Chicago, April 20, 2022 (GLOBE NEWSWIRE) -- According to the latest research report by Arizton, forestry power tool accessories market is expected to grow at a CAGR of approx. 5% during 2022-2027. In 2021, more than 56% of the global population resided in urban areas, which is expected to grow in the coming years. In 2021, more than 4 billion people reside in cities worldwide. Hence, the growing pace of urbanization is expected to accelerate the demand for forestry power tool accessories in the global market.
The North American forestry power tool accessories market is expected to grow steadily with the surge in demand for housing units in countries such as the US and Canada. North America is the largest market for smart homes, which has increased the demand for forestry power tools used in logging activities. Thus, the surge in logging activities using forestry power tools will accelerate the demand for forestry power tool accessories in the regional market during the forecast period.
The European forestry equipment market is expected to grow at a CAGR of 4.24% owing to the adoption of new engine requirements. Also, the rise in government investments in the building of public infrastructure is expected to drive the demand for forestry equipment in Europe.
Forestry Power Tool Accessories Market Report Scope
| REPORT ATTRIBUTES | DETAILS | |
| MARKET SIZE (REVENUE) | $968 Million | |
| CAGR | 5% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| LARGEST MARKET | North America | |
| MARKET SEGMENTS | Product (Saw Chains, Guide Bars, Trimmer Lines, Brush Cutter Blades, Harvester Chains, and Spark Plugs) | |
| GEOGRAPHICAL ANALYSIS | North America, Europe, APAC, Latin America, and Middle East & Africa | |
| COUNTRIES COVERED | US, Canada, Germany, UK, Italy, France, Spain, Sweden, Poland, Netherlands, Denmark, Norway, Finland, China, Japan, Australia, Brazil, Mexico, Rest of Latin America, UAE, Saudi Arabia, and Rest of MEA | |
Click Here to Download the Free Sample
Increasing Commercial Construction Boosting Market Opportunities
The commercial construction market witnessed considerable growth in 2020. The sudden outbreak of COVID-19 started to take its toll on economies worldwide. Commercial building forecasts were gloomier until late 2020 due to the mass shutdown of operations and the popular trend of remote work. However, the rising demand for commercial construction in countries such as China, UAE, and Saudi Arabia, is due to the growing need for infrastructure development to improve the economic environment. Thus, the surge in infrastructure development projects worldwide is expected to accelerate the demand for forestry power tool accessories during the forecast period.
Key Highlights
- In 2021, the global urban population was recorded at 4.46 billion, which is expected to exceed 6.6 billion by 2050, with 2.22 billion people moving to urban cities. The growing pace of urbanization is projected to accelerate the demand for forestry power tool accessories.
- The US residential sector supports the demand for forestry power tool accessories across North America. Factors such as government stimulus, high household incomes, and increasing demand for home improvement led to the expansion of the residential construction sector across the country.
- The growing population has increased the demand for residential spaces and furniture, which has increased the dependency on wood and lumber, driving the forestry power tool accessories market during the forecast period.
- The saw chains market is likely to witness the highest growth rate at a CAGR of 6.27%, followed by trimmer lines, growing at a CAGR of 5.61% during the forecast period.
- The COVID-19 outbreak has impacted the global forestry power tool accessories market on a large scale. The fall in demand for accessories is due to the closure of most retail spaces and a halt in various commercial and residential constructional activities.
For more info: https://www.arizton.com/market-reports/forestry-power-tool-accessories-market
Key Offerings
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by Product Type and geography
- Competitive Landscape – 5 key vendors and 9 Other prominent vendors are profiled in the report
Segmentation Analysis
Segmentation by Product
- Saw Chains
- Guide Bars
- Trimmer Lines
- Brush Cutter Blades
- Harvester Chains
- Spark Plugs
Segmentation by Geography
- North America
- US
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Sweden
- Poland
- Netherlands
- Denmark
- Norway
- Finland
- APAC
- China
- Japan
- Australia
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of MEA
Strategies Adopted by the Players in the Forestry Power tools Accessories Market
The forestry power tools accessories market is moderately fragmented, with many domestic and international players. The competition among the players is intense. Customers expect continuous innovation and upgrades in a rapidly changing technological environment, which could be disadvantageous to vendors. To maintain a strong market position, vendors are being forced to change and refine their unique value propositions. Many international players are expected to expand their presence worldwide during the forecast period, especially in fast-developing countries such as APAC and Latin America to gain more market share. Arizton believes that international players would grow inorganically by acquiring regional or local players in the upcoming years.
Key Vendors
- Husqvarna
- MTD Products
- STIGA S.P.A
- STIHL
- Oregon
Other Prominent Vendors
- Bahco
- Cannon Bar Works
- Einhell
- Iggesund
- GB Forestry
- Kärcher
- Whites Forestry
- WORX
- Zomax
Explore our garden tools market profile to know more about the industry.
Click Here to Download the Free Sample Report
Read some of the top-selling reports:
- Power Tool Accessories Market - Global Outlook and Forecast 2020-2025
- Hand Tools Market - Global Outlook & Forecast 2022-2027
- Cordless Power Tools Market - Global Outlook and Forecast 2021-2026
- US Cordless Power Tools Market - Industry Outlook & Forecast 2021-2026
About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Call: +1-312-235-2040
+1 302 469 0707
Arizton Advisory and Intelligence Call:+1-312-235-2040 +1 302 469 0707
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
