United States, Rockville MD, July 27, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global oscillating tool market size reached a valuation of US$ 417.3 million in 2022. With rising demand for oscillating tools from industrial, commercial, and residential sectors, the overall sales of oscillating tools are slated to rise at a CAGR of 5.1% between 2022 and 2032.
Oscillating tools are compact, portable power tools used to sand, cut, scrape, grind, and polish. These tools perform multi tasks and are being increasingly adopted across residential and industrial sectors for removing grout, cutting and finishing wood surfaces, trimming pipes and nails, cutting out openings in drywall, etc.
Over the years, demand for oscillating tools has risen at a steady pace and the trend is likely to continue during the forecast period. They are mainly used in the commercial sector on account of their attractive qualities such as compact design, lightweight, smooth operation, enhanced performance, long runtime, and quick changes of blades & attachments.
Oscillating tools enable end users to get precise and clean results. As a result, they have become highly sought-after equipment in woodworking factories. Similarly, growing adoption of oscillating tools in residential and DIY projects with advanced features will boost the market during the forecast period.
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Further, demand will remain mostly high for cordless oscillating tools owing to rising preferences for cordless oscillating tools due to their user-friendly nature and quick-change accessory system. As per the study, cordless oscillating tools segment is expected to capture around 42.2% market share in 2022.
Regionally, with around 23.3% share in 2021, North America will continue to remain at the top of the ladder in the global oscillating tool market through 2032. Growing trend of DIY, availability of customized products, rapid expansion of residential and industrial sectors are some of the key factors driving growth in North America market.
Key Takeaways:
- Based on type, cordless oscillating tools segment is expected to grow at a CAGR of 7% over the assessment period.
- By oscillation speed, demand for 10,000- 15,000 OPM oscillation tools is poised to expand at 5.7% CAGR, creating an absolute $ opportunity of US$ 150.8 million by 2032.
- North America oscillating tool market is likely to expand at around 5% CAGR through 2032.
- China holds the largest share of 65.3% in East Asia oscillating tool market in 2022 and is poised to expand at 5.9% CAGR during the forecast period.
- The U.S. oscillating tools market is projected to expand at a CAGR of 5.1% over the assessment period.
Growth Drivers:
- Rising usage of oscillating tools in residential and industrial sectors is pushing the demand for oscillating tools.
- Growing trend of DIY along with attractive features of oscillating tools such as lightweight, compact design, and smooth operation is expected to boost sales in the market during the forecast period.
- Rapid urbanization and booming construction activities will further create opportunities for oscillating tool manufacturers during the next decade.
Restraints:
- High cost of advanced oscillating tools is hampering growth of the market to some extent.
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Competitive Landscape:
Leading oscillating tool manufacturers are constantly launching new products to meet the surging demand. Besides this, they have adopted various organic and inorganic strategies such as partnerships, mergers, acquisitions, joint ventures, and establishment of new manufacturing facilities to gain a competitive edge in the market.
For instance,
- In June 2021, Bosch launched two Starlock oscillating multi-tools for professional users. These new oscillating tools offer maximum power transmission and quick accessory changeout.
- In March 2022, DEWALT launched XTREME™ 12V MAX brushless oscillating tool that is compact and performance-packed with a brushless motor that delivers up to 18,000 OPM with a 3.2-degree oscillation angle.
Key Companies Profiled by Fact.MR
- Black & Decker
- Desoutter Industrial Tools
- Colex
- FEIN
- DEWALT
- Prime Supply Inc.
- Festool
- Porter-Cable
- Robert Bosch
More Valuable Insights on Oscillating Tools Market
In the latest study, Fact.MR offers a 360-degree view of the global oscillating tools market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the oscillating tools market through detailed segmentation as follows:
By Type:
1. Corded Oscillating Tools
2. Cordless Oscillating Tools
By Amperage Capacity:
3. Up to 2 Amps
4. 2 - 4 Amps
5. Above 4 Amps
By Oscillation Speed:
6. Up to 7500 OPM
7. 7500-10000 OPM
8. 10000- 15000 OPM
9. Above 15000 OPM
By End Use:
10. Residential / DIY
11. Commercial & Industrial
By Region:
12. North America
13. Latin America
14. Europe
15. East Asia
16. South Asia & Oceania
17. Middle East & Africa
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Key Questions Covered in the Oscillating Tool Market Report
- What will be the demand outlook of the oscillating tool market in 2022?
- What is the projected growth rate of the global oscillating tool market during 2022-2032?
- Which are the key drivers bolstering growth in the oscillating tool market?
- Which factors are hindering the growth in the oscillating tool market?
- Which region is expected to exhibit the fastest growth in the global oscillating tool market during 2022-2032?
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