Adoption of Power Tools in Benelux to Grow at a Volume CAGR of 2.2% through 2027
Demand for power tools will continue to be strong from the construction sector, as Benelux’s housing sector witnesses another year of relative stability. The real estate sector in Benelux wasn’t as severely impacted by the crash of 2007-08, as it did not participate in the ‘bubble’ preceding the crash.
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Growth of the Benelux power tools market will also be supported by rising adoption in the Union’s automotive sector. While availability of durable and cost-effective power tools will drive overall demand, the growing DIY trend will ramp up adoption in the consumer segment. Increasing penetration of Chinese products is also expected to play an important role in driving sales in 2016 and beyond.
On the basis of mode of operation, electric power tools will continue to remain the highest selling power tools, with 5.8 million units expected to be shipped in 2016, up from 5.7 million units in 2015. On the other hand, pneumatic power tools, also known as air tools, will continue to gain popularity among DIYers, owing to their compact size and relatively lower price.
Netherlands will continue to be the largest market for power tools in Benelux, with total volume expected to reach 5.5 million units in 2016. The Netherlands power tools market is expected to be worth US$ 470.0 million by 2016-end, witnessing a growth rate of 3.7% in 2016 over 2015. Belgium, the second largest market for power tools in Benelux, will witness total sales worth 359.2 million in 2016.
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Robert Bosch GmbH, Atlas Copco AB, and Makita Corporation are the key global players in the Benelux power tools market. The key strategy of these players is enhancing product portfolio by manufacturing convenient, high-performance and advanced technology equipment. Metabowerke GmbH, FERM B.V., and Einhell Germany AG are prominent local players in the Benelux power tools market. Strong distribution networks and low cost are the go-to strategies of these players to compete with global players operating in Benelux power tools market.
Long-term Outlook: FMI forecasts the Benelux power tools market to witness a moderate growth rate of 3.9% in terms of value during the forecast period (2016–2026). In terms of volume, the market is anticipated to increase at 2.2% during the forecast period, 2016-2026.
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