Global Woodworking Tools Market: Introduction
Woodworking tools market is a vibrant marketplace. From large machinery to handheld tools, woodworking tools and equipment used to manufacture essential products with increasing levels of precision, quality, and scale. Rising housing construction and expanding renovation activities to bolster the future demand for woodworking tools. Apart from this, China-U.S. trade war is set to dampen the consumer sentiment and plunge the retail sector growth, directly influencing the demand for woodworking tools. Moreover, the sales of woodworking tools is foreseen to growth substantially through online channels. The phenomenal growth of the online sales has been driven in part by the huge internet population and rapid uptake of online shopping by consumers across the globe. Nevertheless, DIY or consumers engaged in woodworking owing to hobby are likely to remain concentrated in few parts of Europe and North America.
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Subsequently, the study aims to analyze the most recent trends, dynamics, and potential strategies in the global woodworking tools market.
Global Woodworking Tools Market: Dynamics
The furniture industry and woodworking tools market are traditionally labor-intensive and features a predominance of small and medium-sized enterprises (SMEs) and a complex fragmented supply chain. Handheld woodworking tools tend to represent a much smaller capital investment by end-users, and as a result, sales channels of handheld woodworking tools are often wholesale or retail. Nevertheless, many countries are now facing a more challenging global macroeconomic environment, increasing international competition, and rising costs. Increasing home improvement projects in many parts of the world are likely to attribute to the growth of woodworking tools market. Moreover, building efficient supply chain and brand managements are the key capabilities addressed by the downstream players in the furniture market.
Global Woodworking Tools Market: Regional Outlook
Nearly a quarter of world’s furniture is manufactured in Europe, translating a huge demand for woodworking tools. Germany, Italy, Poland, and France are ranked among the prominent furniture producers worldwide and held a significant share in the woodworking tools market as well. In the last decade, the growth of the furniture market in China has been impressive, turning China into the world leader. Subsequently, China is set to observe a substantial growth in the coming years and reach new heights in the global woodworking tools market. India and Brazil are foreseen to create hefty demand for woodworking tools against the backdrop of robust productive investments by the international furniture players.
Moreover, with the focus on export-driven industrial and furniture production, ASEAN have witnessed an unprecedented period of growth in the woodworking tools market. In addition, foreign investments and expanding urban clusters to significantly enhance the woodworking tools market in the target region. Furthermore, predominant share of Latin America furniture market is inward oriented, focusing mainly on domestic consumers. Due to the measures adopted to protect the market the penetration of imported furniture is still very low, reinforcing the domestic woodworking tools market.
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Global Woodworking Tools Market: Key Participants
List of some of the prominent market participants/brands in the global woodworking tools market discerned across the value chain include:
- Altendorf GmbH
- Makita
- Milwaukee
- Ridgid
- DeWalt
- Robert Bosch
- Kreg Tool Company
- Shanghai AMC Int’l Trading Co., Ltd.
- FEIN Power Tools Inc.
- Hida Tool
The list of manufacturers and value chain participants in the woodworking tools market will be supplemented during the course of study.