Benelux Power Tool Market Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

 

Benelux Power Tool Market
Benelux Power Tool Market 

A power tool is a device that performs mechanical operations and is powered by a separate power source. Pneumatic, electric, and hydraulic power tools are divided into different categories; electric power tools are the most widely used. Drilling, gardening, construction, household tasks, cutting, shaping, grinding, sanding, polishing, heating, beating, and other tasks are just a few examples of the many applications for power tools. Electricity is used to operate electric power tools, which can be corded or battery-powered.

Power tools are widely used in the production and assembling of automobiles. The region of Benelux has recently seen a significant increase in automobile production. This is due to the region's rapid urbanisation and improving economic conditions. According to the International Organization of Motor Vehicle Manufacturers (OICA), the Netherlands produced 157,280 vehicles in 2017, up from 44,122 in 2015—a 74.97% increase. This is anticipated to increase consumer demand for various power tool types, fueling Benelux Power Tool market expansion over the forecast period.

Consumer willingness to buy products and use services is directly correlated with consumer confidence. Spending more money on goods and services helps the nation's economy as a whole. The Netherlands has seen a significant rise in consumer confidence since the 2007–2008 global Benelux Power Tool Market financial crisis. The National Bank of Belgium reports that after declining for four straight months, consumer confidence in Belgium stabilised in May 2016. Additionally, it is anticipated that the nation's financial situation will significantly improve, which will encourage the use of DIY power tools. Consumer confidence in Luxembourg reached an all-time high of 8.8 in March 2016 and is predicted to remain stable over the forecast period, according to European Economic Forecast.

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