Increased consumer confidence, online sales of power tools and ease of availability of many products, especially portable power tools for home use, are expected to fuel the growth of Benelux power tools market adoption.
Newark, DE/ACCESSWIRE/September 15, 2022/ The Benelux Power Tools Market Adoption It is expected to catalyze during the appreciation period by having a compound annual growth rate of 4.5% between 2022 and 2032. The total market size is US$ 1,051.6 million in 2021 and is likely to touch a valuation of US$ 1,091.4 million in 2022. The total market is expected to exceed the valuation of US$1,694.9 million by 2032. In addition, the increasing reliance on power tools across the industrial and residential sectors is expected to significantly increase market growth. Benelux power tools market adoption constitutes about 3-6% of the parent market which is the global power tools market.
Based on historical analysis from 2017 to 2021, Benelux power tools have been widely adopted and experienced a moderate growth rate of 4.1% compound annual growth rate (CAGR). It is estimated that the global Benelux power tools market is expected to grow 5.3% annually in 2022. The adoption of the Benelux power tools market is expected to grow 1.3 times by 2032 compared to 2022.
The rapid adoption of Benelux power tools is rapidly increasing in the well urbanized market like Benelux which is expected to create great opportunities in the home power tools sector during the forecast period. The home power tools segment is expected to hold a significant market share and is expected to grow at a compound annual growth rate of 3.5% during the forecast period.
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- Electrical tools consist of a wide range of applications in automobile manufacturing and assembly. In the Benelux region, the adoption of automobile production has increased significantly over recent years. Increased urbanization and enhanced economic conditions in the region have led to this growth.
- In order to capitalize on dynamic customer preferences for Do-It-Yourself (DIY) ethos, manufacturers primarily focus on providing compact, portable and economical tool solutions for home users due to its growing market.
- Since power tools are expected to be the best portable devices, their sales are expected to rise significantly over the years. The adoption of Benelux power tools has proven to be very effective when operations are expected to be carried out manually with manpower adjustments to meet the desired aesthetics of the end product. In addition, significant growth in the industrial sector is responsible for the increased adoption of Benelux power tools.
- Benelux electric tools are able to work 24*7 without any interruption. These tools are designed to provide 24/7 services with minimal chances of downtime for maintenance. Since power tools can provide faster production speed than hand tools, they are superior in manufacturing capacity and able to efficiently meet manufacturing requirements.
- The end users who are looking for significant improvement on the basis of production rate can provide a large customer base to the Power Tools market during the forecast time cycle. The ability of these power tools to complete a long and precise cycle of operations is impressive making them a viable option for hand tools.
The prominent manufacturers in the Benelux power tools market are experiencing exponential growth due to the increasing demand for cordless power tools. Leading manufacturers focus on developing power tools that require minimal maintenance and can offer versatile operations at low prices. Additionally, market participants tend towards providing customized products to customers according to their needs with better reliability and durability in order to gain a competitive advantage in adopting Benelux power tools market.
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More Ideas on Benelux Power Tools Market Adoption
For power tools, Luxembourg stands out as a major market across the Benelux during the evaluation period, due to the rapid expansion of industries such as steelmaking and automobiles. According to the forecast by FMI, the demand for power tools in Luxembourg is growing at a compound annual growth rate of 6.0% during the forecast period (2022-2032).
The Netherlands is another country that accounts for more than 55% of the Benelux power tools market adoption in 2022 and is expected to retain its dominance during the forecast period as well.
According to the estimates, the industrial sector has a huge contribution of about 17% in 2020 to the GDP of the Netherlands which showed a huge increase in the demand for power tools in the Dutch industrial sector.
Key Segments Covered in Adopting Benelux Power Tools Market Analysis
According to the method of operation:
By end use:
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1. Executive Summary
1.1 Market Outlook
1.2 Demand-side trends
1.3 Supply-side trends
1.4 End-Use Roadmap
1.5 Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Rating
2.2. Market Definition / Scope / Limitations
3. Main market trends
3.1. The main trends affecting the market
3.2 Product innovation/development trends
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