Press release
Woodworking Tools Market Size, Trends, In-depth Analysis, Research Report Forecast up to 2028: Makita Power Tools and Festool GmbH are key players.
Woodworking Tools Market is expected to grow at a CAGR of 10.07% to reach a market size worth US$10.024 Billion by 2028.The key factor contributing to the woodworking tools market growth includes the growing demand for durable and personalized furniture. In addition, the increasing number of construction and infrastructure projects is also positively impacting the market demand during the projection period. Moreover, woodworking tools' durability and low cost are anticipated to boost their market demand during the analysis period.
Technological advancements and the availability of innovative woodworking equipment, such as cordless battery-powered tools with CAD software, provide massive opportunities to the key market players.
As per the report, the woodworking tool market is expected to grow at a steady pace.
A woodworking tool is a piece of equipment used to shape and change the structure of the wood. The tools consist of various instruments ranging from simple hand tools to complex power tools and equipment. One of the primary factors driving the woodworking tools market growth is the rising number of commercial and residential construction projects. However, other factors, such as growing consumer demand for custom furniture, booming DIY trend, the emergence of e-commerce platforms, and rising repair & maintenance operations, are also boosting the market expansion.
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The woodworking tools market is segmented into type, application, distribution channel, and geography.
Based on the type, the woodworking tools market is categorized into hand tools, power tools, and woodworking machinery. The hand tools segment is expected to hold a significant market share owing to their various benefits, such as high durability, ease of use, and low cost, which are driving the growth.
Based on application, the classification has been done into furniture manufacturing, construction, and DIY woodworking projects. The construction will hold a significant market share during the analysis period. The key factor driving the use of woodworking tools in construction applications is the need for wooden fixtures and fittings in building projects. Rapid urbanization and infrastructure development in emerging nations are positively impacting the market demand for woodworking tools. Prefabricated wooden buildings are also becoming increasingly frequent in construction projects, raising the need for advanced woodworking equipment.
Based on distribution channel, the market has been categorized into online and offline. According to the analysis, the online segment is expected to hold a significant market share during the forecasted period. The growing shift towards online shopping and rising e-commerce retail sales are some of the few factors driving the segment growth. In addition, consumers can now get woodworking equipment from anywhere due to the rise of e-commerce platforms.
Based on geography, the market has been segmented into North America, South America, the Middle East and Africa, Europe, and the Asia Pacific region. The North American region is expected to constitute a significant market share as the market in this region is expanding due to the presence of a large number of woodworking professionals and DIY fanatics. In addition, the market in the United States and Canada is growing tremendously due to significant demand for innovative woodworking equipment and technology. According to a U.S. Department of Commerce report, the woodworking machinery industry in the United States delivered items worth US$2.3 billion in 2020, with Canada and Mexico acting as their primary export destinations.
The major global woodworking tools market players are Robert Bosch Tool Corporation, Makita Power Tools, Festool GmbH, JET Tools, Hilti Group, Freud America, Inc., Metabowerke GmbH (Metabo), Shaper Tools, BORA Tool and Woodpeckers, LLC.
This global woodworking tools market has been analyzed into the following segments:
• By Type
o Hand tools
o Power tools
o Woodworking machines
• By Application
o Furniture manufacturing
o Construction
o DIY woodworking projects
o Others
• By Distribution
o Online
o Offline
• By Geography
o North America
• United States
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• United Kingdom
• Germany
• France
• Spain
• Others
o Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Others
o Asia Pacific
• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others
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Knowledge Sourcing Intelligence
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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