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.
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.
Request a sample copy or view summary of this report@ https://www.grandviewresearch.com/industry-analysis/household-hand-tools-market
Further key findings from the report suggest:
- 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.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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