Dublin, July 04, 2023 (GLOBE NEWSWIRE) -- The "Benchtop Tools Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global benchtop tools market is expected to grow at a CAGR of 5.42% from 2022 to 2028, enabling the market to surpass $3 billion by 2028.
Increase in Infrastructural Development Projects
Infrastructure is a major sector that boosts the overall development of any nation's economy. There has been a significant rise in infrastructure development initiatives in several countries worldwide to cater to the rapid pace of urbanization and the considerable increase in demand for housing units in recent years. For instance, Saudi Arabia's latest budget shows that the government focuses on infrastructural reforms per the 2030 vision. The initiative aims to provide a dignified life for Saudi families by enabling them to own houses that match their requirements and financial capabilities. Thus, the surge in such infrastructure development initiatives will offer tremendous growth potential for vendors in the benchtop tools market.
Rising Popularity of Benchtop CNC Machines
Benchtop CNC machines have become increasingly popular, leading to demand for benchtop tools. CNC (Computer Numerical Control) machines are automated cutting machines that use a computer program to control their movement and cutting tools. CNC automatically operate parts such as lathes, grinders, routers, shapers, and other with the help of a computer rather than a human operator. They are often used in manufacturing, but benchtop CNC machines are smaller, more affordable, and designed for hobbyists and small businesses.
Opportunities & Trends
- Growing Adoption of Power Tools
- Increasing Demand from Home Improvement & DIY Segment
- Rising Popularity of Benchtop CNC Machines
Growth Enablers
- Surge in e-Commerce
- Increasing Demand from the Woodworking Industry
- Increase in Infrastructural Development Projects
Restraints
- Fluctuations in Raw Material Pricing
- Low Labor Cost & Supply Chain Disruptions
- High Competition & Price Sensitivity
Supply chain disruptions are considered a risk factor for vendors in the global benchtop tools market. Sometimes vendors have limited supplies and high prices during a market upturn. If suppliers cannot purchase sufficient products at reasonable prices and quality products on time to meet customer demands, product shipments might be delayed due to product shortage.
Fluctuations in Raw Material Pricing
Raw material costs account for approximately 50%-60% of the overall cost of production in the global benchtop tools market. The prices of major raw materials used to manufacture benchtop tools - steel, plastic, and rubber - have been volatile over the last few years. The volatility of raw material prices poses a serious threat to vendor margins. Chinese manufacturers that offer cheap and high-quality bench tools have added to the worries of prominent vendors to comply with the growing demand and changing industry standards cost-efficiently. These factors burden vendors that strive to manufacture efficient benchtop tools at affordable prices to cope with the market's competition.
Insights by Product
The sawing tools product segment accounted for the largest revenue share in the global benchtop tools market, accounting for over 42% in 2022. Factors such as affordability, technological advancements, and versatility in sawing tools likely play a significant role in the segment's revenue generation in the global industry. As more & more people are engaged in DIY & home improvement projects, the demand for sawing tools may increase. These tools are often used to cut wood, plastic, and other materials for home improvement and renovation tasks. Following this, Bench Drill press accounts for the second-highest share in the market. The bench drill press is placed on a workbench or table and is smaller than larger industrial drill presses. It finds usage in home workshops, garages, and small-scale manufacturing setups.
Segmentation by Product
- Sawing Tools
- Bench Drill Press
- Grinder & Sander
- Jointer, Planer & Router
- Others
Insights by End-user
The global benchtop tools market serves various end users, including industrial and residential. Industrial end users include construction, aerospace, metalworking, woodworking, automotive, and jewelry. Industrial end-user is the major contributors to the global benchtop tool market growth and generated the maximum revenue in the global industry in 2022. The scenario is expected to remain consistent throughout the forecast period due to the rise in demand for sophisticated tools and the rise in precision manufacturing. However, renovations, retrofits, and DIY activities are expected to drive the demand for benchtop tools in the residential segment. The growth is expected to be more evident across regions such as APAC, Latin America, and the Middle East & Africa.
Segmentation by End-user
- Industrial
- Residential
Insights by Distribution Channel
The offline distribution channel dominated the global benchtop tools market in 2022. Factors such as product demonstration, trust & security, instant gratification, accessibility, and others are driving the growth of this segment. The online channel holds a relatively low market share. Also, vendors are expected to increase their online presence through e-commerce platforms and collaborations with other e-commerce firms. Furthermore, the surge in sales through the online channel began due to lockdown implications on offline stores during the pandemic, leading to a shift in consumer preference.
Segmentation by Distribution Channel
- Offline
- Online
Geographical Analysis
The global benchtop tool market has a strong demand from the industrial and residential segments. The major regions driving the market's growth are North America, Europe, and Asia Pacific. North America accounted for the highest share of the global benchtop tool market in 2022. Increased construction activities and rising disposable income would drive the market for benchtop tools in the region, as disposable income plays a significant role in discretionary spending. In the U.S., the demand for benchtop tools is driven by the overall economic growth in the country. The stable economic growth in the U.S. is expected to increase commercial and industrial facilities activities, which, in turn, will drive the need for benchtop tools.
Competitive Landscape
The global benchtop tool market is highly competitive, with several key players operating in the industry. Intense competition, rapid technological advancements, and increasing demand for high-quality products characterize the market. Some of the major players in the global benchtop tools market are Robert Bosch, Stanley Black & Decker, Makita Corporation, Techtronic Industries, Koki Holdings, and Hilti. These companies compete based on product quality, price, innovation, and brand recognition. The market is anticipated to continue to be highly competitive in the coming years as companies focus on developing new and innovative products to meet the life-changing needs of their customers.
Key Company Profiles
- Robert Bosch
- Stanley Black & Decker
- Makita Corporation
- Techtronic Industries
- Koki Holdings
- Hilti
Other Prominent Vendors
- CHERVON
- CHANG TYPE Industrial
- Festool
- Ferm International
- JPW Industries
- KYOCERA Corporation
- Laguna Tools
- POWERTEC
- Positec Tool Corporation
- PROXXON
- Richpower Industries
- Record Power
- RIKON Power Tools
- Triton Tools
- WEN Products
Key Questions Answered in the Report
- How big is the benchtop tools market?
- What is the growth rate of the global benchtop tools market?
- What are the growing trends in the benchtop tools market?
- Which region holds the most significant global benchtop tools market share?
- Who are the key players in the global benchtop tools market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 238 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $2.2 Billion |
| Forecasted Market Value (USD) by 2028 | $3.02 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/6ey0
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