Overview of the U.S. Hand Tools Market
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Overview of the U.S. Hand Tools Market

Hand tools are mainly used in construction projects, home repairs, and automobile maintenance. Among them, power hand tools, have continued to increase in efficiency and convenience, and the market size has continued to expand in recent years. The overall demand for hand tools in the United States and the real estate market is showing positive growth.
Published: Dec 15, 2021
Overview of the U.S. Hand Tools Market

By the end of 2031, the global hand tools market will reach approximately 25.6 billion U.S. dollars and grow at a compound annual growth rate of 3.9%. The construction industry has grown substantially in the past few decades. Due to the increasing number of new construction and renovation activities worldwide, this growth trend is expected to continue in the coming years. The hand tool market includes necessary components implemented in various applications such as industrial, household, and do-it-yourself (DIY) projects. Ultimately, the growth of the construction industry will lead to a lucrative increase in the market demand for hand tools.

The development of the hand tool market:

With the development of the global automotive industry, the demand for the hand tools market is expected to increase significantly as they are increasingly used for automotive maintenance and repairs that require high precision. However, the growth of the manual tool market is not limited to a specific region. It is driven by application demands determined by various industrial activities around the world, and the market size is growing substantially.

Leading manufacturers also focus on the development of technologically advanced hand tools, specifically designed for consumers who choose DIY hand tools to minimize labor costs, including more than 500 types specifically designed for the needs of maintenance, repair, and industrial operations tools.

Global DIY market distribution:

The global DIY market has reached saturation, with annual global sales of US$560 billion. The market is highly concentrated, mainly in North America and Europe, accounting for 85% of global DIY market sales, followed by Japan and Australia. The United States is the world's largest DIY market due to the prevailing trend of home repairs. In the past, the mainstream products in the domestic market in the United States were professional hand tools. However, with the development of the economy and the rise of DIY, the use of consumer hand tools has become the driving force for the development of the general hand tool industry in the United States.

The United States is Taiwan’s main export market for hand tools:

Taiwan has always been a major exporter of hand tools in the world, and the output value and export value of the hand tool industry are increasing year by year. In 2018, the output value of Taiwan's hand tools was 4.01 billion U.S. dollars, and the export value was as high as 3.86 billion U.S. dollars. The U.S. is Taiwan’s largest export market, with an export value of 1.28 billion U.S. dollars, accounting for 33.1% of total exports. It can be seen that the United States is one of Taiwan’s main markets for hand tools. In particular, North America is the world's largest automotive aftermarket, bringing huge demand for repair hand tools, and the booming construction market has driven Taiwan's export of repair hand tools.

Overview of the U.S. Hardware Hand Tools Market:

The United States is leading the development of the global market for hardware hand tools. In 2018, the United States ranked first in global imports of various hand tools. According to statistical reports, from 2012 to 2017, the US hand tool market grew at an annual rate of 2.3%, with market size of approximately US$7 billion. In the past five years, it has mainly come from the market demand for self-use housing in the construction industry. Stanley Black & Decker, Techtronic Industries, ITW, APEX, and Snap-on, among the top major manufacturers in the US hand tool market, account for the major sales in the global hand tool market.

The U.S. hardware DIY market reached 398.2 billion U.S. dollars in 2018, an increase of 6.3% over the previous year. At present, there are about 22,000 Home Improvement and hardware supplies stores in the United States, and several major manufacturers dominate the hardware distribution market. The compound growth rate in the next five years will reach 4.5%. Benefiting from the economic recovery and increasing consumer demand, the US DIY market is expected to continue to grow slowly in the next five years, even if the number of local Home Improvement Stores and the increase in the number of online stores make the US DIY market more competitive. It is expected that Taiwanese manufacturers will continue to expand and operate.

Consumption habits of the U.S. hardware industry:

The gradual increase in consumer spending power, coupled with market factors such as technological advancement, has led to rapid changes in consumer tier habits, and the US hardware consumption channel has expanded from the previous print media to digital channels. The consumption power of the new generation in hardware and repair products is gradually expanding. The millennial generation has reached the age of raising children in the family. This consumer group is locked in as the main target audience. The reason is that the millennial generation prefers to buy old houses and their acceptance of DIY is above the average; nearly 90% have been involved in DIY at home. Not only is it limited to home repairs, but they also like to remodel their living space by themselves, pursuing good prices, product features, and product stability. Price is still the main consideration factor when buying hardware products, followed by product-related information. In addition, data shows that 92% of hardware repair users will search through the Internet to compare prices and products before buying. More than 30% of consumers will buy directly online, and nearly 50% of consumers will use the Internet to search and compare, and then go to the physical store to buy.

Where is the commercial potential of the hand tool market?

Hand tools are used in the construction, automotive, aerospace, construction, and DIY sectors for various applications including drilling, hammering, sawing, etc. The professional assembly or repair market is larger and the future potential is greater. Professionals use hand tools more frequently than DIY users, and have continuous demand, and are more likely to purchase value-added hand tools.

Due to the growing demand in various industrial sectors such as aerospace, defense, automotive, and other industries, metal cutting tools are expected to have the highest compound annual growth rate during the forecast period. Increasing investment in construction and infrastructure development activities is driving the demand for metal cutting tools.

Industrial applications will continue to account for the largest share of hand tool sales. In addition to being used in production processes in different manufacturing industries, hand tools are usually indispensable in maintenance and repair activities. The market is expected to continue to benefit from the expansion of the construction, automotive, and electronics industries. According to the report, during the forecast period, these industries are expected to account for more than 60% of the market. However, because these tools are manually operated, their operation is restricted, which may hinder the growth prospects of the market. Nevertheless, their application in machinery and vehicle maintenance will ensure stable sales during the forecast period. It is expected that the automotive and construction industries will be the driving force for the growth of the hand tools market.

The contribution of innovation is also quite high in the market, and the emergence of new designs is expected to increase the commercial potential of hand tools. This will help the manual tool market to show sustainable growth during the forecast period.

Published by Dec 15, 2021 Source :taiwantrade, Source :futuremarketinsights

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