Home Consumer Products Household Hand Tools Market Size And Share Report, 2031

Household Hand Tools Market

Household Hand Tools Market Size, Share & Trends Analysis Report By Product Type (Measuring Tools, Taps and Dies, Screws and Drill Drivers, Cutting Tools, General Tools), By Distribution Channel (Specialty Retail Stores, Hypermarkets/Supermarkets, Online Retail) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRCP992DR
Study Period 2020-2032 CAGR 7.1%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 19.1 billion
Forecast Year 2032 Forecast Year Market Size USD 35.4 billion
Largest Market North America Fastest Growing Market Asia-Pacific

Market Overview

The global household hand tools market size was valued at USD 19.1 billion in 2023. It is estimated to reach USD 35.4 billion by 2032, growing at a CAGR of 7.1% during the forecast period (2024–2031).

Household hand tools are a type of tool that is intended for use in and around the home for a variety of purposes, such as DIY projects, repairs, maintenance, and essential craftsmanship. These items are vital for homeowners, renters, and DIY enthusiasts, allowing them to complete tasks without needing specialists or power tools. Household hand tools are classified into several types, each serving a distinct purpose.

Household hand tools market growth is driven by Do-It-Yourself (DIY) habits and rising social media influence. Household hand tools remove the external labor requirement and help lower total fixing costs. The growing influence of social media and expert repair instructions pushes customer preference for household items and equipment that can be repaired and modified. Increased desire for convenience furniture and other items with easy assembly and dismantling capabilities contributes significantly to global market demand. Due to the scarcity of skilled personnel, developed areas such as North America and Europe utilize the most hand tools.

Market Dynamics

Global Household Hand Tools Market Drivers

DIY (Do-It-Yourself) Culture

The DIY culture, in which people complete home remodeling and repair jobs independently, has dramatically raised demand for household hand tools. Many prefer to undertake minor repairs and jobs alone, increasing the need for DIY products. The emergence of DIY culture is a significant driver of this market, resulting in increased sales of household hand tools. Consumers, driven by a desire for self-sufficiency and personalization, are investing in tools that allow them to complete activities ranging from minor repairs to more sophisticated home renovation projects.

Furthermore, since the government implemented nationwide lockdowns and travel restrictions, many were obliged to stay home and work remotely. This raised the market for do-it-yourself jobs that involved minor home remodeling tasks. Since the pandemic began, 81% of homeowners have started at least one DIY project. The pandemic has sparked a renewed interest in DIY among householders.  According to the Farnsworth Group, over 73% of millennials are DIYers, making them the most active in 2022. They are also more engaged than homeowners from Generation X or Baby Boomers.

In addition, social media platforms and e-commerce contributed to market expansion. YouTube is the most popular medium for learning about DIY and home projects. However, TikTok has also become a popular venue for DIY enthusiasts to share tips and methods. Social networking can also provide ideas for DIY and home projects. According to the data, 31% of customers use social media to shop for DIY and home improvement products. This cultural change toward DIY adds to the ongoing expansion of the household hand tools market trend, as consumers seek high-quality tools for various undertakings.

Global Household Hand Tools Market Restraints

Price Volatility

Fluctuations in the cost of critical commodities like steel and plastic can impact businesses' overall production costs. This, in turn, can make it challenging to keep hand tool prices steady, influencing both makers and customers. The household hand tools market participants constantly seek ways to boost their profit margins by introducing new goods. Hand tools are made from various basic materials, including steel, wood, and plastic. HRC steel prices increased by 55.4% in the first three months of 2023, rising from USD 749 to USD 1,164. However, in December 2023, steel prices in India declined 1-3% month on month. This was attributed to increased imports from China and a Christmas demand drop.

According to the World Bank, global commodity prices will decline sharply in 2023, with base steel prices dropping 8%. BMI anticipates that global steel prices will rise modestly from their present levels in the following months and into 2024. Worldsteel expects steel demand in developed nations to fall by 1.8% in 2023, with Europe suffering the most from monetary tightening and rising energy costs. However, Worldsteel updated Ukraine's 2023-2024 predictions upward from the April review. Manufacturers of household hand tools frequently have small profit margins. When the prices of raw materials, such as steel, fluctuate and rise, manufacturers may struggle to absorb the additional costs. This can lead to a choice between tolerating reduced profit margins or passing on the increased costs to customers through higher product prices.

