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.
The advancement in technology is expected to play a vital role in manufacturing handy equipment for household repairing. Due to this factor, the consumers are now adopting the self-help method to repair & modify at home.
The availability of various ranges of the multifunctional tools to cater consumer requirements is projected to foster the demand for hand tools. The manufacturers in the market are offering highly durable and string tools made by using steel, iron, black metal and wood.
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Moreover, the manufacturers focus on producing multi-functional tools in compact sizes to meet consumer needs. For example, in 2019, Bosch introduced Bosch GSB 500 RE kit for repair and modifying household applications. These new product innovations are expected to boost the demand for handy tools.
General hand tools are projected to grow at the fastest CAGR of 4.2% from 2019 to 2025. These tools are mainly used for minor repair and maintenance applications at home which are driving the demand for the product. The rising popularity of the home gardening is also anticipated to propel the product demand in the coming few years.
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 the online chains. Top players such as Amazon, Snapdeal, Flipkart are offering doorstep delivery options which is gaining in popularity particularly among younger generation.
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 household hand tool market growth.
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Further key findings from the report suggest:
• In 2018, general tools attributed to the highest market share of over 30.0% in the overall market.
• Based on the distribution channel, retail channels segment attributed to market share over 50% in 2018.
• Asia Pacific is projected to grow at the CAGR of 4.8% from 2019 to 2025.
• Major players in the market are Klein Tools, Apex Tool Group, Great Wall Precision, JK Files, Wurth Group, Stanley Black & Decker, Channellock, PHOENIX, Akar Tools, Sinotools, and JPW Industries.
Million Insights has segmented the global household hand tools market based on product, distribution channel, and region:
Household Hand Tools Product Outlook (Revenue, USD Million, 2015 – 2025)
• Taps & Dies
Household Hand Tools Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
• Retail Channels
Household Hand Tools Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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