Oscillating Tool Market Forecast and CAGR
According to the latest study by Fact.MR, oscillating tool market is projected to show decent growth over the forecast period. Steady growth in demand and sales seems to provide a positive outlook to the industry. Moreover, mounting demand from the commercial and residential sector coupled with growing DIY activities is projected to bolster the global oscillating tool sales.
What is Driving Demand for Oscillating Tool?
Rapid urbanization coupled with an increase in construction activities has led to a surge in demand for the tool. Additionally, the adoption of new channels by manufacturers and suppliers for marketing and sales of product such as e-commerce websites has provided consumers to choose as per their requirements giving an additional push to the sales of the tool.
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Moreover, DIY (Do It Yourself) home improvement activities have added to the rapid increase in demand for the oscillating tool. Furthermore, millennial are preferring to spend less on low labour intensive work such as plumbing, repair and home décor which has given a major boost to the oscillating tool industry.
COVID-19 pandemic too has compelled people to follow social distancing measures as a trend more and more people are opting for tools that can help in repair and maintenance works.
DIY (Do It Yourself) Activities to Set the Market Growth for Oscillating Tool
DIY activities such as plumbing, carpeting and gardening are picking up pace as fewer people are preferring to outsource work due to expensive labour. Additionally, participation of women in the decision-making process for home decoration has increased over the years paving the way for the sales of related products particularly the oscillating tool.
Moreover, change in lifestyle coupled with the availability of different sales channels such as e-commerce, hypermarkets and speciality stores are making it possible for consumers to buy tool as per the requirements.
US and Canada Oscillating Tool Market Outlook
DIY activities are highly popular in the U.S attributed to the presence of prominent players in the region coupled with the availability of relatively less expensive tools. For instance, U.S had the highest average per capita expenditure on DIY activities in 2019.
Moreover, with the rise in home improvement activities such as remodelling and renovation coupled with high disposable income has propelled the tool sales in the region
Canada is expected to witness significant growth with the introduction of customized DIY kits in combination with new and innovative tools in the kits
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Asia Pacific Oscillating Tool Market Outlook
The Asia Pacific is expected to play a major role in the growth of oscillating tool sales because of several infrastructural developments taking place in the region. Additionally, China, India and Japan have emerged as potential hand tool markets over the past half-decade creating a surge in demand for the product.
Moreover, the Indian market has also seen exponential growth attributed to the growing small scale enterprises and government policies such as “Make in India”. For instance, the Indian hand tool industry for the past half-decade decade has been growing with an exceptional y-o-y growth rate of close to 12%. This can be attributed to the availability of cheap labour, raw materials and favourable government policies.
Furthermore, with high infrastructural investment especially in countries like China, India and Japan, the region is projected to see a huge surge in the potential volume for oscillating tools.
Who are the Key Manufacturers and Suppliers of Oscillating Tool?
Some of the prominent players in the oscillating tool segment are
- Black & Decker
- Desoutter Industrial Tools
- DEWALT Industrial Tool
- Prime Supply Inc
- Robert Bosch.
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