Published On : 2016-07-04
In the age of modern technology and infrastructure, power tools are a common man’s savior for undertaking strenuous work. Power tools market will keep augmenting as the consumer needs to assemble or take apart complicated mechanical systems endure. Benelux is a key market for power tools globally, and accounts for a significant revenue share of the market.
During the period 2016-2026, the Benelux power tools market will viably grow at 3.9% CAGR in terms of market value and at 2.2% CAGR in terms of market size. This year, the market value of Benelux power tools market is predicted to hit US$ 859.1 million benchmark, accounting 57.6% revenue share from industrial power tools segment.
Industrial segment is likely to outsell household segment in the Benelux power tools market. The industrial applications of power tools in Belgium, Netherlands and Luxembourg are progressing faster than consumption of power tools products at a household level.
Why Demand for Power Tools is Growing in Benelux
Benelux Union, more commonly known as Benelux, is a prominent politico-economical region of Central-Western Europe. The union of economies from Belgium, Netherlands and Luxembourg has proved profitable for several markets in the industrial automation and equipment industry. Power tools market is gaining traction and absorbing the existing consumer base for industrial equipment sector in Benelux.
Benelux power tools market has grown due to several macroeconomic factors, the most prominent being rise in the regions housing sector. Benelux housing market has seen noticeable increase, sustaining the overall union economy of the region. Increasing automotive sales have hiked the rate of manufacturing, thereby growing Benelux’s power tools market with distinct values.
The observable growth in Benelux power tools market is also a result of rising influence of Chinese products and increasing demand for the products’ durability and cost-effectiveness. Netherlands will rise as the largest market for Benelux power tools, generating revenue worth US$ 470.0 Mn. Belgium will follow Netherlands with US$ 359.2 Mn in total sales.
Future of Benelux Power Tools Market
Benelux is not as developed as the other key regions in Western Europe. But, the DIY (Do-It-Yourself) approach is quite prominent among professions thriving in Benelux. This approach is a key trend which secures an ascending growth for Benelux power tools market in the years to come.
A shift between corded to cordless tools has been recorded as the most influential trend for future of Benelux power tools market. Having a status of emerging nations gives Benelux’s economy a strong chance for product development in power tools segment. Besides these, the future trends for power tools market in Benelux include China’s domination in this segment and the necessity of outpacing hand tools. The competitive landscape of Benelux power tools has seen active participation for global key players like Stanley Black and Decker, Atlas Copco, Robert Bosch GmbH and Danaher Corporation. The evident growth of the market in Benelux has also seen larger involvement from European companies like Metabowerke GmbH, FERM B.V., Einhell Germany AG and VIKING GmbH.