Global Household Hand Tools Market Opportunity

Introduction of Smart Tools

Incorporating innovative technologies into household hand tools provides a substantial opportunity for manufacturers to suit consumers' growing expectations. Smart tools with digital capabilities and connections can improve the user experience, provide valuable data insights, and meet the growing demand for technologically advanced items. Tape measures with digital capabilities are one of the emerging segments in the smart tools market. Including Bluetooth connectivity and digital capabilities in smart tape measures is consistent with consumer preferences for linked products.

Smart tape measures with digital displays, Bluetooth connectivity, and measurement tracking features demonstrate the incorporation of technology into classic hand instruments. These gadgets enable users to collect exact measurements, and some models may send data to a smartphone or computer for convenient recording and management, such as the T1 Tomahawk Digital Tape Measure. This professional-grade digital tape measure was recognized at the 2023 CES Innovation Awards. It features a live-view OLED display showing measurements in metric and English units.

Thus, manufacturers interested in smart tools must consider elements such as user interface design, data security, and smooth connectivity with mobile devices to ensure a favorable user experience. As the market for smart tools grows, advancements in this category can help manufacturers stand out in a competitive field.

Regional Analysis

The global household hand tools market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global household hand tools market shareholder and is estimated to grow at a CAGR of 7.3% over the forecast period. The household hand tools market in North America is primarily driven by the emergence of do-it-yourself (DIY) trends, a growing customer demand for independent services, and a scarcity of skilled labor combined with high labor prices. The prevalence of nuclear families in the United States has led to a heightened sense of ownership within households, increasing the demand for hand tools. The United States is the most significant consumer of hand tools globally due to the growing prevalence of home gardening endeavors. According to a poll conducted by StorageCafe, around 52% of individuals in the United States who undertook home renovation projects accomplished the task independently. According to ComfyLiving, 36% of individuals in the United States launched a do-it-yourself (DIY) project to enhance the personality of their living environments. The United States economy is the largest globally, boasting a Gross Domestic Product (GDP) of USD 26,854 billion in 2023.

Moreover, the advanced economy of the United States has led to increased individual garden ownership and regular residential garden upkeep. According to Fixr.com, the average national cost to employ a gardener ranges from USD 150 to USD 300 per month. Most homeowners typically pay USD 225 monthly for maintenance services, including lawn care, shrub trimming, and clean-up. This trend further contributes to the expansion of the area industry. The region is supported by prominent market players who are actively engaged in developing and introducing cutting-edge items.

Asia-Pacific is anticipated to exhibit a CAGR of 7.6% over the forecast period. The household hand tools market in the Asia-Pacific region is primarily propelled by the increasing impact of Western culture and the substantial embrace of do-it-yourself (DIY) tendencies. The demand for household hand tools is driven by increased consumer income and spending on compact furniture. China had a 6.3% year-on-year gain in per capita disposable income in 2023, reaching 29,398 yuan (about 4,094.71 U.S. dollars) during the first three quarters of the year. After accounting for price considerations, there is a genuine growth of 6.1%.

Furthermore, major household furniture companies, including Ikea and other competitors, stimulate market expansion. China's robust domestic economy has propelled it to the forefront of the Asia-Pacific region, accounting for more than 50% of hand tool exports. The Chinese market for household hand tools offers abundant opportunities for small firms to establish a brand and produce hand tool goods of superior quality. Local producers mainly manufacture fastening equipment, such as hand drills, wrenches, and socket wrenches. Chinese producers are increasing the production of household hand tools in response to global demand.

Europe is expected to experience consistent growth during the predicted timeframe, according to household hand tools market insights, driven mainly by the rising demand from an expanding community of do-it-yourself (DIY) projects. A high per capita income and a well-developed consumer market propel the market trajectory in these locations. Monaco boasts the most significant GDP per capita in 2023, amounting to USD 234,316. Luxembourg closely follows it with USD 133,590 and Bermuda with USD 114,090. These elements are anticipated to promote the market in the region.

