Household Hand Tools Market Analysis Report By Product, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global household hand tools market size was accounted for USD 4.1 billion, in 2018 and is projected to grow at a significant rate of CAGR from 2019 to 2025. The increase in the demand for hand tools in-household can be attributed to changing consumer behavior and preference such as the growing popularity of do-it-yourself (DIY). The DIY approach allows consumers to use hand tools easily for repairs in the household.

The growing costs of labor especially in countries such as the U.S., U.K., and Canada are expected to increase the trend of DIY in the next few years. Moreover, consumers are now adopting the self-help method to repair their homes. The advancement in technology is expected to play a vital role in manufacturing handy equipment for household applications.

Furthermore, the growing digital network along with social media influence is expected to drive the demand for household hand tools in the next few years. The easy dismantle and assemble features in convenience furniture are anticipated to boost the demand for the product in the forecast period.

In developing countries such as China and India, the increasing use of hand tools for conventional application repair is expected to boost market growth. The change in consumer preference owing to the high cost of repairs is influencing consumers to look for hand tools in household modifications.

The availability of a various range of multifunctional tools to cater to consumer requirements is projected to foster the demand for hand tools. Additionally, manufacturers are offering highly durable and string tools made by using steel, iron, black metal, and wood.   

Manufacturers focus on producing multi-functional tools in compact sizes to meet consumer needs. For example, in 2019, Bosch introduced Bosch GSB 500 RE kit for repair and modifying household applications. 

Product Insights

The household hand tool market is bifurcated into cutting tools, taps & dies, measuring tools, and general tools. In 2018, general hand tools held the largest share of over 30.0% in the overall market. Various tools such as drillers, screwdrivers, pliers, chisels, and different gardening equipment are included in the general tools category. The increasing demand for these tools is expected to drive market growth in the next few years. 

General hand tools are mainly used for minor repair and maintenance applications at home which are driving the demand for the product. In addition, the rise in the popularity of home gardening is also anticipated to propel the product demand in the coming years. 

Distribution Channel Insights

The distribution channels are bifurcated into retail channels and online. The hand tools are primarily bought from the hardware shops and machinery stores. In 2018, the offline channel dominated the market with a revenue of USD 2.3 billion. Factors such as visibility, authenticity, and availability of all the major brands under one roof are gaining momentum among consumers.

The online channel is projected to grow at the CAGR of 4.2%, from 2019 to 2025. Increasing penetration of digital or e-commerce is one of the main reasons for the rise in online chains. Top players such as Amazon, Snapdeal, Flipkart are offering doorstep delivery options that are gaining in popularity, particularly among the younger generation. 

Regional Insights

In 2018, North America held the largest market share about 34% of the overall market. In North America, the U.S. holds the highest market share of over 61.0% in the overall market. The growing consumer preferences for a DIY approach and high labor cost are the key factors driving the growth of hand tools in household repairs.

Asia Pacific region is expected to grow at the highest CAGR of 4.8% from 2019 to 2025. The rising adoption of western culture and access to major repair tutorials for household modification and repairs is expected to propel the market growth.

Household Hand Tools Market Share Insights

Leading players in the market include Klein Tools; Apex Tool Group; Great Wall Precision; JK Files; Wurth Group; Stanley Black & Decker; Channellock; PHOENIX; Akar Tools; Sinotools; JPW Industries; Kennametal Inc; TTi; Excelta; and JETECH. Top players in the market are focusing on product innovations to expand their product portfolio. For instance, major players in the market are developing ergonomic designs which are easy to use.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights 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.
    •  The Asia Pacific
        • China
        • India
    • Central & South America
    • Middle East & Africa (MEA)