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.
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Transparency Market Research’s latest report on the global household & DIY hand tools market has assessed such key impediments for the market’s growth over the forecast period, 2017-2026. The report projects that the global household & DIY hand tools market will register moderate growth during the forecast period, reflecting a value CAGR of 4%. The report further reveals that by the end of 2026, global sales of household & DIY hand tools bring in revenues worth over US$ 9.1 Bn.
General Purpose Tools to Register Highest Demand, followed by Taps and Dies
The report projects that the demand for general purpose tools will remain high throughout the forecast period. In 2017, sales of general purpose tools accounted for a global market value share of nearly 60%. The report also revealed that the demand for general purpose tools will continue to gain traction for catering to the common use of household & DIY hand tools among consumers. In addition, taps and dies, tools used to create screw threads, will register a significant growth in terms of adoption. In 2017, nearly US$ 1 Bn worth of taps and dies have been sold in the global household & DIY hand tools market.
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Online Sales of Household & DIY Hand Tools to Register Rampant Growth through 2026
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. Online sales of household & DIY hand tools are poised to register the highest CAGR of 4.5%, and will account for more than one-third share of global market value by the end of 2026.
Leading Manufacturers of Household & DIY Hand Tools
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. However, low profit margins associated with cheap prices and cost-intensive procurement of raw materials will remain key challenges in the global manufacturing landscape for household & DIY hand tools through 2026.
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