Household Hand Tools Market

Household Hand Tools Market Outlook 2031:

The global household hand tools market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of XX% during the forecast period 2023 - 2031. The growth of the market is attributed to the changing customer’s behavior and preferences for do-it-yourself (DIY) trend.

Growing shift towards DIY culture on account of rising labor costs in the industrialized countries such as the U.S., Canada, and the U.K. plays an important role in expanding demand for household hand tools. Nowadays, many people start adopting the self-help approach in various activities associated with house making, modifying, and repairing.

Additionally, owing to the rapid advancement of technology and other innovative methods, manufacturers are able to produce easy-to-use and handy tools for various household usage or purposes among those who have less indepth knowledge about house making.

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Increasing impact of social media providing numerous repair tutorials from the specialists across the globe such as YouTube and Facebook are propelling the customers’ demand for household tools and equipment for repairing and modification. Expanding demand for accessible furniture with facilities such as easy assembly or disassembly is another key factor pushing the global market.

Furthermore, the rising number of artisan who develop a wide habit of using hand tools in the emerging countries such as India and China present a vital aspect for the market expansion. This change of emerging habit or preference for using tools is widely influenced by the impact of Western culture, which normally adopt to repair things at home as a part of their culture. This offers to reduce the expensive cost of repairs labor and modifications of a house.

Household Hand Tools Market Trends, Drivers, Restraints, and Opportunities:

• Increasing adoption of the DIY method and rising labor cost in the household making activities are expected to fuel the market growth.
• Development of extensive range of multifunctional tools that allow to support multiple consumer requirements for several household activities is projected to boost the demand for household hand tools & woodworking tools in the coming years.
• Technological development, which helps manufacturers to develop advanced equipment using various raw materials including black metal, iron, wood, and steel are pushing to grow the market significantly.
• Lack of skilled labors in emerging countries acts as a key challenge that can hinder the market growth in the coming years.
• Rising usage of power tools and electric machines for household activities are another key restraining factors expected to hamper the market expansion.
• The manufacturers are focusing to develop user-friendly and functional tools in order to produce effective result of the consumers’ need. This is expected to present numerous opportunities for the expansion of the market.

Scope of the Household Hand Tools Market Report

The report on the global household hand tools market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been involved in this report.

Global Household Hand Tools Market Segment Insights

General tools segment is holding a major share of the market

Based on products, the market is segmented into cutting tools, measuring tools, taps & dies, and general tools. The general tools segment is anticipated to witness a robust growth rate during the forecast period due to high demand for the product among a large number of household owners and its wide applications in various household activities.

The general hand tools include chisel, pliers, drillers, screwdrivers, various gardening equipment, and others, which are widely used in various applications of a household purposes. Moreover, the rising demand for these hand can be also attributed to the growing number of household ownership especially among the young adults.

However, the cutting tools segment is projected to exhibit significant growth in the coming years owing to the rising popularity of household gardening and decoration. Online segment is expected to grow at a robust rate during the forecast period.

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On the basis of distribution channels, the market is classified as retail channels and online. The retail channels segment is expected to register a substantial CAGR in the coming years owing to wide availability of a variety of household hand tools in offline store including hardware shops and tool and machinery stores. The offline stores generated a total revenue of USD 1.5 billion in 2020. Furthermore, the accessibility of an extensive range of products provided by different brands enables customers to compare and choose the best option from the products.

Meanwhile, the online segment is expected to expand at a CAGR of 4.2% during the forecast period. Rising number of buying household items through online portals of leading manufacturers and increasing number of customers to use smartphone to buy products from e-commerce websites. Moreover, these online portals are offering services such as door-to-door delivery of products and heavy discount to attract a large number of customers.

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North America held a dominant market share

In terms of regions, the global household hand tools market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America dominated the global market representing a share of more than 30% in 2020. Factors such as high labor cost, consumer preference for independent or self-services, and growing adoption of household activities among owners are the key factors boosting the segment growth.

However, the market in Asia Pacific is estimated to expand at a rapid growth rate of 5% during the analysis period owing to the rising acceptance of Western culture for household care, rising awareness regarding the availability of different devices, rapid access to component fixture and repair tutorials using smartphones, and important acceptance of DIY procedures.

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Segments

The global Household Hand Tools market has been segmented on the basis of

Products

• Cutting Tools
• Measuring Tools
• Taps & Dies
• General Tools

Distribution Channels

• Retail Channels
• Online

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Apex Tool Group
• Akar Tools
• JPW Industries
• JK Files
• Great Wall Precision
• Klein Tools
• Wurth Group
• Stanley Black & Decker
• PHOENIX
• Excelta
• Sinotools
• TTi
• Channellock
• JETECH
• Kennametal Inc.

Competitive Landscape

Some key players competing in the global household hand tools market include Apex Tool Group; Akar Tools; JPW Industries; JK Files; Great Wall Precision; Klein Tools; Wurth Group; Stanley Black & Decker; PHOENIX; Excelta; Sinotools; TTi; Channellock; JETECH; and Kennametal Inc.

These market players are focusing on the development of innovative products with advanced features such as easy-to-use and accuracy to widen their consumer base and to ensure a competitive edge in the global competition.

For instance, Bosch has recently launched its product, the Bosch GSB 500 RE Kit, a power and hand tool kit, which offers an advacned repair and modify tool kit for the household purposes.