NEWARK, Del, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global miter saw market value is expected to rise from US$ 1,087.6 million in 2024 to US$ 1,788.50 million by 2034. This estimated growth is expected to be driven by a moderate CAGR of 4.80% in the miter saw market over the next decade.
Home renovation and DIY projects are increasing across the globe. With rising investments to elevate living spaces, miter saw sales consistently grow. Surging home improvement projects, spurred by a desire to personalize private spaces, enhance the market scope. The growth in manufacturers that develop convenient miter saws and give professional-level results is pushing the market growth.
The increasing affordability of complex power tools is further contributing to the product’s demand. Additionally, efforts to bring manufacturing efficiencies and technological advancements have contributed to increasing the accessibility of miter saws to a broader customer base. In addition to this, the growing wealth of online tutorials that demystify the use of milter saw is supporting investments in milter saw for crafting projects.
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The use of advanced technological features in milter saws and consistent demand to enhance the experience of construction activities are projected to uplift sales of milter saws in upcoming years.
“Key players are working on product affordability and versatility to boost its adoption among the wide-scale population. Additionally, players are expected to find significant growth in emerging economies where construction projects can be implemented,” -Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the Miter Saw Market Report
- Europe acquired a market share of 26%, whereas North America captured a market share of 23% in 2023.
- The United States is expected to register a CAGR of 4.4% in North America through 2034.
- Europe, Germany, and the United Kingdom are anticipated to attain CAGRs of 4.2% and 4.4%, respectively, through 2034.
- In Asia Pacific, recent estimates display India to record 5.5% CAGR and China to register 5.3% CAGR through 2034.
- Woodworking is a leading end user of milter saw, which attained a 24% market share in 2023.
- Benchtop is a significantly requested product type, which acquired a market share of 27% in 2023.
Strategies Employed by Leading Players Operating in the Milter Saw Market
Milter saw players concentrating on gaining high-value acquisitions to further their motive of capturing a larger market share. Key players are launching advanced products and employing strategies like collaborations, partnerships, and mergers to increase market penetration.
Players are leaving no stone unturned in increasing their market presence by using their social media presence and employing different marketing campaigns. Additionally, they are strengthening their distribution channels to reach customers far and wide.
Key Players Operating in the Miter Saw Market:
- CR Laurence
- DeWalt
- Craftsman
- Genesis
- Hitachi
- Makita
- Festool
- Bosch
- Chicago Pneumatic
- Jet
- TruePower
- ATE Tools
- Others
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Global Miter Saw Market Segmentation:
By Product Type:
- Basic
- Benchtop
- Compound
- Single Bevel
- Dual Bevel
- Sliding
- Others (if any)
By Mobility:
- Corded
- Cordless
By Power Capacity:
- Up to 1000 Watts
- 1000 to 1500 Watts
- 1500 to 2000 Watts
- Above 2000 Watts
By End Use:
- Domestic
- DIY Tasks
- Arts & Crafts
- Professional
- Woodworking & Furniture
- Metal Fabrication
- Construction & Flooring Solution
- Others
- MRO Services
- Automotive
- Marine
- Aerospace
- Other Industrial
By Sales Channel:
- Direct
- Indirect
- Online
- Distributors
- DIY Stores
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Except Japan
- Japan
- The Middle East and Africa
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Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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