The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, technology and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, the product portfolio of various companies according to the region.
Sarasota, FL -- (SBWIRE) -- 10/22/2018 -- Zion Market Research has published a new report titled "Household and DIY Hand Tools Market by Product Type (General Purpose Tools, Metal Cutting Tools, Layout and Measuring Tools and Taps and Dies), by Sales channel (Online Sales, Retail Sales and Distributor Sales): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 - 2024". According to the report, global household and DIY hand tools market was valued at approximately USD 8.56 billion in 2017 and is expected to generate revenue of around USD 11.28 billion by the end of 2024, growing at a CAGR of around 4.02% between 2018 and 2024.
The continuous innovations occurring in the hand tools because of technology have led to the growth in the industrial sector across the world. The rising purchase power coupled with the per capita, disposable income is also influencing the growth of the industrial segment. The rise in technical jobs with greater employment chances provides a great opportunity for the hand tools market to flourish and expand not only in terms of pricing and quality but also in their usage and application. The growing fondness of consumers towards the DIY approach which helps them to execute household repairs is driving the growth of the market. Also, the tools are cost effective in nature and come at a diverse range. This diverse range of the product helps in fulfilling the demand of the customers as they are used for several purposes like general household fixation and others. Moreover, this growing convention of power tools can be a key restraining factor for the development of the market. In addition, the rising demand for hand tool kits amongst the industrial professionals is fueling the growth of the market. Rapid industrialization across the globe is expected to create a positive impact on market growth and development. These factors are expected to drive the household and DIY hand tools market growth over the forecast period.
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The household and DIY hand tools market is segmented on the basis of product type into metal cutting tools, general purpose tools, taps and dies, and layout and measuring tools. General purpose tools segment dominated the market in 2017. The growth is attributed due to general purpose tools are mostly used in every component fixture and maintenance in automobile and other industrial sectors.
Based on the sales channel, household and DIY hand tools market is bifurcated into retail sales, online sales, and distribution sales. Retail sales segment is expected to contribute for significant revenue share in 2017. The live demonstrations at the retail stores about the usage and applications of the product will propel the growth and development of the market.
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Asia Pacific region is predicted to grow at the highest CAGR in the global household and DIY hand tools market. The region is likely to continue with its dominance over the forecast period. The regional market growth is attributed due to growing demand for hand tools in the industrial sector across the region. Moreover, the region is a manufacturing hub. The increase in industrial and automation activities is anticipated to further drive market growth in the region over the forecast timeline. North America is expected to have substantial revenue share for household and DIY hand tools market. The regional growth is expected to be driven by the ongoing government initiatives across the region. Government initiatives such as usability tests and live demonstrations conducted in every retail outlet for their proper usage is going to have a positive impact on the regional market. These factors are expected to drive household and DIY hand tools market growth across the globe over the forecast timeframe.
Some of the industry players involved in the household and DIY hand tools market include Wera Tools, Akar Tools, Snap-on, Techtronic Industries, Klein Tools, Kennametal Inc., Stanley Black & Decker, Apex Tool Group, and Channellock, among others.
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This report segments the global household and DIY hand tools market as follows:
Global Household and DIY Hand Tools Market: Product type Segment Analysis
General Purpose Tools
Metal Cutting Tools
Layout and Measuring Tools
Taps and Dies
Global Household and DIY Hand Tools Market: Sales channel Segment Analysis
Entertainment and Consumer Electronics
IT & Telecommunications
Global Household and DIY Hand Tools Market: Regional Segment Analysis
The Middle East and Africa