuations. The professional products segment, which includes pneumatic and hydraulic tools, material removal tools, and demolition tools, dominates the industrial segment. The petrochemical industry is a significant consumer of power tools due to the need for robust and durable equipment. The market is expected to continue growing, with the electric segment showing particular promise due to advancements in battery technology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
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Market Growth 2024-2028 |
USD 2.57 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.52 |
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Regional analysis |
Europe |
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Performing market contribution |
Rest of Europe at 65% |
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Key countries |
Germany, France, UK, Belgium, and Rest of Europe |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ANDREAS STIHL AG and Co. KG, Apex Tool Group LLC, Atlas Copco AB, Bahco, C. and E. Fein GmbH, Caterpillar Inc., Drill King International, Emerson Electric Co., Evolution Power Tools Ltd., Hilti AG, KKR and Co. Inc., KYOCERA Corp., Makita Corp., Michael Weinig AG, Panasonic Holdings Corp., Robert Bosch GmbH, Sandvik AB, Snap On Inc., Stanley Black and Decker Inc., and Techtronic Industries Co. Ltd. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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