Household Hand Tools Market | Segments, Type, Channel, key players and Industry Forecast – 2025.
The global household hand tools market size is expected to reach USD 5.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.0% over the forecast period. Increasing shift towards DIY (do-it-yourself) culture on account of increasing labor cost in the developed countries including U.S., Canada, and U.K. is estimated to play a significant role in augmenting the demand for household hand tools.
Consumers have increased the adoption of self-help approach, in order to make, modify, and repair at home. Moreover, with the advent of technology, manufacturers are able to manufacture easy and handy implements for domestic use in order to provide a better user interface experience to the consumers.
Availability of a wide range of multifunctional tools serving multiple customer needs is also anticipated to increase the demand for household hand tools in the coming years. In addition, due to the advent of technological advancement, manufacturers are able to develop durable and string tools with the usage of different raw materials such as, iron, wood, black metal, and steel.
Manufacturers are focusing on developing pocket friendly and functional tools in order to fulfill maximum needs of the customers. For instance, in 2019, Bosch launched Bosch GSB 500 RE Kit, a power and hand tool kit, that provides a complete repair and modify tool kit for the household. These initiatives by the manufacturers are anticipated to increase the market demand in the coming future.
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General hand tools are expected to expand at the fastest CAGR of 4.2% over the forecast period. With an aim to cater to minor maintenances and repairs in their own homes, single women are expected to drive the demand for the segment. Moreover, growing popularity of household gardening as a part of hobby is expected to drive the product demand.
The online distribution channel is expected to register a CAGR of 4.2% over the forecast period. Expansion of e-commerce platforms and growing usage of smartphone in daily life are boosting the growth of the online channel. Companies like amazon.com, flipkart.com, Snapdeal, and indiamart.com are coming up with door-to-door delivery of products with online display of a wide range of products. Moreover, various discount offers provided by the online platforms are influencing the buying behavior of the customers.
Asia Pacific is expected to register the highest CAGR of 4.8% over the forecast period. The market growth is attributed to growing adoption of western culture, availability and access to component fixture and repair tutorials for domestic tasks, and significant adoption of DIY methods.
Household Hand Tools Market Report Highlights
- General tools accounted for the largest share of more than 30.0% in 2018
- Retail channels led the household hand tools market and accounted for more than 50.0% share of the overall revenue in 2018
- Asia Pacific is expected to register the fastest CAGR of 4.8% over the forecast period
- Some of the key players operating in the global market are Stanley Black & Decker; Apex Tool Group; Great Wall Precision; Klein Tools; Wurth Group; PHOENIX; Channellock; Akar Tools; JPW Industries; JK Files; JETECH; Excelta; Sinotools; TTi; and Kennametal Inc.
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Grand View Research has segmented the global household hand tools market on the basis of product, distribution channel, and region.