New Zealand Power Tool Market to Reach US$ 286.1 Million by 2031, Rising at a CAGR of 8% | Report by CoherentMI

BURLINGAME, Calif., April 11, 2024 /PRNewswire/ -- CoherentMI published a report, titled, New Zealand Power Tool Market is estimated to value at US$ 167.2 Million in the year 2024, and is anticipated to reach a US$ 286.1 Million by 2031, with growing at a CAGR of 8% during forecast period 2024-2031.

Market Dynamics:

The New Zealand Power Tool Market is being primarily driven by the increasing demand for DIY home improvement projects. With the growing trend of homeowners taking on renovation and construction projects themselves, the demand for power tools is on the rise. Additionally, the flourishing construction industry in New Zealand is also fueling the market growth, as power tools are essential for various construction activities.

Market Report Scope:

Key Market Takeaways:

• New Zealand Power Tool Market Size is anticipated to witness a CAGR of 8% during the forecast period 2024-2031, owing to the increasing demand for power tools in the DIY segment and the shift towards cordless battery-powered tools.
• On the basis of product type, drills are expected to dominate the market, driven by their versatility and wide range of applications in both professional and DIY settings.
• In terms of end use, the professional segment is expected to hold a dominant position, as professionals require high-performance tools for their everyday tasks.
• Electric corded power tools are likely to be the dominating power source in the market, offering consistent power and reliability for various applications.
• In the New Zealand region, Auckland is expected to lead the market due to its high concentration of construction and renovation activities.
• Key players operating in the New Zealand Power Tool Market include Stanley Black & Decker, Bosch, Makita, and Milwaukee Electric Tool, among others. These key players are focusing on product innovation, strategic partnerships, and expanding their product portfolios to gain a competitive edge in the market.

Market Trends:

One of the key trends in the New Zealand Power Tool Market is the growing adoption of cordless power tools. Cordless power tools offer greater convenience and flexibility to users, allowing them to work in areas without access to power outlets. Another trend is the increasing focus on sustainability, leading to the development of eco-friendly power tools that are energy-efficient and have reduced carbon footprints. These trends are expected to continue shaping the market in the coming years.

Recent Development:

• In October 2021, Formerly known as The Stanley Works, DEWALT is a Fortune 500 American brand that was launched by Stanely Black & Decker. It produced security products as well as household and industrial hardware.
• In September 2021, Since the release of the GEX12V-5 Brushless 5 In. Power tool, Robert Bosch Power Tools Division of the Bosch Group, dominated the global market for power tools accessories.

Read complete market research report, "New Zealand Power Tool Market Size And Share Analysis - Growth Trends And Forecasts (2024 - 2031)", Published by CoherentMI.

Market Opportunities:

Increasing Demand for Power Tools in the DIY Segment

The DIY segment is gaining significant traction in the New Zealand power tool market as more individuals are taking on home improvement projects. This trend is driven by the growing popularity of DIY videos on social media platforms and the desire for cost-effective solutions. Power tools such as drills, saws, and sanders are essential for DIY enthusiasts looking to complete projects efficiently and with professional-quality results. As a result, there is a lucrative opportunity for power tool manufacturers to cater to this growing segment by offering user-friendly, durable, and affordable products.

Shift Towards Cordless Battery Power Tools

There is a noticeable shift towards cordless battery-powered tools in the New Zealand market due to their convenience, portability, and eco-friendly nature. Consumers are increasingly opting for cordless models as they eliminate the need for power cords and allow for freedom of movement during projects. Additionally, advancements in battery technology have improved the performance and run-time of cordless power tools, making them a preferred choice for both professionals and DIY enthusiasts. This shift presents a significant market opportunity for manufacturers to innovate and offer a wide range of cordless battery-powered tools to meet the evolving needs of consumers.

Overall, the New Zealand power tool market presents lucrative opportunities for manufacturers to capitalize on the growing demand for power tools in the DIY segment and the shift towards cordless battery-powered tools. By understanding and addressing these market trends, companies can stay ahead of the competition and drive growth in the market.

New Zealand Power Tool Market Segmentation:

• By Product Type
• Drills
• Saws
• Sanders
• Routers
• Planers
• Others
• By End User
• Professional
• DIY
• Industrial
• Others
• By Power Source
• Electric corded
• Cordless battery
• Gasoline powered,
• Pneumatic

Purchase Latest Edition of this Research Report @ https://www.coherentmi.com/industry-reports/new-zealand-power-tool-market/buyNow 

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At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.

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SOURCE Coherent Market Insights