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Household Hand Tools Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global household hand tools products market was valued at USD 27.7 billion in 2022 and is projected to expand at a CAGR of 3.2% from 2023 to 2030. The market is driven by factors such as the rapid urbanization and increasing disposable income, which has shifted the focus of consumers from basic needs to lifestyle products and services. Furthermore, the increasing trend of DIY, along with the rising popularity of home renovation, is further fueling the demand for household hand tools.
The growing demand for multifunctional tools is propelling the market growth. Manufacturers are launching multipurpose tools that can be used for various applications, such as cutting, drilling, and grinding. This is leading to an increase in the sale of these products, as consumers are opting for these multipurpose tools instead of buying separate tools for different purposes. For instance, in April 2021, Stanley announced the launch of a range of new Stanley Multifunctional Tools that can be used for repairing and maintenance activities.
The increasing demand for cordless and battery-operated tools is also driving the market growth. Battery-operated tools are becoming increasingly popular due to their convenience and portability. The demand for cordless tools is growing as they are easy to use, require less maintenance, and are environment-friendly. For instance, in June 2021, Milwaukee launched a new lineup of M12 FUEL cordless tools, including a hammer drill, an impact driver, a cordless grinder, a circular saw, and a reciprocating saw.
The increasing popularity of online shopping is further driving the market growth. The ease and convenience of purchasing products online are leading to an increase in the number of online shoppers, which is expected to further boost the demand for household hand tools. Furthermore, the availability of these products at a discounted price, as well as free shipping, is further driving the demand for these products.
Moreover, the increasing focus of vendors on product innovations is driving the market growth. Manufacturers are launching innovative products to cater to the needs of their customers. For instance, in August 2021, Stanley launched a new lineup of tools and accessories that includes a mechanical tool set, a hammer, a drill bit set, and a hand saw. The new products are designed to offer maximum performance and durability.
Product Insights
The screwdrivers segment held the largest market share in 2020 and is expected to maintain its dominance over the forecast period. Growing consumer preference for DIY activities and active participation in hobby projects is expected to fuel the demand for screwdrivers in the next five years. According to an article published by the National Home Improvement Council, in August 2020, the DIY market in the U.S. is expected to reach over USD 4.7 billion by 2024. Furthermore, the availability of various types of screwdrivers and the cost-effectiveness of the screwdrivers is another factor driving the market growth.
The wrenches segment is anticipated to expand at the fastest CAGR of 6.3% over the forecast period. Growing adoption of cordless wrenches due to their portability and convenience is driving the demand for wrenches. According to an article published by the National Home Improvement Council, in August 2020, the cordless power tools market in the U.S. is expected to expand at a CAGR of 9.3% from 2020 to 2025. Additionally, the increasing focus on ergonomics in hand tools is further driving the market growth.
Distribution Channel Insights
The offline channels segment is expected to account for the major share in 2022. The growth of the segment is attributed to the presence of a large number of retail stores, such as hardware stores and home improvement stores. These stores offer a wide range of household hand tools, such as screwdrivers, hammers, saws, and wrenches, among others. The consumers can easily view the product they are looking for and can also compare the prices of different brands. In addition, these stores offer discounts and promotional activities, which attract customers to buy products from these stores.
The online segment is anticipated to expand at the highest CAGR of 12.4% over the forecast period. The growth of the segment is attributed to the increasing penetration of internet and the growing preference for online shopping. The availability of a wide range of products on e-commerce portals has made it easier for customers to compare the prices of different products and brands. Additionally, the presence of various promotional activities and discounts offered by e-commerce portals further increases the demand for household hand tools products.
Type Insights
The hand tool segment accounted for the largest revenue share of 51.2% in the year 2022. The increasing use of hand tools such as screwdrivers, wrenches, and hammers in the residential sector is driving the growth of the hand tool segment. The introduction of multifunctional tools, such as a multipurpose wrench, is also driving the demand for hand tools. Furthermore, the increasing demand for home improvement projects due to the rising disposable income, especially in developing countries is further driving the segment.
