Transparency Market Research (TMR) observes the global household & DIY hand tools market has highly consolidated landscape. Apex Tools Group, Akar Tools Ltd., JK Files (India) Limited, Channellock, Inc., Klein Tools, Kennametal Inc., Snap-On, Wera Tools, and Stanley Black Decker are the key companies partaking in the expansion of global household & DIY hand tools market. These manufacturers are expected to spearhead the global production of household & DIY hand tools in the years to come. A majority of household & DIY hand tools manufacturers are expected to focus on developing multipurpose tools.
According to a report by Transparency Market Research (TMR), the global household & DIY hand tools market is assessed to witness a moderate expansion during the forecast period 2017-2026. While these manufacturers will continue to cater to the rising demands, the global household & DIY hand tools market will witness a modest value growth at 4% CAGR during the forecast period. The report also forecasts that by the end of 2026, more than US$ 9.1 Bn worth of household & DIY hand tools will be sold across the globe.
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Technological Advancements to Fuel Adoption
Increasing inclination of consumers towards the DIY approach has driven the demand for tools that can help them execute household repairs and works on their own. Available at cheap prices, a wide range of household & DIY hand tools can facilitate several purposes of undertaking common household fixtures and upkeeps. However, growing use of power tools is observed as a key deterrent for the adoption of household & DIY hand tools market. Availability of power tools at affordable prices continues to divert consumers from purchasing household & DIY hand tools.
Government Initiatives for Improving Knowledge to Create Opportunities
Household & DIY hand tools will be predominantly sold through retail outlets. Live demonstrations and usability tests conducted in retail outlets will factor their significant contribution to the overall sales of household & DIY hand tools. Throughout the forecast period, around two-fifth of household & DIY hand tool sales will be accounted by retail channels. The report further gives insights on the online sales of household & DIY hand tools.
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This information is comprised in the new report by TMR, titled “Household & DIY Hand Tools Market (Product Type – General Purpose Tools, Metal Cutting Tools, Layout and Measuring Tools, and Taps and Dies; Sales Channel – Online Sales, Retail Sales, and Distributor Sales) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026.”
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