Nov 18, 2022   SOURCE: BusinessWire

The Worldwide Woodworking Tools Industry is Expected to Reach $13.2 Billion by 2031 - ResearchAndMarkets.com

The "Woodworking Tools Market By Type, By Distribution Channel, By Operation, By End user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The global woodworking tools market was valued at $8,952.6 million in 2021, and is projected to reach $13,299.8 million by 2031, registering a CAGR of 3.9% from 2022 to 2031.

The woodworking tools are tools that usually do not use electricity and do not need any motor to operate. The woodworking tools include hammers, screwdrivers, wrenches, cutters, saw, knives, scissors, clamps, and others.

These tools are basic necessities to carry out the smallest of tasks such as plumbing, drilling, cutting, removing, and tightening of screw & nuts. Factors such as rise in recovery in the construction industry and growth in industrialization and urbanization drive the growth of the market.

In addition, urban population is projected to rise by 2050; thereby, fueling the demand for woodworking tools for residential application in the near future. Furthermore, surge in standard of living, particularly in the developing countries, empowers DIY culture, which drives the market growth.

However, growth in popularity of woodworking tools and volatile economic conditions in Latin America are expected to hamper the market growth. Furthermore, the growth in machinery and equipment manufacturing sectors around the globe offers lucrative growth opportunities for the market players during the forecast period.

Key Benefits

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the woodworking tools market analysis from 2021 to 2031 to identify the prevailing woodworking tools market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the woodworking tools market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global woodworking tools market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Type

  • Chisels
  • Hammers
  • Saws
  • Pliers Wrenches
  • Drills
  • Others

By Distribution Channel

  • Online
  • Offline

By Operation

  • Manual
  • Powered

By End user

  • Professional
  • DIY

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Market Players

  • Akar Tools Limited
  • Altendorf GmbH
  • Apex Tool Group
  • C&A Hardware Tools Co. Ltd
  • Channellock, Inc.
  • Emerson Electric Co.
  • JCBL India
  • Klein Tools Inc.
  • Kreg Tool Company
  • Makita
  • Milwaukee
  • Ridgid
  • Robert Bosch
  • Snap-On Incorporated
  • Stanley Black and Decker
  • Techtronic Industries Co. Ltd.
  • Wera Tools

For more information about this report visit https://www.researchandmarkets.com/r/p4v561