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The U.S. Hand Tools Market Size, Share, Growth, Trends Analysis Report by
Global Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Share & Forecast 2022–2027.
Report Attribute | Details |
---|---|
Market Size (2027) | USD 6.35 Billion |
Market Size (2021) | USD 5.25 Billion |
CAGR (2022-2027) | 3.59% |
Base Year | 2021 |
Forecast Year | 2022-2027 |
Regions | US (South, West, Northeast, and Midwest) |
KEY VENDORS | Stanley Black & Decker, Techtronic Industries Company, Snap-on, Apex Tool Group (ATG), and Emerson |
The US hand tools market is expected to reach USD 6.35 billion by 2027 from USD 5.25 billion in 2022, growing at a CAGR of 3.59% during the forecast period. 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
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.
The general-purpose tools industry is expected to dominate the U.S. hand tools market. The type of hand tools being used is highly dependent on power tools and the nature of the work being carried out. For instance, fastening tools like drivers, riveters, and wrenches are utilized for personal and professional purposes, which, in turn, is driving consistent new and replacement demands. The volume of work carried out by fastening tools, striking tools, and pry bars has even penetrated DIY enthusiasts and home improvement activities, which can fuel the replacement demand depending on the intensity of the workload. Further, they tend to be the essential tool kits required for renovation and industrial works. General-purpose tools are frequently bought in tools sets and kits extensively utilized by plumbers, electricians, and mechanics.
The industrial end-user segment was the most significant revenue contributor to the U.S. hand tools market in 2021, and this trend is likely to continue throughout the forecast period. Hand tools are widely used in automotive, aerospace, electronics, energy, construction, shipbuilding, and other industries. The construction sector is estimated to be the highest revenue generator due to the rising construction and renovation activities across the region, followed by the automotive sector, involving high-precision parts assembly.
The Southern US holds a significant share in the US hand tools market due to the most extensive population base, which has resulted in a higher number of housing units and growth in the real estate, tourism, and hospitality sectors. Also, the considerable surge in disposable income in the region has created a high demand for hand tools in the Southern region. The Southern part accounts for the highest population in the US and is further rising continuously. The number of residential housing units is increasing rapidly insignificant states such as Texas, Florida, Georgia, Carolina, Arizona, and Oklahoma. Therefore, it drives the demand for various types of hand tools products in the region, owing to the new construction in the residential sector.
The U.S. hand tools market is characterized by low market concentration and high competition among the major players. The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong industry presence. Many other vendors provide products with similar specifications like length, width, TPI, and cutting techniques at low prices. This will likely intensify the price war among vendors during the forecast period. The industry is characterized by the presence of diversified global and regional vendors. As international players increase their footprint in the market, regional vendors are likely to find it increasingly difficult to compete with these global players. The competition will be based solely on durability, safety, lifespan, tool performance, price, and customization.
Glance through the U.S. Hand Tools Market report of more than 240 pages comprising 102 tables and 90 exhibits to develop a deep understanding of the market.
The US hand tools market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per Tool Type, End-user, and Region for the years considered. The strength and strategies undertaken by the players have also been mentioned. The report provides a holistic approach to the US hand tools market to enable customers to analyze the market efficiently.
“For further information and clarification on the market, analyst discussion can also be arranged at the feasibility of the client.”
Frequently Asked Questions
HOW BIG IS THE U.S. HAND TOOLS MARKET?
The U.S. hand tools market is expected to reach USD 6.35 billion by 2027 from USD 5.25 billion in 2022.
WHAT IS THE GROWTH RATE OF THE U.S. HAND TOOLS MARKET?
The U.S. hand tools market is expected to grow at a CAGR of 3.59% during the forecast period.
WHICH REGION IN THE US HOLDS THE LARGEST SHARE IN THE U.S HAND TOOLS MARKET?
The South region in the US is expected to hold the largest share in the market.
WHO ARE THE KEY PLAYERS IN THE U.S. HAND TOOLS MARKET?
Key players include Stanley Black & Decker, Techtronic Industries Company, Snap-on, Apex Tool Group, and Emerson.
WHAT ARE THE GROWTH FACTORS DRIVING THE MARKET DEMAND?
Growing demand for fasteners, construction industry, and automotive sector driving the U.S. hand tools market growth.
The U.S. hand tools market is expected to reach USD 6.35 billion by 2027 from USD 5.25 billion in 2022, growing at a CAGR of 3.59% during the forecast period.
The following factors are likely to contribute to the data center networking market growth during the forecast period:
Base Year: 2021
Forecast Year: 2022-2027
The report considers the present scenario of the U.S. hand tools market and its market dynamics for the period 2022−2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyses leading companies and several other prominent companies operating in the market.
Key Vendors
Other Prominent Vendors
The U.S. hand tools market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Tool Type
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