The proliferation of do-it-yourself (DIY) culture owing to the rising labor costs in developed countries such as the UK, U.S., and Germany is anticipated to play a pivotal role in increasing the demand for hand tools. A study by Future Market Insights (FMI) has predicted the global hand tools market to reach ~US$ 25.6 Bn by the end of 2031, growing at a CAGR of 3.9% over the forecast years (2021-2031).
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In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for hand tools Market. The report tracks the global sales of hand tools in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the industrial, household, DIY sector in general, and hand tools in particular.
Key Takeaways of Hand Tools Market Study
- After recording negative growth in 2020 amid COVID-19, 2021 will be a year of recovery for the market, as it is forecast to exhibit over 3% Y-o-Y growth
- The U.S. will remain a highly lucrative market, accounting for 80% of hand tools sold in North America
- Within Europe, the U.K. will emerge as an important market, exhibiting a little above 3% Y-o-Y growth in 2021
- Germany and France also will record consistently rising demand for hand tools through the forecast period
- South Korea and Japan will emerge as attractive markets for sales in East Asia
“The hand tools market has been exhibiting consistent growth, despite temporary lull witnessed amid COVID-19. Factors such as the rapidly growing urbanization in developing economies and the adoption of technologically sound and innovative hand tools have been encouraging market players to focus on innovations. Moreover, increase in practice of DIY activities is expected to create positive prospects for hand tools market growth over the forecast period,” said a lead analyst at FMI.
According to FMI, the market for hand tools is growing primarily due to the versatile features of hand tools such as the reduced size of the tool kit, maintenance & weight, and the increasing preference for multiple tools for multiple applications across various industries. Increasing customer preference towards DIY activities to surge the hand tools market globally.
Furthermore, high cost of maintenance and repair services for auto parts has created an urge among customers to execute do-it-yourself activities on their vehicles for short-term maintenance & repair. This has provided the manufacturers tremendous potential to manufacture hand tools and launch new & innovative products in the market.
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By Segmentation:
Product Type
- General Purpose Tools
- Metal Cutting Tools
- Layout & Measuring Tools
- Taps & Dies
Application
- Industrial
- Household and DIY
Sales Channel
- Online Sales
- Retail Sales
- Distributor Sales
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- MEA
- Japan
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Competitive Analysis:
Some of the leading players operating in the market are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, KLEIN TOOLS INC., Emerson Electric Co., Akar Tools Limited, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Wera Tools