The global Household Hand Tools Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global household hand tools market is estimated to reach USD 5.4 billion, by 2025, and is projected to grow at a CAGR of 4.0% from 2019 to 2025, according to a new report by Million Insights. The increase in the demand for hand tools in the household is attributed to the changing consumer behavior and preference towards (DIY) approach. Owing to the increasing labor costs especially in countries such as the U.S., U.K., and Canada are expected to increase the demand for the product in the next few years.
Key Players:
- Apex Tool Group
- Stanley Black & Decker
- Akar Tools
- Kennametal
- Techtronic Industries Co. Ltd.
- JPW Industries
- Klein Tools
- Sino Tools
- Jetech Tool
- Channellock, Inc.
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Growth Drivers:
Moreover, the consumers are now adopting the self-help method to repair their homes. The advancement in technology is expected to play a vital role in manufacturing handy equipment for household applications. Furthermore, the growing digital network along with social media influence is expected to drive the demand for household hand tools in the next few years. The easy dismantle and assemble features in convenience furniture is anticipated to boost the demand for the product in the forecast period.
Product Outlook:
- Cutting
- Measuring
- Taps & Dies
- General
The household hand tool market is bifurcated into cutting tools, taps & dies, measuring tools and general tools. In 2018, general hand tools held the largest share of over 30.0% in the overall market. Various tools such as drillers, screwdrivers, pliers, chisels and different gardening equipment are included in the general tools’ category. The increasing demand for these tools is expected to drive the market growth in the next few years.
General hand tools are mainly used for minor repair and maintenance applications at home which are driving the demand for the product. In addition, the rise in the popularity of home gardening is also anticipated to propel the product demand in the coming years.
Distribution Channel Outlook;
- Retail Channels
- Online
The hand tools are primarily bought from the hardware shops and machinery stores. In 2018, the offline channel dominated the market with revenue of USD 2.3 billion. Factors such as visibility, authenticity, and availability of all the major brands under one roof is gaining momentum among consumers.
The online channel is projected to grow at the CAGR of 4.2%, from 2019 to 2025. Increasing penetration of digital or e-commerce is one of the main reasons for the rise in online chains. Top players such as Amazon, Snapdeal, Flipkart are offering doorstep delivery options which is gaining in popularity, particularly among younger generation.
Regional Outlook:
In 2018, North America held the largest market share about 34% in the overall market. In North America, the U.S. holds the highest market share of over 61.0% in the overall market. The growing consumer preferences for DIY approach, and high labor cost are the key factors driving the growth of the hand tools in household repairs. Asia Pacific region is expected to grow at the highest CAGR of 4.8% from 2019 to 2025. The rising adoption of western culture and access to major repair tutorials for household modification and repairs is expected to propel the market growth.
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