The Benelux power tools market size reached US$ 1,051.6 Mn in 2021 and is likely to touch a valuation of US$ 1,091.4 Mn in 2022. Furthermore, with the growing adoption of power tools across industrial and residential sectors, the overall demand is slated to grow at 4.5% CAGR between 2022 and 2032, totaling a valuation of US$ 1,694.9 Mn by 2032.
Power tools are used in many different ways during the assembly and manufacture of automobiles. In recent years, the Benelux region has seen a significant increase in automobile production. This is a result of the region’s improving economic circumstances and growing urbanization.
Throughout the forecast period, it is anticipated that this quickly expanding trend in the highly urbanized market of Benelux will significantly expand market opportunities for household power tools. The household power tools segment is estimated to witness a CAGR of 3.5% through the forecast period (2022-2032).
Benelux power tool sales are anticipated to increase as electric tools are thought of as the best handheld devices and have proven to be highly effective when operations require manual labor and require significant manual adjustments to achieve the desired aesthetics of the finished product. Additionally, there is a growing demand for Benelux power tools due to the global industrial sectors’ significant expansion.
The adoption of the Benelux power tools market forms around 3-6% of its parent market which is the global power tools market.
Benelux power tool adoption experienced a moderate growth rate of 4.1% CAGR from 2017 to 2021, and it is predicted that in 2022, it will grow by 5.3% year over year. However, the overall market is expected to grow at a CAGR of 4.5% between 2022 and 2032 due to the growing trend of do-it-yourself projects and the increasing adoption of cordless power tools by end users.
Power tools are tools that are actuated by an additional power source and mechanism other than the solely manual labor used with hands. These tools help end-users significantly increase overall productivity because they are more accurate, quick, and efficient.
Power tool manufacturers are looking to gain a greater advantage by developing stronger pricing strategies. This new strategy is all about value, for instance as seen with Makita and Milwaukee tools. Manufacturers know that customers turn to competitors when they can’t provide the right tools or saws at the right price. Keeping low-demand tools on hand may increase inventory costs, but will help retain that customer over the long term. The adoption of the Benelux power tools market is projected to grow by 1.3X by 2032 as compared to 2022.
Luxembourg is expected to emerge as one of the key markets for power tools across Benelux during the forecast period, owing to the rapid expansion of industries such as steel manufacturing and automotive. FMI predicts power tools demand in Luxembourg to grow at a CAGR of 6.0% during the forecast period (2022-2032).
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Key Players:
- Stanley Black & Decker Inc.
- Atlas Copco AB
- Snap-on Incorporated
- Robert Bosch GmbH
- Techtronic Industries Co. Ltd
- Danaher Corporation
- Makita Corporation
- Actuant Corporation
- Hitachi Koki Co. Ltd
- SKF AB
- Metabowerke GmbH
- FERM B.V.
- Einhell Germany AG
- VIKING GmbH
