Press release
Woodworking Tools Market Players Seeking Heavy Attention to Reach Maximum CAGR of 3.9% by 2031
Woodworking Tools Market
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.
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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.
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Key Segments:
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.
Top Players:
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.
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About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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