Report Scope

Report Metric Details
Segmentations
By Product Type
  1. Measuring Tools
  2. Taps and Dies
  3. Screws and Drill Drivers
  4. Cutting Tools
  5. General Tools
By Distribution Channel
  1. Specialty Retail Stores
  2. Hypermarkets/Supermarkets
  3. Online Retail
Company Profiles Stanley Black and Decker Great Wall Precision Akar Tools Klein Tools Wurth Group PHOENIX Channellock Apex Tool Group JPW Industries JK Files JETECH Excelta Sinotools TTi Kennametal Inc.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global household hand tools market is segmented based on product type, distribution channel, and region.

The product type is further segmented into Measuring Tools, Tapes and Dies, Screws and Drill Drivers, Cutting Tools, and General Tools.

Measuring Tools generates the most revenue in the market.

Measuring Tools

Measuring tools in the household hand tool market include various equipment designed for precise measurements. Devices in this category include tape measures, rulers, calipers, and spirit levels. Measuring instruments are vital for DIY projects, construction, and precision activities, allowing users to ensure correct dimensions and alignment. These instruments are essential for various tasks, including marking and cutting materials and evaluating surface level.

Taps and Dies

Tapes and dies are instruments widely used for fastening and threading. Tapes, such as thread-sealing tapes, make leak-proof seals in plumbing applications. Dies, conversely, are cutting tools used to form threads on the outside surface of cylindrical materials. This sector contains instruments that aid in assembling and repairing threaded connections, making them essential in plumbing, automotive, and metalworking applications.

The market can be further bifurcated by distribution channels into Specialty Retail Stores, Hypermarkets/Supermarkets, and Online Retail.

Online Retail accounts for the largest share of the market.

Online Retail

The online retail segment has the most significant market share. Online stores become increasingly prevalent worldwide as internet penetration rates rise and e-commerce websites expand. Online retail, supported by e-commerce platforms and websites, has become a vital distribution route for household hand tools. Consumers are increasingly choosing the ease of exploring and purchasing tools online. Online retail platforms offer a wide range of hand tools, customer feedback, and the convenience of doorstep delivery. They are luring businesses that are constantly looking to boost profit margins. Furthermore, internet businesses are growing in popularity due to their one-day delivery services and several discount offers.

Specialty Retail Stores

Specialty retail stores are devoted outlets that only sell household hand tools and associated products. These establishments offer people looking for various hand tools, from necessities to specialty devices. Specialty retail establishments frequently employ knowledgeable people, allowing consumers to obtain advice and recommendations tailored to their needs. The advantage of specialist stores stems from their product knowledge and ability to provide a selected assortment of products for varied jobs.

Market Size By Product Type

Recent Developments

October 2023 - CRAFTSMAN® introduced OVERDRIVE™ mechanics tools, a cutting-edge collection of sockets, wrenches, and ratchets specifically engineered to facilitate maneuverability in tight areas and effectively remove rounded bolts during routine automotive and maintenance operations.

January 2024 - Klein Tools® introduced new 16- and 25-foot tape measures with a compact design.

October 2023 - Channellock, Inc. introduced the SpeedGrip™ V-Jaw Tongue and Groove Pliers, a new range of hand tools created in America, to provide trades professionals with revolutionary equipment.

Top Key Players

Household Hand Tools Market Share of Key Players

Stanley Black and Decker Great Wall Precision Akar Tools Klein Tools Wurth Group PHOENIX Channellock Apex Tool Group JPW Industries JK Files JETECH Excelta Sinotools TTi Kennametal Inc.

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Household Hand Tools Market?
Household Hand Tools Market size will grow at approx. CAGR of 7.1% during the forecast period.
Some of the top prominent players in Household Hand Tools Market are, Stanley Black & Decker, Inc., Apex Tool Group, LLC, Great Wall Precision, Klein Tools, Inc., Wurth Group, Phoenix Contact GmbH & Co. KG, Channellock, Inc., Akar Tools Limited India, JPW Industries (Inc.), JK Files (India) Limited (Raymond Ltd), JETECH, Excelta Corporation, Sinotools Industrial, Techtronic Industries Co. Ltd., Kennametal Inc., Robert Bosch Tool Corporation, etc.
North America has been dominating the Household Hand Tools Market, accounting for the largest share of the market.
The region with the most rapid expansion in the Household Hand Tools Market is Asia Pacific.
The global Household Hand Tools Market report is segmented as follows: By Product Type, By Distribution Channel


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