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The Europe - Power Tools Market size is estimated to grow at a CAGR of 4.36% between 2023 and 2028. The market size is forecast to increase by USD 2,570 million. The growth of the market depends on several factors, such as the growing popularity of cordless power tools, the growth of commercial and residential end-user markets, and the increasing demand for power tools from industries.
This report extensively covers market segmentation by application (commercial, residential, and industrial) and technology (electric, pneumatic, and engine-driven). It also includes an in-depth analysis of drivers, trends, and challenges.
Europe Power Tools Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The automotive industry and the aerospace and defense industry contribute to the majority of the industrial demand for power tools. One of the main reasons is that these industries involve a lot of metalwork and assembly operations. As a result, the demand for power tools for cutting, grinding, drilling, and polishing is increasing for metal works.
Moreover, the automotive and aerospace industries mainly leverage pneumatic power tools as compressed air utility is mostly available in manufacturing facilities. In addition, they need low maintenance and generally have a longer life, which is essential for heavy-duty industrial applications. Therefore, such factors are positively impacting the Europe - power tools market. Hence, it is expected to drive the Europe power tools market growth during the forecast period.
Web and digital connectivity is a primary trend in the power tools market. It facilitates inventory management and improves the performance of power tools. In addition, smart technologies are being launched by established power tools brands such as DEWALT, Milwaukee, and Bosch. For instance, Bluetooth connectivity allows the individuals responsible for the custody of power tools to track the status and ensure the safety of the tools.
Moreover, DEWALT offers Bluetooth-enabled batteries that owners can connect to through a smartphone app. In addition, it enables owners to receive an alert if the tool goes out of the Bluetooth range. Furthermore, it also has the feature to disable the battery of an out-of-range tool and thus prevent unauthorized use of the power tools. Hence, such factors are positively impacting the Europe - power tools market. Therefore, it is expected to drive the Europe power tools market growth during the forecast period.
There is a significant decline in the working-age population in Europe due to the consistently low birth rates. In addition, the consistent increase in the average age of the workforce is usually followed by a declining productivity rate. For instance, the productivity growth rate in Europe has declined by 75% in the last 20 years.
Moreover, Europe is among the regions with the highest labor costs. Therefore factors such as the decreasing productivity due to the aging population and the high environmental and regulatory costs can lead to the migration of certain businesses from Europe to other regions. Hence, such factors are negatively impacting the Europe - power tools market. Therefore, it is expected to hinder the Europe power tools market growth during the forecast period.
The commercial segment is estimated to witness significant growth during the forecast period. There is an increase in runtime and performance of cordless power tools due to several technological advancements. Therefore, the construction industry will increasingly use cordless power tools, as access to grid electricity on a construction site is not readily available. In addition, it will fuel the growth of the market as the average selling price (ASP) of cordless tools is higher than that of corded tools.
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The commercial segment was the largest segment and was valued at USD 4,745.25 million in 2018. Moreover, tradesmen including electricians, plumbers, carpenters, and auto mechanics are the largest end-users of power tools as power tools increase their productivity and enable them to carry out their services efficiently. Furthermore, an increase in the immigrant population in Europe is expected to increase the number of tradesmen. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the Europe power tools market growth during the forecast period.
Technology Segment Analysis:
Based on technology, the segment is classified into electric, pneumatic, and engine-driven. The electric segment can be classified into corded and cordless tools. Corded tools need a connection to a power outlet where the operation is being performed, while cordless tools use battery power and do not require grid electricity except for recharging. The continuous improvement in battery technology, particularly lithium-ion batteries is significantly contributing to the growth of this segment. In addition, these batteries provide higher power density, longer runtimes, and faster charging times, making cordless electric tools more versatile and efficient. Furthermore, increasing environmental awareness has led to a preference for electric power tools over gasoline-powered or pneumatic alternatives. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the Europe power tools market growth during the forecast period.
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.
ANDREAS 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.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
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.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The Europe power tools market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Europe Power Tools Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 2,570 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.52 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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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