Power Tools Market in Europe Size to grow by USD 2570 million between 2024-2028
According to a research report “ Power Tools Market in Europe” by Application (Commercial, Residential, Industrial) Technology (Electric, Pneumatic, Engine-driven) Geography (Europe)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2570 million, at a CAGR of 4.36% during the forecast period. In Europe's power tools market, tradespeople such as construction workers, plumbers, and woodworkers continue to be key consumers. However, the burgeoning DIY trend in the European home improvement sector is significantly expanding the user base for power tools. This expansion is particularly evident in the cordless power tools segment, which is currently experiencing robust growth. The shift towards cordless tools can be attributed to their inherent advantages, including lighter weight, enhanced safety, and greater freedom of movement. This trend is being fueled by the increasing adoption of Lithium-ion (Li-ion) batteries in power tools, which offer superior performance and longer runtimes compared to traditional Nickel-Cadmium (Ni-Cd) and Nickel-Metal Hydride (Ni-MH) batteries. As a result, cordless power tools are gaining significant market traction in Europe, making it a lucrative segment for vendors.
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By Application, the Commercial segment is projected to dominate the market size in 2024
In the European market, electric power tools have gained significant traction due to their efficiency and environmental benefits. These tools can be classified into corded and cordless varieties. Corded tools necessitate a power outlet connection during operation, whereas cordless tools operate on battery power, requiring grid electricity only for recharging. The advancement of battery technology, specifically lithium-ion batteries, is a primary growth driver. These batteries deliver higher power density, extended runtimes, and expedited charging times, rendering cordless electric tools more adaptable and productive. The increasing emphasis on sustainability has fueled a shift towards electric power tools, as they generate fewer emissions compared to gasoline-powered or pneumatic counterparts.
By Technology, Electric segment is expected to hold the largest market size for the year 2024
In the European market, the shift towards cordless power tools is gaining momentum due to technological advancements that enhance run time and performance. This trend is particularly significant in the construction industry, where access to grid electricity is often limited. Consequently, tradesmen such as electricians, plumbers, carpenters, and auto mechanics, who collectively represent over 40% of the power tools market, are increasingly adopting cordless solutions. The higher average selling price (ASP) of cordless tools justifies the investment, as they significantly boost productivity and enable efficient service delivery.
Europe is forecasted to hold the largest market size by region in 2024
The Power Tools market in Europe, with a particular focus on Germany, is poised for growth due to various economic and demographic factors. The European Central Bank's low-interest rates have stimulated construction activities, both public and private, leading to increased spending on residential and industrial projects. Germany, being the largest DIY market in Europe and a technologically advanced economy, hosts a strong engineering talent pool and is a leading exporter of industrial machinery, automobiles, chemicals, and household equipment. Additionally, the government's substantial investments in public infrastructure projects and the consistently growing population, particularly immigrants from conflict-affected regions like Syria and Iraq, contribute to the market's expansion. Germany's significant industrial production and contribution to the EU's GDP further bolster the market's potential.
The Power Tools Market in Europe growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The European power tools market is a dynamic and diverse industry, encompassing a wide range of consumer and professional products such as Edgers, Lawnmowers, String trimmers, and Hedge trimmers. Raw material prices and moving parts are key factors influencing the market's growth. The petrochemical industry plays a significant role in the production of plastic components for power tools, but the shift towards sustainable materials like Tritan Renew copolyester is gaining momentum. Major players in the European power tools market include Milwaukee Tool Corporation, Apex Tool Group, Snap-on Incorporated, Ingersoll Rand, and Bosch. Milwaukee Tool's ONE-KEY system and Bosch's Toolbox app are leading innovations in the industry, enhancing user experience and tool functionality. Cordless power equipment, driven by advancements in Lithium-ion batteries, is gaining popularity in both consumer and professional sectors. The wind energy industry and automotive sector are significant end-users of battery-powered power tools, and emerging economies are increasingly adopting these technologies. Fastening tools are another segment of the power tools market, with applications in various industries. The European market for power tools is expected to grow, driven by technological advancements, increasing demand from various sectors, and the shift towards sustainable materials.
Market Research Overview
The Power Tools Market in Europe is a significant industry, encompassing both the Industrial and Consumer segments. The Industrial segment includes Routing tools, Demolition tools, Material removal tools, and Hydraulic tools, while the Consumer segment caters to Edgers, Lawnmowers, String trimmers, and Hedge trimmers. Price fluctuations in Copper and other raw materials impact the Power Tools Market. The Petrochemical industry's raw material prices and moving parts' manufacturing costs influence the prices of Pneumatic and Hydraulic tools. Manufacturers like Milwaukee Tool Corporation, Apex Tool Group, Snap-on Incorporated, Ingersoll Rand, Dewalt, and Bosch offer a range of products, from Professional products to DIY market-targeted items. Multi-purpose products, such as ONE-KEY from Milwaukee Tool, and additional accessories are popular. The Electric segment, including Cordless power equipment, is growing due to Lithium-ion batteries' increasing availability and affordability. The Wind energy industry and Automotive sector are significant consumers of Battery-powered power tools. Emerging economies' demand for Power Tools is increasing, with Wuhan, China, being a major manufacturing hub. The Power Tools Market also includes Fastening tools for various industries. The prices of these tools may vary based on raw material prices and technological advancements.
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