Woodworking Tools Market Expected to Reach $13.30 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Woodworking Tools Market," The woodworking tools market size was valued at $8.95 billion in 2021, and is estimated to reach $13.30 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031. The woodworking tools industry includes revenue generated by sales of woodworking tools through wholesalers, retailers, distributors and e-commerce websites in countries such as China and India. These tools are sold to individual users as well as professionals for personal and commercial & industrial applications.

The woodworking tools market is majorly driven by sales of woodworking tools to individuals and professionals for new construction and maintenance in construction, automobile, oil & gas and other industries. In addition, the high market price of power tools leads to increase in sales of woodworking tools. However, the power tools manufacturers are developing and launching low-cost power tools in the market, which acts as a restraint to woodworking market. In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to halt in overall sales of woodworking tools, which in turn hindered the woodworking tools market growth. However, industries are gradually getting back on track and vaccine discovery is expected to lead to recovery of the market by mid-2021. Further, increase in adoption of DIY culture will increase the sales of woodworking tools and is projected to boost the market during the forecast period.

The global woodworking tools market is segmented on the basis of type, distribution channel, operation, end user, and region. On the basis of type, it is classified into chisels, hammers, saws, pliers & wrenches, drills and others. By distribution channel, it is divided into online and offline. By operation, it is categorized into manual and powered. By end user, it is segmented into professional and DIY. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The major players profiled in the global woodworking tools market analysis include, ARAS Corporation, AVEFLOR, Con-Tech International, Custom Manufacturing & Engineering, Custom Manufacturing Corporation, Custom Mfg. Corp., Dassault Systems, DB Custom Manufacturing, DM&E, Hexagon AB, MetalTek, Micro-Mechanics, Monroe Engineering Products, Parametric Technology Corporation Inc., Promega Corporation, Siemens AG and Thomas Swan. Major companies in the market have adopted product launch, partnership, business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the market.

KEY FINDINGS OF THE STUDY

•        The report provides an extensive analysis of the current and emerging global woodworking tools market trends and dynamics. 

•        Depending on type, the drills segment was the largest revenue generator in 2021.

•        By distribution channel, the offline segment generated the highest revenue in 2021.

•        By operation, the powered segment generated the highest revenue in 2021.

•        Based on end user, the professional segment dominated the market in 2021.

•        Region wise, Asia-Pacific is anticipated to dominate the global woodworking tools market share throughout the study period.

•        The report provides an extensive analysis of the global woodworking tools market opportunity. 

•        The global woodworking tools market forecast analysis from 2022 to 2031 is included in the report.