The adoption of Benelux power tools market is expected to accelerate over the forecast period, with a CAGR of 4.5% between 2022 and 2032. The total market size reached US$ 1,051.6 Million in 2021 and is expected to reach US$ 1,091.4 Million in 2022. By 2032, the overall market is expected to exceed a valuation of US$ 1,694.9 Million.
Furthermore, the growing use of power tools in the industrial and residential sectors is expected to drive market growth exponentially. The Benelux power tools market accounts for approximately 3-6% of its parent market, the global power tools market.
According to historical data from 2017 to 2021, Benelux power tools were widely used and grew at a moderate 4.1% CAGR. The global Benelux power tools market is expected to grow 5.3% year on year in 2022. The Benelux power tools market is expected to grow 1.3X by 2032 when compared to 2022.
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The rapid adoption of Benelux power tools in well-urbanized markets such as Benelux is expected to create impressive opportunities in the household power tools segment over the forecast period. The household power tools segment is expected to account for a sizable market share and to grow at a CAGR of 3.5% over the forecast period.
Key Takeaways
- Power tools consist of a large array of applications in automotive manufacturing and assembly. In the Benelux region, the adoption of automobile production has significantly increased over recent years. Owing to the increasing urbanization and enhanced economic conditions in the region have led to this growth.
- In order to capitalize on the dynamic customer preferences for Do-It-Yourself (DIY) ethics, manufacturers are primarily focused on offering home users compact, portable and economical tool solutions owing to its growth in the market.
- As electric tools are expected to be the most optimum handheld devices, their sales are expected to rise significantly over the years. The adoption of Benelux power tools has proven to be very effective when the operations are expected to be carried out on a manual basis with manpower adjustments to meet the desired aesthetics of the end product. In addition to that, significant growth in the industrial sector is responsible for the increased adoption of Benelux power tools.
- The Benelux power tools are able to work 24*7 without any interruptions. These tools are designed to provide services all day throughout the year with minimalistic chances of shutdown for maintenance. As power tools can offer greater speed of production than hand tools, they excel in manufacturing ability and are able to efficiently meet manufacturing requirements.
- The end users who are searching to gain a prominent enhancement on the basis of the rate of production could provide a substantial customer base for the power tools market during the projected course of time. The ability of these power tools to complete a long and meticulous cycle of operations is impressive which makes it a viable option over hand tools.
Competitive Landscape
The prominent manufacturers in the Benelux power tool market are experiencing phenomenal growth owing to the increased demand for cordless power tools. Leading manufacturers are focusing on the advancement of power tools that require minimal maintenance and can offer versatile operations at lower prices. In addition to that, market participants are inclined toward providing tailored products to customers as per their needs with better reliability and durability in order to gain a competitive advantage in the adoption of the Benelux power tools market.
More Insights into the Adoption of Benelux Power Tools Market
For power tools, Luxembourg is emerging as a key market across Benelux over the assessment period, owing to the surging expansion of industries such as steel manufacturing and automotive. As per FMI predictions, power tools demand in Luxembourg to grow at a CAGR of 6.0% during the forecast period (2022-2032).
The Netherlands is yet another country accounting for more than 55% of the adoption of the Benelux power tools market in 2022 and is expected to hold its dominance across the forecast period as well.
According to estimations, the industrial sector has a massive contribution of around 17% in 2020 to the GDP of the Netherlands which showcased an exponential increase in demand for power tools in the Netherlands industrial sector.
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Key Segments Covered in Adoption of Benelux Power Tools Market Analysis
By Mode of Operation:
- Electric
- Pneumatic
- Others
By End Use:
- Industrial
- Household
By Country:
- Belgium
- Netherlands
- Luxembourg
