DUBLIN--(BUSINESS WIRE)--The "Global Measuring and Layout Tools Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global measuring and layout tools market is expected to reach a value of $1.13 billion by 2028 from $910 million in 2022, growing at a CAGR of 3.70%
The measuring and layout tools market is characterized by low market concentration, with high competition among the players. Vendors manufacture measuring and layout tools with innovative product specifications to capture consumer interest and improve the user's convenience. Users expect measuring and layout tools to be more lightweight and compact yet powerful, with a wide range of temperature settings.
Global brands are introducing features such as longer operation duration and sensor technologies to read the temperature of the surface and adjust it automatically with changing distance. Thus, global and domestic leaders' constant incorporation of technological innovations in products is expected to intensify the competition among manufacturers.
APAC accounted for the most significant global measuring and layout tools market share, accounting for approximately 32% in 2022. The APAC region, home to several industries, including manufacturing, services, automobiles, and electrical industries, consequently increases the need for power tools, specifically measuring and layout tools, applied in multiple industries.
While Japan and South Korea are prominent manufacturers and exporters of electrical appliances and automobiles, Singapore dominates in excellent construction facilities. Further, the increasing purchasing power of the consumers and the rising D.I.Y. trend among the young population base is driving the measuring and layout tools market in the region.
MARKET TRENDS & DRIVERS
Increasing D.I.Y. Culture
The rapidly increased interest among consumers in undertaking projects of and maintaining a healthy ecosystem has increased the demand for the D.I.Y. market in opting for various measuring and layout tools. The onset of the pandemic has led to exploring new indoor activities. Many people started opting for several D.I.Y. activities to relieve themselves from stress and take care of specific tasks to reduce costs.
The surge in the D.I.Y. market is projected to grow due to the high penetration of media presence on television, social media, and videos in recreating home improvements. Such factors have positively impacted the measuring and layout tools market.
Emerging Construction Industry
The construction market is expected to grow significantly during the forecast period, and significant regions that support global construction market growth include the U.S., China, and India.
The world is witnessing new developments and market trends in the construction industry; technological transformation is a major factor influencing the growth, and significant changes have been deployed throughout the industry from design to installation. While building projects are becoming more complex, stringent policies governing employee safety, advanced precision tools, energy efficiency, and productivity are some of the major concerns.
Growth can be more concentrated in the real estate and residential sector, supported by low-interest rates and higher incomes. The growing population, the rising demand for public construction activities, and rising investments in renewables and telecommunications are expected to fuel the growth in the construction industry during the forecast period, stimulating the growth of the global measuring and layout tools market.
Rising Use of Industrial Tools
The industrial circle has progressively transformed from traditional industrial tools to measuring and layout tools with high performance and high efficiency, based on the requirement for high product quality and higher accuracy for high additional value parts needed for machining and the machining tools for producing and making high-precision products. Furthermore, high-precision machining equipment has become a vital aspect of industry growth due to the automation of machinery and equipment and the necessity for high performance.
INSIGHTS BY RAW MATERIALS
The global measuring and layout tools market by raw materials segments such as metal, plastic, etc. The metal segment held a dominant share in 2022 and witnessed the highest growth rate during the forecast period. The measuring tools are used in construction areas, manufacturing units, furniture warehouses, and automotive and aerospace industries, among many others.
Due to their nature of use, these tools have to be rough and tough and should be able to be used for lengthy periods. Any damage to these products can sometimes lead to incorrect reading and can cause miss calculations that can be harmful in situations such as the construction of buildings, railroads, and roads, among many others. Also, these tools must be able to resist temperatures and climatic conditions. Such reasons have supported the growth of the metal segment, as metals are known to be tough and long-lasting and can be used across the toughest terrains.
INSIGHTS BY PRODUCT TYPE
The calipers and micrometers product type segment held the largest global measuring and layout tools market share. Calipers and micrometers take linear measurements such as length, width, thickness, depth, and diameter, among many others. With advancing technology, the requirement for efficient tools has been increasing.
Machinists and other precision applications use special tools to ensure their work has the highest precision and efficiency. Micrometers and calipers are probably some of the most important measuring tools used in machining and engineers across various fields such as construction, automotive, aerospace, and architecture, among many others. These tools measure the thickness, diameter, length, and width of various objects, such as rods, bars, and pillars, among many others.
Hence, such factors positively impact the growth of the calipers and micrometers measuring and layout tools in the global measuring and layout tools market during the forecasted period.
INSIGHTS BY AUTOMATION TYPE
The global measuring and layout tools market by automation type segments as manual and automatic. The manual segment held the largest industry share in 2022.
Most measuring and layout tools have the functionality of being manual for a long time. Manual tools provide more flexibility and are quite simple to use. Though some tools might require learning time, they are not very complicated after that. Tools such as rulers, measuring tapes, calipers, micrometers, and gauges can be easily transportable, making them more adaptable as autonomous tools could be hard to transport everywhere; however, with the current world moving towards digitalization and automation.
Measuring and layout tools have been making a transition towards automation. The established vendors tend to invest more in developing innovative products to gain a competitive edge.
INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel dominated the global measuring and layout tools market 2022. Factors such as the broader reach in areas that lack better connectivity and high consumer trust associated with touching and experiencing the quality of products are driving the growth of this segment.
Furthermore, although the online channel holds a relatively lower share in the measuring and layout tools market, it is expected to grow faster than offline distribution channels. The proliferation of e-commerce and the rising awareness among people regarding the benefits of online shopping, such as heavy discounts, sessional offers, and availability of numerous options, is driving the growth of the online industry share during the forecasted period.
INSIGHTS BY END-USERS
The construction industry has seen growth in projects such as hotels, amusement parks, private & government offices, and sports & convention centers.
Hence, such factors will propel the growth of the measuring and layout tools market as such places would have to be maintained and require consistent changes to the aesthetics of buildings according to the seasons and festivities. Measuring and layout tools would ensure no miscalculation when carrying out maintenance tasks such as scraping, digging, and adding new structures, among many others.
|No. of Pages
|2022 - 2028
|Estimated Market Value (USD) in 2022
|Forecasted Market Value (USD) by 2028
|Compound Annual Growth Rate
- Increasing DIY Culture
- Increase in New Construction and Remodeling
- Rising Use of Industrial Tools
- Raw Materials
- Product Type
- Automation Type
- Market Landscape
- Competitive Analysis
- Importance of Measuring Tool Maintenance
- Maintenance of Automatic Measuring and Layout Tools
- Automatic Tools Have Higher Efficiency Than Manual Tools
- Improving Interior Aesthetics
Market Opportunities & Trends
- Emerging Construction Industry
- Increased New Construction & Remodeling in Residential Sector
- Growing Furniture Industry
Market Growth Enablers
- Growing DIY Culture
- Rising Use of Industrial Tools
- Rising Manufacturing Sector in Asia
- Global Slow Economic Growth
- Increasing Supply Chain and Raw Material Costs
- Paucity of Labor
Key Company Profiles
- Stanley Black & Decker
- Snap-On Incorporated
- Apex Tool Group
Other Prominent Vendors
- Taparia Tools
- Zoro Tools
- Fluke Corporation
- MECO Instruments Pvt Ltd
- Makita Corporation
- Swanson Tool Co, Inc.
- Klein Tools Inc.
For more information about this report visit https://www.researchandmarkets.com/r/je6xpz
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