Global Household Hand Tools Market by Distribution Channel (Online, Retail Channels), by Product (Taps & Dies, General Tools) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2018, the global household tools market was worth USD 4.1 billion. Market growth can be attributed to changing consumer preferences and preference for the do-it yourself (DIY), trend. Customers are now accepting simple-to-use hand tools to assist with household repairs and recovery.

The increasing shift to DIY culture due to rising labor costs in developed countries like the U.S., Canada and the U.K. is also expected to play a significant part in boosting household hand tool demand. The self-help approach to home repair, modification, and making has been adopted by more consumers. In addition, technology has enabled manufacturers to produce simple and useful equipment for home use to offer a better user interface to consumers.

The rising influence of social media, as well as tutorials by experts on how to repair and modify household equipment, is driving consumer preference. The global market is seeing a rise in demand for furniture that is easy to assemble and disassemble.

In developing countries like India and China, hand tools are more commonly used than the traditional equipment. This is due to the growing cost of repairs and modifications and western culture's influence on consumer preferences. Hand tools are also more popular in the household due to the lack of skilled labor in developing countries.

The availability of multifunctional tools that can meet multiple customer needs will increase demand for household tools over the next few years. Manufacturers are now able to create durable and flexible string tools using different raw materials like iron, steel, and black metal.

To meet the most demanding customers, manufacturers are working hard to create functional and affordable tools. Bosch GSB 500RE Kit is a power-and-hand tool kit that offers a complete household repair and modification tool kit. Manufacturers expect these initiatives to increase household hand tools demand in the future.

Product Insights

The global market for general hand tools, such as pliers and drills, was led by various gardening gear,, and others, with a greater than 30% share in 2018. With the rise in household ownership, particularly among millennials, demand for these hand tools has increased.

The fastest expected growth in general hand tools is expected over the forecast period. Single women will be the most likely to demand this segment, as they can do minor repairs and maintenance in their own homes. The product demand will also be driven by the increasing popularity of household gardening as an enjoyable hobby.

Distribution Channel Insights

Hardware shops and machine and tool stores are the most popular offline retailers for household hand tools. In 2018, offline stores made USD 2.3 billion in revenue. In 2018, offline stores generated a revenue of USD 2.3 billion. Customers can scan the product in-store and make a purchase. Consumers can also compare products from different brands to find the best one.

The online distribution channel is expected grow at a 4.2% CAGR over the forecast period. The products can also be purchased online through e-commerce websites and portals from leading manufacturers. With the increasing use of smartphones and e-commerce platforms, the online distribution channel is gaining ground. Amazon.com and Flipkart.com as well as Snapdeal and indiamart.com offer door-to-door deliveries of products. They also have online displays that display a variety of products. Online platforms offer discounts that influence customers' buying habits.

Regional Insights

North America was the dominant market player in 2018, accounting for 34.0% of the global market. The U.S. dominated the household hand tools market in 2018, accounting for 61.5% of that total. The key factors driving the market are high labor costs, preference for self-service or independent services, increasing household ownership among millennials and nuclear families, and rising prices.

Asia Pacific will experience the fastest growth, at 4.8%, over the forecast period. Market growth can be attributed to the increasing adoption of western culture, access to tutorials on how to fix and modify household components, and widespread adoption of DIY methods.

Market Share Insights & Key Companies

Stanley Black & Decker, Apex Tool Group, Great Wall Precision, Klein Tools; Wurth Group are some of the major players in the global market. Market players are focused on product innovation to expand their product portfolio and offer a wide range of choices for consumers. Companies are creating tools that are more user-friendly and easier to use, for example.

Market Report Scope for Household Hand Tools

The Report Covers Certain Segments

This report predicts revenue growth at all levels, including the country, regional and global. It also provides analysis of industry trends for each sub-segment from 2015 to 2025. Grand View Research has divided the global household tools market report by product, distribution channel and region.

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

  • Tools for cutting

  • Measurement 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

These are the most frequently asked questions about this report

b. Global household handtool market was valued at USD 4.28 Billion in 2019, and is forecast to grow to USD 4.44 Billion by 2020.

b. Global household tools market will grow at a compound annual rate of 4.0% between 2019 and 2025, reaching USD 5.44 billion in 2025.

b. North America was the dominant market for household tools in 2019, with a 33.9% share. This can be attributed to factors like high labor costs, consumer preferences towards DIY and growing household ownership among nuclear families as well as the millennial population.

b. Stanley Black & Decker, Apex Tool Group, Great Wall Precision; Klein Tools and Wurth Group are some of the key players in the household handtool market.

b. The market growth is being driven by two key factors: shifting consumer preferences towards do-it-yourself (DIY), and customer demand for simple-to-use tools to repair and restore homes.

Up Market Research published a new report titled “Household Hand Tools Market research report which is segmented by Distribution Channel (Online, Retail Channels), by Product (Taps & Dies, General Tools), By Players/Companies 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”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Household Hand Tools Market Report Segments:

The market is segmented by Distribution Channel (Online, Retail Channels), by Product (Taps & Dies, General Tools).

Household Hand Tools Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Household Hand Tools Market

Overview of the regional outlook of the Household Hand Tools Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Household Hand Tools Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Household Hand Tools Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Online

                2. Retail Channels

                1. Taps & Dies

                2. General Tools

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Household Hand Tools Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Household Hand Tools Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.