The tape measure market is set to witness steady growth during 2021-2031, with a CAGR of around 4.5-5.0%. A tape measure is a portable device used to measure the size of an object up to 10m or more. The scale is a flexible strip composed of steel or carbon steel.
The growing and expanding construction industry globally is likely to keep the sales of tape measures running. Moreover, other sectors such as woodworking and furniture designing are estimated to drive the market.
What is Driving Demand for Tape Measure Market?
Evolving end-user demand for compact size and lightweight and innovation in the design of a tape measure that improves the convenience of daily carrying are driving the demand for a tape measure.
Moreover, with the help of innovation in machinery, tape measures have become a very simple device to operate. Additionally, the growing packaging industry and its applications continue to be a lucrative avenue for tape measure manufacturers.
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The growing interest of customers, especially the women, who are more likely to get their designer clothes and dresses stitched, instead of purchasing ready-made ones are projected to grow the demand for tape measures in the clothing industry.
However, the outspread of the COVID-19 had severely impacted the working of industries as the regional government had implemented strict regulations thus, shutting down everyday activities. Moreover, the decline in the sale of the construction industry had majorly impacted the tape measure market, thus, negatively impacting the growth.
Growing Demand for Convenient and Reliable Products in the Growing Construction Industry
The rapid urbanization has resulted drastically to fuel the pace of the construction industry thus, is followed by the growing demand for innovative, convenient, and reliable products. The addition of a self-locking feature in tape measures with the help of a hook allows easy and simplified measurement, and the retractable design is very convenient to use.
In addition, the rolling unit of the tape measure is a hard shell that makes the tape measure highly resistant to knocking and falling. Moreover, the finely polished surface of the steel strip is very safe for the user’s hand. The steel scale consists of groovings and paint sprayings that help users to measure accurate and clear reading.
At present, innovation is a key factor that helps the demand for a product or service to grow. In the case of tape measures, manufactures are investing in the R&D facilities to innovate the product such as the introduction of an electronic LCD that reads the length of the object measured. Such innovation helps users record accurate observations and reduce the chances of making an error to a minimum.
U.S. and Canada Tape Measure Market Outlook
North America is one of the largest markets for tape measure globally due to the growing interest of individuals in interior designing in residential sectors. In addition, the supporting government intends to invest in the development of infrastructure that is likely to fuel the demand for tape measures.
Demand for tape measures in U.S. and Canada will be led by the construction sector. The US construction sector faces a challenging year, however, the change in the mortgage rates tends to help recover the industry by early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of construction materials, including tape measures.
Europe Demand Outlook for Tape Measure
The evolving mindset of players and manufacturers in various industries in Europe and the significant growth in the number of manufacturing industries has changed the outlook of the European market for all products and services, therefore, creating new growth opportunities for all including the tape measure industry.
Moreover, the rise in the adoption rate of the internet and smartphones are likely to help the tape measure industry to grow with the help of online retailers that have a huge market and customer base. Additionally, online retailers provide additional warranties and various offers that are highly attractive to customers thus, creating a new growth opportunity for the tape measures industry.
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Who are the Key Manufacturers and Suppliers of Tape Measure?
Some of the leading manufacturers and suppliers of tape measures include
- Stanley Black & Decker
- Komelon
- Kutir
- Techtronic Industries
- Apex Tool Group
- AdirPro
- and Tajima Tool Corporation among others.
Key Segments
By Product Type:
- Cloth Tape
- Metallic (Steel) Tape
By Length:
- Less than 5m
- 5m – 10m
- More than 10m
By Price Range:
- Less than US$ 15
- US$ 15 – US$ 25
- More than US$ 25
By End Use Industry:
- Construction
- Architecture & Interior Designing
- Woodworking Indsutry
- Clothing Indsutry
- Others( Landscaping, Surveying, Commercial Industry etc.)
By Sales Channel:
- Wholesalers/ Distributors
- Supermarkets/ Hypermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Others
By Region:
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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