Dublin, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The "U.S. Hand Tools Market - Industry Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The US hand tools market is expected to grow at a CAGR of 3.59% during the forecast period 2022-2027
Hand tools are the most conventional and inevitable equipment in the tools industry even today amid the surge in competition with the power tools market. Despite the prominence of sophistication and technological impact, hand tools play a crucial role in every household and industrial activity. The consistent growth in the adoption of hand tools over the past few years owing to their performance and productivity signifies the niche probability of them being completely replaceable. The affordability, widespread presence, and proven efficiency ratio fuel the US hand tools demand. Rising home renovations and DIY activities are expected to surge the demand for hand tools in the United States.
Key Winning Imperatives in the U.S. Hand Tools Market
- Home Depot, Lowes, and Amazon nearly account for 50% of U.S. hand tool sales.
- The United States is the biggest importer of hand tools.
- The US construction industry is expected to grow at a CAGR of 4.7% between 2021 and 2025. Hence, the demand for hand tools can be high in the construction sector.
- With normalizing cases of COVID-19 in several countries, the opening of manufacturing and commercial activities resulted in a gradually increasing demand for hand tools.
MARKET DYNAMICS: KEY TRENDS, DRIVERS, AND RESTRAINTS
Rising Home Renovation and DIY Activities
In the US, most adults indulge in creative and purposeful leisure activities. Some consumers also invest in home improvement and maintenance activities based on their interests. In the US, consumers consider DIY activities a significant hobby. This has driven the growth in hand tools like chisels, hammers, and screwdrivers for domestic household activities, home improvement, repairs, woodwork, and gardening work.
Increasing Wind and Solar Energy Installations
Hand tools are one of the major components required to assemble and maintain solar units and wind turbine installations. The drive towards more carbon-free power generation means that wind turbine manufacturers, installers, and maintenance crews will witness an increasing workload and a growing need for hand tools and equipment.
Growing Demand from Construction Industry
The world is witnessing new developments and market trends in the construction industry. The global construction market is expected to grow to $15.21 trillion by 2030, where more than 55% of the growth is contributed by the US, China, and India. This, in turn, reflects the high growth potential for sales growth in these countries. The growing population, rising demand for public construction activities, and growing foreign investments in construction sectors are expected to fuel the development of the US hand tools during the forecast period.
The rise in Automation to Affect the Market
Conventional hand tools face the threat of being extensively replaced by power tools across geographies. This can be more prominent in developed economies. While the dominance of power tools has been more predominant in the recent past, the venture of cordless power tools has reshaped the face of the power tools industry. One of the most prominent growth enhancers for the cordless power tool segment is associated with the development of Li-ion batteries over the past decade.
Key Vendors
- Stanley Black & Decker
- Techtronic Industries Company
- Snap-on
- Apex Tool Group
- Emerson
Other Prominent Vendors
- Robert Bosch GmbH
- Klein Tools
- JCBL India
- Channellock
- Kennametal
- IDEAL INDUSTRIES
- Leatherman
- Ningbo Great Wall Precision Industrial
- PILANINA
- Wurth
- Tajima
- PHOENIX CONTACT
- Stiletto
- Vaughan Manufacturing
- Estwing
- Lowell Corporation
- Bojo
- Wiha
- Daniels Manufacturing Company
- Mac Tools
Market Dynamics
Market Opportunities & Trends
- Rising Wood Construction
- Rising Home Renovation and Diy Activities
- Increasing Wind & Solar Energy Installations
Market Growth Enablers
- Growing Demand for Fasteners
- Growing Demand from Construction Industry
- Automotive Industry Driving Market Growth
Market Restraints
- Rise in Automation
- Slow Economic Growth in 2020
- Political & Trade-Related Turmoil
- Tools Safety & Risk Exposure
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Market at a Glance
7 Premium Insights
8 Introduction
9 Market Opportunities & Trends
10 Market Growth Enablers
11 Market Restraints
12 Market Landscape
13 Tool
14 General Purpose Tools
15 Cutting Tools
16 Taps & Dies
17 Layout & Measuring Tools
18 End-User
19 Industrial
20 Commercial
21 Residential
22 Region
23 South
24 West
25 Northeast
26 Midwest
27 Competitive Landscape
28 Key Company Profiles
29 Other Prominent Vendors
30 Report Summary
31 Quantitative Summary
32 Appendix
Companies Mentioned
- Stanley Black & Decker
- Techtronic Industries Company
- Snap-on
- Apex Tool Group
- Emerson
- Robert Bosch GmbH
- Klein Tools
- JCBL India
- Channellock
- Kennametal
- IDEAL INDUSTRIES
- Leatherman
- Ningbo Great Wall Precision Industrial
- PILANINA
- Wurth
- Tajima
- PHOENIX CONTACT
- Stiletto
- Vaughan Manufacturing
- Estwing
- Lowell Corporation
- Bojo
- Wiha
- Daniels Manufacturing Company
- Mac Tools
For more information about this report visit https://www.researchandmarkets.com/r/pcv7vw
