Household Hand Tools Market Size, Share & Trends Report

Household Hand Tools Market Size, Share & Trends Analysis Report By Product (Taps & Dies, General Tools), By Distribution Channel (Retail Channels, Online), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jul, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-2-68038-981-4
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 80

Industry Insights

The global household hand tools market size was valued at USD 4.1 billion in 2018. The market growth is attributed to shifting consumer behavior and preferences for do-it-yourself (DIY) trend. With this approach, customers are accepting easy to use hand tools in order to help accomplish household repairs and recoveries.

Increasing shift towards DIY culture on account of increasing labor cost in the developed countries including U.S., Canada, and U.K. is also estimated to play a significant role in augmenting demand for household hand tools. Consumers have increased the adoption of self-help approach in order to make, modify, and repair at home. Moreover, through the advent of technology, manufacturers are able to manufacture easy and handy equipment for household use in order to provide a better user interface experience to the consumers.

U.S. household hand tools Market

Rising influence of social media and repair tutorials from the experts are driving the consumer preference for household tools and equipment for repair and modification. Augmenting demand for convenience furniture and other things with easy assembly and dismantle features is also playing a significant role in increasing the demand for the global market.

Moreover, usage of hand tools has increased in the developing countries including India, and China, wherein the conventional means of equipment were used. This change in consumer preference is on account of the influence of western culture to repair things at home and increasing cost of repairs and modifications. In addition, shortage of skilled labors in the developing countries have augmented the use of hand tools in the household sector.

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, with 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 demand for household hand tools in the coming future.

Product Insights

General hand tools such as screw drivers, chisel, pliers, drillers, various gardening equipment and others led the global market with a share of more than 30.0% in 2018. Demand for these hand implements have been ramping up with the increase in the number of household ownership, especially among the millennials.

General hand tools are expected to witness the fastest growth 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.

Distribution Channel Insights

Household hand tools are significantly purchased from the offline stores such as hardware shops and tool and machinery stores. Offline stores generated a revenue of USD 2.3 billion in 2018. The physical display of the products in the stores serves the customer with the benefit to scan and check the product before purchase. Moreover, availability of a wide range of products offered by different brands enables consumers to compare and choose the best product.

Global household hand tools Market

Online distribution channel is expected to expand at a CAGR of 4.2% over the forecast period. In addition, the products are bought through online portals of leading manufacturers and e-commerce websites. The online distribution channel is penetrating the market with e-commerce platforms and growing usage of smartphone in daily life. 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.

Regional Insights

North America dominated the global market with a share of about 34.0% in 2018. The household hand tools market is majorly driven by U.S. that accounted for 61.5% in 2018. Factors such as high labor cost, consumer preference for independent or self-services, and increasing household ownerships among nuclear families and millennials are the key driving factors.

Asia Pacific is expected to register the fastest growth 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 household tasks, and significant adoption of DIY methods.

Household Hand Tools Market Share Insights

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.  The market players majorly focus on product innovations to widen their portfolio, thereby offering a large variety of options for the consumers. For instance, companies are developing tools with ergonomic designs that are easier to handle and use.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Report coverage      

Revenue forecast, company share, competitive landscape, growth factors and trends

Country scope

U.S., U.K., Germany, China, and India

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global household hand tools market report on the basis of product, distribution channel, and region:

  • Product Outlook (Revenue, USD Million, 2015 - 2025)

    • Cutting Tools

    • Measuring Tools

    • Taps & Dies

    • General Tools

  • Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

    • Retail Channels

    • Online

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      •  U.S.

    • Europe

      • Germany

      •  U.K.

    • Asia Pacific

      • China

      •  India

    • Central & South America

    • Middle East & Africa

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