Benelux Power Tool Market Analysis and Forecast 2020: By Keyplayers Stanley Black and Decker, SKF, Atlas Copco, Hitachi Koki Co. Ltd., Snap-On Incorporated, Robert Bosch GmbH, Actuant Corporation, Techtronic Industries Co. Ltd., Makita Corporation, and Da
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A power tool is that is operated by an additional power source and mechanism that is used for performing mechanical operations. Power tools are segmented as pneumatic, electric, and hydraulic, of which electric tools are most commonly used. Power tools are used for performing variety of applications namely such as drilling, gardening, construction, household tasks, cutting, shaping, grinding, sanding, polishing, heating, beating, and more. Electric power tools are actuated by electricity and are either battery-powered or corded. Cordless drill, hammer drill, band saw, rotatory hammer, table saw, heat gun, jigsaw, miter saw, dust extractors, etc. are some of the common electric power tools in different operations.
The Benelux power tool market is estimated to account for US$ 971.6 Million in terms of value by the end of 2019 and is expected to grow at a CAGR of 3.9% during the forecast period (2019-2027)
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Key players operating in the Benelux power tool market are
Global: Stanley Black and Decker, SKF, Atlas Copco, Hitachi Koki Co. Ltd., Snap-On Incorporated, Robert Bosch GmbH, Actuant Corporation, Techtronic Industries Co. Ltd., Makita Corporation, and Danaher Corporation.
Regional: Metabowerke GmbH, FERM B.V., VIKING GmbH, and Einhell Germany AG.
Market Dynamics- Driver
1. Increasing sales of automobiles are expected to drive growth of the Benelux power tool market during the forecast period
Power tools find extensive applications in manufacturing and assembly of automobiles. Automobiles production in Benelux region has increased significantly in the recent past. This is owing rampant urbanization and improving economic conditions in the region. According International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in the Netherlands reached 157,280 in 2017, up from 44,122 from 2015, which is an increase of 74.97%. This, in turn, is expected to boost the demand for different types of power tools, thereby driving the market growth over the forecast period.
2. Growing consumer confidence index in the region is expected to propel the Benelux power tool market over the forecast period
Consumer confidence is a direct measure of consumers’ tendency to purchase goods and avail services. Increasing expenditure on goods and services boost the overall economy of the country. After the global financial crisis of 2007-2008 consumer confidence in the Netherlands has increased significantly. According to National Bank of Belgium, consumer confidence in Belgium stabilized in May 2016, after falling for four consecutive months. Moreover, financial situations in the country are expected to improve significantly, which will boost adoption of DIY power tools. According to European Economic Forecast, consumer confidence index in Luxembourg reached its all-time high value of 8.8 in March 2016 and is expected to remain stable during the forecast period.
Netherlands is expected to dominate the Benelux power tools market during the forecast period, accounting for 54.5% share in terms of value, followed by Belgium and Luxembourg respectively.
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1. Geographical orientation of Luxembourg is expected to offer lucrative business opportunities
Luxembourg is located in the center of Europe where it acts as a significant gateway to European market such as France, Germany, Belgium, and more. Such unique geographical orientation and favorable tax and regulatory framework are expected to offer significant business opportunities for market players in the near future. Moreover, rapid growth of the economy is expected to boost private investments in numerous sectors such as infrastructure and construction are expected to offer lucrative growth opportunities for market players. For instance, according to Coherent Market Insight’ analysis Luxembourg’s GDP is expected to increase at robust rate of 3% by the end of 2016.
2. Increasing DIY activities in Benelux are expected to offer conducive growth opportunities
People in developed regions consider home improvement and small maintenance as favorable pastime. Manufacturers in the region are catering this demand by offering DIY compact, portable, and cost-efficient tools for household users. This, in turn is expected to boost the sales of power tools and offer excellent growth opportunities for market players during the forecast period.
1. Consumers in the region are preferring power tools over handheld tools
Consumers in the region are increasingly using power tools over handheld tools, owing to benefits and continence offered by power tools. Power tools such as cordless electric saw, sanders, grinders, and polishers offer great level of convenience as compared to hand tools. Moreover, increasing trend of DIY products is boosting the demand for power tools in the market. For instance, Bosch Power Tools witnessed growth of 25% in power tools sales from 2008-2012 and is expected to register 18-20% growth in 2016.
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2. Growing competition among regional and Chinese vendors is expected to influence the market
Chinese vendors are offering novel products at more competitive prices as compared to other power tool vendors. China is one of the most established exporters of products to the U.S. and Europe, due to which electric tools production in these regions have decreased significantly. Moreover, companies in emerging economies such as China and India are receiving significant support from their respective governments, which has posed challenge to local European vendors.
1. Key companies in the market are focused on product launch, in order to expand their product portfolio. For instance, in January 2016, VIKING GmbH launched robotic mower that can be operated using a mobile app, iMow.
2. Key companies in the market are focused on mergers and acquisitions, in order to enhance their market presence. For instance, in March 2016, Hitachi Koki Co. Ltd., a Japan-based power tool manufacturer, acquired Metabo AG as a part of its strategy to expand its business in Europe.
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Originally Published on : https://www.openpr.com/news/2127790/benelux-power-tool-market-analysis-and-forecast-2020
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