Household and DIY Hand Tools Market Trend, Share, Growth, Size, Analysis and Forecast 2030

Industry Prospective:

The global household and DIY hand tools market achieved revenue growth of about USD 22.36 billion in 2021 and is assessed to reach around USD 32.67 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.5 percent over the forecast period. The report analyzes the household and DIY hand tools market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the household and DIY hand tools market.

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Household and DIY Hand Tools Market: Overview

Any tool that is powered by hand rather than a motor is referred to as a hand tool. Pliers, wrenches, cutters, screwdrivers, striking tools, hammering tools, vises, saws, clamps, knives, drills, and other hand tools are only a few examples of DIY and household tools. Garden forks, rakes, and pruning shakes are further examples of outdoor tools. The importance of these tools is increasing as the effect of rapid urbanization and construction works.

COVID-19 Impact:

COVID-19 has had a huge impact on the global economy and all industries worldwide. To halt the infection from spreading, many countries imposed lockdowns. The absolute worldwide lockdown in the initial stages of the outbreak in numerous countries severely impacted people's livelihoods and quality of life. Due to the shortage of workforce, there have been major supply chain disruptions across numerous countries. Because of a major decline in product demand, the global economy has suffered. The epidemic has affected hand tool manufacturing and other industries, resulting in a lack of raw materials, a decline in exports, and supply chain disruptions.

Household and DIY Hand Tools Market: Growth Drivers

Rapidly growing residential and commercial infrastructure projects may drive market growth.

The demand for infrastructure development and fast urbanization is constantly expanding over the world. Governments from all major nations have been seen making efforts toward infrastructure development and making required expenditures in the sector to facilitate such advancements. Projects including the construction of roads, trains, airports, utilities, energy, and commercial & residential structures are among the infrastructure development projects. Countries such as the United States, China, India, and Japan are substantially investing in building projects, influencing their infrastructure development, and are projected to have rapid expansion in the next years. The need for hand tools is increasing as the construction industry's expectations change, and hand tool makers can be observed focused on improving their goods to meet the newest global household and DIY hand tools market demands.

Household and DIY Hand Tools Market: Restraints

Upsurge in concerns and safety risks due to improper use of hand tools may hamper the market growth.

Hand tools include heavy-weight, sharp-edged, potentially dangerous equipment that is typically used in cutting, drilling, shaping, fitting, and mending tasks. Because of inappropriate usage or handling, such equipment might pose a threat to human safety. These catastrophes are frequently caused by a lack of knowledge, expertise, or professionalism, thus it is important that these products should only be used with proper instruction and safeguards. Also, while carrying them, essential measures should be taken, and they should be carried in sheaths, holsters, or dedicated toolboxes. Furthermore, as more people utilize hand tools for home improvement projects, the risk of injury increases owing to inappropriate or insufficient understanding of how to use them. These factors can cause slow growth of the global household and DIY hand tools market.

Household and DIY Hand Tools Market: Opportunities

A surge in the use of automatic hand tools to decrease physical work may fuel the market growth.

Every country in the world is currently headed toward automation. This development is required for all industries to survive the impending difficult era and meet ever-increasing consumer demands. Furthermore, automation benefits producers in several ways including dropping overall operating costs, lessening human effort, improving labor safety, refining production output, and improving work quality. Likewise, automated hand tools may be used to replace manual tools, such as self-acting tools that combine dexterity with automated functionality and give smart solutions. Automated hand tools can be a clever way to replace time-consuming and exhausting tasks while increasing productivity and quality.

Global Household and DIY Hand Tools Market: Report Scope:

Household and DIY Hand Tools Market: Challenges.

A major challenge to make hand tools with every possible dimension for every application may hinder the market growth.

There aren't enough all dimensions or specification hand tools to cover every application scenario. Every hand tool has a different application depending on its size, shape, intensity, material, and the application area's criteria. As a result, only hand tools with specified specifications for the targeted application should be owned and used. In practice, it is nearly difficult for household users or experts to get and handle all hand tools of all sizes necessary to complete the task.

Household and DIY Hand Tools Market: Segmentation

The global household and DIY hand tools market is categorized into type, application, and region. Based on the types, the market is bifurcated into metal cutting tools, taps and dies, layout & measuring tools, and general-purpose tools. The application segment of the market is segregated as household appliances, IT & telecommunications, entertainment & consumer electronics, and others.

Recent Developments

• March 2021, the Slain Lineman Tribute Knife, a limited-edition knife honoring the lives of lost utility line workers, was released by Klein Tools, Inc.
• February 2021, Klein Tools, Inc. launched the Klein-Kurve Wire Stripper/Cutter, a sturdy stamped wire remover with six strip holes and shear blades for cutting, as well as a comfortable grip and improved lock.
• November 2020, Klein Tools, Inc. has released two new extendable screwdrivers that may be used as both multi-bit screwdrivers and impact driver attachments, featuring onboard bit storage and precise control.

Household and DIY Hand Tools Market: Regional Landscape

Asia Pacific is projected to dominate the global market during the forecast period.

Due to increased urbanization and infrastructure developments, Asia Pacific is predicted to dominate the global household and DIY hand tools market throughout the study period. Furthermore, China is a significant supplier of hand tools worldwide. The fast industrial expansion of China has prompted hand tool and accessory manufacturers to set up production facilities there. China's cheap labor and material costs enable manufacturers to make hand tools and accessories at reduced costs while also increasing production productivity. Many small manufacturers operate in the Chinese hand tool industry, catering to the Asian need for hand tools. Furthermore, China's growing automotive, aerospace, and electronics industries provide the potential for hand tool expansion. The Middle East is also expected to offer better opportunities for market expansion owing to the rapid growth in the construction sector.

Household and DIY Hand Tools Market: Competitive Landscape

Major players operating in the global household and DIY hand tools market include Snap-On Incorporated., Akar Tools Limited, Stanley Black and Decker, Wera Tools, Techtronic Industries Co. Ltd., Apex Tool Group, JCBL India, Klein Tools Inc., Emerson Electric Co, and Channellock, Inc.

Global household and DIY hand tools market is segmented as follows:

By Type

• General Purpose Tools
• Metal Cutting Tools
• Layout and Measuring Tools
• Taps and Dies

By Application

• Household Appliances
• Entertainment and Consumer Electronics
• IT & Telecommunications
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa