Europe Power Tools Market By Application (Industrial and Residential), By Products (Drills, Grinders, Saws, Sanders, Wrenches and Others), By Mode of Operation (By End User (Electric, Pneumatic and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
The Europe Power Tools Market would witness market growth of 5.6% CAGR during the forecast period (2020-2026).
Increasing demand for do-it-yourself (DIY) techniques among household consumers will impede the development of electrical power devices. Power tools are also used in a wide variety of industries, including construction, automotive, aerospace, energy and shipbuilding. The rise of electrical power tools is fueled by advances in battery technology and by the increasing proliferation of cordless devices by industrial and domestic users. Rapid urbanization and industrialization are projected to further drive business growth in the immediate future. The outbreak of COVID-19 is expected to affect all end-user industries. This, in turn, is expected to affect the production of electrical power tools as well as the market demand for power tools.
In addition, the ease of use offered by power tools has made them widespread, even for non-professional consumers, mainly in household operations. The easy availability and portability of electrical power tools encourages their deployment even in ordinary day-to-day applications, including drilling, sawing and cutting, which in turn fuels demand growth in global power tools. In addition, the market has seen increased growth due to factors such as a rise in the usage of power tools in a wide variety of industries such as automobile, construction, energy, aerospace and others.
There has been a change from corded to cordless power equipment. While corded devices do have significant sales, there is a significant shift to cordless devices. Cordless power tools include batches of battery-powered tools such as band saws, circular saws, crimpers, hammer drills, impact controllers, impact wrenches and many others. These are suitable for welding, sanding, drilling, metalworking and other uses. The change to cordless power tools shows a need for a more versatile tool. Today's cordless devices will even run longer on one charge than they have in previous years. For example, the major power tool manufacturers have increased sales of power tools due to the advent of cordless power tools.
Based on Application, the market is segmented into Industrial and Residential. Based on Products, the market is segmented into Drills, Grinders, Saws, Sanders, Wrenches and Others. Based on Mode of Operation, the market is segmented into Based on End User, the market is segmented into Electric, Pneumatic and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Techtronic Industries Co., Ltd., Snap-On, Inc., Robert Bosch GmbH, Panasonic Corporation, Emerson Electric Co., Atlas Copco AB, Koki Holdings Co., Ltd., Makita Corporation, Stanley Black & Decker, Inc., and Apex Tool Group, LLC.
Scope of the Study
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