The global woodworking tools market size was US$ 8.9 billion in 2021. The global woodworking tools market size is estimated to reach US$ 12.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2022 to 2030.
Woodworking tools are equipment that is manually operated in construction, oil & gas, automobile, and several other sectors for plumbing, carpentry, servicing, and maintenance purposes. These tools are used by individuals as well as commercial professionals. These woodworking tools are sold through wholesalers, retail outlets, authorized dealers, company websites, and e-commerce websites.
Factors Influencing Market Growth
- The overall market is driven due to their availability and durability at low prices.
- The increase in the popularity of cordless power tools may hinder the overall market expansion.
- Developments like the introduction of woodworking equipment with insulated layers, which guard the consumer against electric shock and give a handle grip for placing the tool, drive the overall market expansion.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market expansion. As many manufacturing activities were stopped and production facilities were either operating at restricted power or completely shut. Moreover, the sales of new tools dropped as a need for their tools declined in the market. Thus, hindering the overall market growth.
Europe had a leading share of the expansion of the overall market owing to the existence of significant furniture producers across the region.
Asia Pacific may gain significant growth during the analysis period owing to large-scale acquisitions by well-established furniture producers in nations like India. Increasing acquisitions in infrastructure growth may also drive the overall market in the region.
The prominent players in the global woodworking tools market are:
- Wera Tools
- Techtronic Industries
- Stanley Black and Decker
- Snap-On Incorporated
- Kreg Tool Company
- Akar Tools Limited
The global woodworking tools market segmentation focuses on Type, Distribution Channel, Operation, End User, and Region.
Segmentation on the basis of Type
- Pliers & Wrenches
Segmentation on the basis of Distribution Channel
Segmentation on the basis of Operation
Segmentation on the basis of End User
Segmentation on the basis of Region
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America