Europe Power Tools Market Size, Share & COVID-19 Impact Analysis, By Mode of Operation (Electric, Pneumatic and Others), By Tool Type (Drilling & Fastening Tools, Material Removal Tools, Sawing & Cutting Tools, Demolition Tools, and Others), By Application (DIY and Industrial (Manufacturing, Automotive, Construction, Energy, Others) and Country Forecast, 2023-2030

The Europe power tools market size is projected to grow at a CAGR of 4.2% during the forecast period. The global power tools market is projected to grow from 27.51 billion in 2023 to USD 36.82 billion by 2030.

Europe is analyzing to project progressive growth with the rising use of energy-efficient electric tools. It is used for heavy and moderate production, automotive, and manufacturing applications. Additionally, there are integration of features such as tool ergonomics, app-linked tracking, and efficient power capabilities. These technological advancements in the market help to achieve significant market growth. Also, substantial use of pneumatic and hydraulic tools in heavy-duty, oil & gas, and energy sectors will boost the Europe power tools market growth progressively.

Furthermore, escalating demand for cordless and efficient tools to ease operation and smooth connectivity has helped revive various tool types. The tools used in drilling & fastening, material removal, sawing & cutting, and demolition activities have steadily expanded the market share. Moreover, stagnant power tools demand in industries for heavy applications and budding D.I.Y activities supported the market progress.

LATEST TRENDS

Expanding Energy Efficient Tools Demand to Reinforce Market Growth

Europe is revolutionizing its industries to meet global carbon emissions, and power tools are the prime change-makers that help them achieve it. These tools are getting equipped with advanced power monitoring and switching capabilities. Also, the convenience and attractiveness of DIY tools have raised the demand for tools in the market. Furthermore, the increase in the application of ergonomically fit and easy-to-operate tools has hiked the demand in the forthcoming period.

• For instance, In November 2022, the European Commission approved funding of USD 394 million to reduce fuel consumption or lubricant by 45% across the tools industry.

DRIVING FACTORS

Compact yet Powerful Battery Packs Surge the Demand for Power Tools

In the phase of energy transition and demand for energy-efficient power tools for complex drilling and fastening operations, the market players have integrated compact yet powerful battery packs to enhance the performance capabilities of industrial tools, especially in automotive. Additionally, DIY activities and easy-to-use cordless power tools have encouraged residential users with attractive and performance tuned products. Such product offerings in the market are potentially expanding the European market size substantially.

• For instance, in October 2021, Stanley Black & Decker and Eastman collaborated to upgrade the power tools industry with sustainable features. Also, the company launched a new sustainability segment (reviva) that uses copolyster of recycle plastic.

RESTRAINING FACTORS

Hike in Energy Tariff and Rise in Lithium Sourcing to Hamper the Market Growth

European reliance on gasoline for major operations and strict carbon emission norms have left the market facing certain limitations. Also, increasing electricity tariff prices due to the rise in power-producing material prices has shifted the focus to energy-efficient tools. Similarly, high source of raw materials to manufacture powerful yet compact tools has hiked product prices that were causing the demand for power tools to diminish over the forecast period.

• For instance, according to data from Eurostat, average household prices in Europe increased by USD 3.40 drastically compared with the same period of 2021. At the same time, inflation hiked about 9.9% in September in Eurozone.

KEY INDUSTRY PLAYERS

In the global competitive landscape, prominent and emerging players in the market have observed a production fall, owing to high source material prices and low demand. In contrast, key players have widened their product portfolio with advanced battery packs and acquisition strategies to fill the supply-demand gap. Additionally, DIY culture in the market has endorsed small players to enter, thereby expanding the market size.

LIST OF KEY COMPANIES PROFILED:

• Robert Bosch GmbH (Germany)


• Stanley, Black & Decker, Inc. (U.S.)


• Hilti Corporation (Liechtenstein)


• Atlas Copco AB (Sweden)


• Makita Corporation (Japan)


• Emerson Electric Co. (U.S.)


• Husqvarna Group (U.K.)


• Maschinenfabrik OTTO BAIER GmbH (Germany)


• Festool GmbH (Germany)


• Alfred Kärcher SE & Co. KG (Germany)

KEY INDUSTRY DEVELOPMENTS:

• March 2022 – Husqvarna Group, a leader in tools market has discontinued its Zenoah brand product line up that offers extensive outdoor power tools to smoothen the service.


• January 2022 – Hilti, a global supplier and manufacturer of tools, has launched a whole new cordless platform. The platform is designed to improvise work simplification on construction sites with effective tool management across all NURON tools.

REPORT COVERAGE

The report provides a detailed market analysis. It focuses on key aspects such as an overview of technological advancements, the dominance of these tools and pricing analysis. Additionally, it includes an overview of the market scenario for DIY and the industrial sector. It also focuses on new product launches, key industry developments, such as mergers, partnerships & acquisitions, strategies, and the impact of COVID-19 on the market. Besides this, the report offers insights into the market trends, supply gap analysis, and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the market growth in recent years.

Report Scope & Segmentation