LONDON--(BUSINESS WIRE)--The global hand tools market is expected to grow by USD 2.21 billion during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
There has been a surge in DIY activities in the recent years. These activities involve making, modifying, or repairing things without the help of professionals. DIY culture is also witnessing immense popularity due to the growing demand for personalization. Consumers are increasingly opting for customizing their furniture by designing and building it themselves, instead of purchasing ready-made options. Furthermore, DIY kits are also gaining market traction due to the shortage of skilled labour in urban economies. The growing popularity of DIY kits for household maintenance and repair are increasing the demand for various hand tools including screwdrivers, pliers, hammers, and knives. Thus, rising demand for hand tools from the growing DIY market will drive the hand tools market during the forecast period.
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As per Technavio, increasing innovations in the market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Hand Tools Market: Increasing Innovations in Market
Manufacturers are increasingly focusing on designing more ergonomically improved hand tools. Companies in the hand tools market are coming up with lightweight tools with cushion grips to make work less tiring. In addition, manufacturers are also increasingly using composite materials in manufacturing, which is further expected to reduce the weight of hand tools and increase their durability. Furthermore, hand tools are being manufactured to serve multiple functions, which, in turn, will drive their demand during the forecast period.
“Growing demand for hand tools from emerging economies and increasing availability of hand tools through e-commerce platforms are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Hand Tools Market: Segmentation Analysis
This market report segments the global hand tools market by application (general-purpose, metal cutting, and others), end-user (industrial and household) and geographic regions (Americas, APAC, and EMEA).
Americas led the hand tools market share in 2017, followed by EMEA and APAC respectively. The region is anticipated to witness the highest incremental growth in the hand tools market owing to the growing popularity of DIY activities in the advanced economies of the region including the US and Canada.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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