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

Report Overview

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.

U.S. household hand tools Market

Increasing shift towards DIY culture on account of increasing labor costs in the developed countries including the U.S., Canada, and the U.K. is also estimated to play a significant role in augmenting demand for household hand tools. Consumers have increased the adoption of the 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.

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 the increasing cost of repairs and modifications. In addition, the shortage of skilled labors in developing countries has 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 the 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 screwdrivers, 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 has 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 maintenance and repairs in their own homes, single women are expected to drive the demand for the segment. Moreover, the growing popularity of household gardening as a part of a hobby is expected to drive the product demand.

Distribution Channel Insights

Household hand tools are significantly purchased from 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, the 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 the growing usage of smartphones in daily life. Companies like amazon.com, flipkart.com, Snapdeal, and indiamart.com are coming up with door-to-door delivery of products with an online displays 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 ownership 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 the growing adoption of western culture, availability and access to component fixture and repair tutorials for household tasks, and significant adoption of DIY methods.

Key Companies & 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.

Household Hand Tools Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 4.44 billion

Revenue forecast in 2025

USD 5.44 billion

Growth Rate

CAGR of 4.0% from 2019 to 2025

Base year for estimation

2018

Historical data

2015 - 2017

Forecast period

2019 - 2025

Quantitative units

Revenue in USD million/billion and CAGR from 2019 to 2025

Report coverage

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

Segments covered

Product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; China; India

Key companies profiled

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; Kennametal Inc

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country; regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

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

      •  The U.S.

    • Europe

      • Germany

      •  The U.K.

    • Asia Pacific

      • China

      •  India

    • Central & South America

    • Middle East & Africa

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.