The power tool segment is anticipated to expand at the highest CAGR of 8.1% over the forecast period. The introduction of cordless power tools and battery-powered tools is driving the growth of the segment. For instance, in May 2022, Bosch, a brand of Robert Bosch GmbH, launched a new line of cordless power tools, known as PowerPlus 18V. These tools are designed to meet the needs of professionals, DIYers, and hobbyists. Furthermore, the increasing popularity of smart tools with advanced technology, such as Bluetooth connectivity and wireless charging, is driving the demand for power tools.
Regional Insights
Europe held the leading position in the global household hand tools market in 2020, accounting for over 32.6% of the total market share. This is attributed to the increasing demand for do-it-yourself (DIY) products, as well as increasing home renovation activities in the region. Moreover, the presence of major players, such as Stanley Black & Decker, Apex Tool Group, and VESSEL Co., Ltd., offering a wide range of hand tools in the region is expected to drive the market growth in the region.
Asia Pacific is expected to witness the highest growth during the forecast period. This is attributed to the increasing demand for household hand tools from emerging economies, such as India and China. The rising disposable income among the population in the region is expected to lead to the increased demand for household hand tools. Furthermore, increasing construction activities in the region is further expected to drive the growth of the market in the upcoming years.
Financial Projections
In this part of the household hand tools products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a household hand tools products business comes from the sale of the tools and related products. Here you will find a list with a description of each of them, such as hammers, screwdrivers, wrenches, pliers, saws, drills, and other hand tools.
Projecting Expenses
In this section, all the regular expenses related to keeping the household hand tools business running will be described. The list of operating expenses includes wages, inventory, maintenance and repairs, utilities, insurance policies, advertising, and others. Additionally, you should include any costs associated with the purchase of new hand tools and related products, such as raw materials and shipping.
Key companies & market share insights
Some of the key companies operating in the household hand tools market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Black & Decker Corporation launched the Pulse series of hand tools, designed to provide better grip and improved performance.
– In October 2022, Stanley Black & Decker, Inc. launched the PowerPro series of hand tools, designed to provide superior performance and longer life.
– In December 2022, Apex Tool Group, LLC launched the DustEater series of hand tools, designed to provide better dust removal from tight spaces.
Some of the prominent players in the household hand tools market include:
– Stanley Black & Decker, Inc.
– Apex Tool Group, LLC
– DeWalt
– Makita Corporation
– Hitachi, Ltd.
– Robert Bosch GmbH
– Craftsman
– Black & Decker Corporation
– Irwin Industrial Tools
– Snap-on Incorporated
Global Household Hand Tools Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global household hand tools products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Hammers
– Wrenches
– Screwdrivers
– Pliers
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Manual
– Automatic
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the factors driving the market for household hand tools?
[A]: The growth in the market for household hand tools is primarily driven by the increasing demand for DIY projects, the availability of a wide range of household hand tools, and increasing consumer awareness about product safety and quality. The rising trend of home improvement, increasing spending on home renovations, and the emergence of online retailing are also driving the growth of the household hand tools market.
[Q]: Who are the Key Players in the Household Hand Tools Market?
[A]: Key players in the household hand tools market include Stanley Black & Decker, Apex Tool Group, LLC, Techtronic Industries Co. Ltd., Snap-on Incorporated, Robert Bosch GmbH, and others.
[Q]: What are the Opportunities for New Players in the Household Hand Tools Market?
[A]: New players in the market can capitalize on the trend of DIY projects and home improvement, and gain competitive advantage by offering innovative products at competitive prices. In addition, new players can also leverage their local presence and competitive pricing to gain a significant market share.
[Q]: Which Region Offers the Largest Opportunity for Sales of Household Hand Tools?
[A]: North America is expected to offer the largest opportunity for sales of household hand tools, with an absolute dollar opportunity of $5.5 B (USD). This is attributed to the presence of a large number of DIY enthusiasts in the region, which is fueled by the growing trend of home improvement and increasing spending on home renovations.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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