Global Household & DIY Hand Tools Market anticipated to be valued in excess of US$ 12 Bn by 2027

Albany, USA, 2019-May-03 — /EPR Network/ —An insightful study, titled “Household & DIY Hand Tools Market” has been freshly broadcasted to the vast research repository of Market Research Reports Search Engine (MRRSE). This research study provides detailed comprehensions and forecasts future growth of the global market with an in-depth study of the factors impacting revenue growth throughout the mentioned forecast period. Further, a deep analysis on the major players from diverse regions is also present in the report.

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Individuals from different cultures are becoming more inclined towards the Do-It-Yourself (DIY) approach. The essence of undependability continues to drive consumers towards adoption of DIY tools for execute common household fixtures and repairs. A range of household & DIY hand tools are available in the market, and consumers with negligible skills in craftsmanship can buy them at affordable prices. While a low price advantage continues to drive the demand for household & DIY hand tools, manufacturers are focusing on improving the functionalities of these tools to capture multiple applications. A trend of developing multi-purpose tools continues to influence the global manufacturing landscape of household & DIY hand tools, which witnesses the active participation of companies, namely Akar Tools Ltd., Apex Tools Group, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Klein Tools, Snap-On, Stanley Black Decker, and Wera Tools.

MRRSE observes these companies as key players of the global market for household & DIY hand tools. In its recent report, the global household & DIY hand tools market is assessed to witness a moderate expansion during the forecast period 2017-2026. While these manufacturers will continue to cater to the rising demands, the global household & DIY hand tools market will witness a modest value growth at 4% CAGR during the forecast period. The report also forecasts that by the end of 2026, more than US$ 9.1 Bn worth of household & DIY hand tools will be sold across the globe. The report has also addressed key factors impacting the adoption and manufacturing of household & DIY hand tools.

Competing with the market penetration of affordable household & DIY hand tools was dubbed to be challenging for other range of products. However, changing consumer preferences and increasing complexities in the trade of household & DIY hand tools has altered their potential for exhibiting a promising future.

  • Increasing use of power tools and DIY power tools is being observed as the key impediment for the adoption of household & DIY hand tools. Power tools continue to be expensive than hand tools, but the ease of usability diminishes the significance of this price gap.
  • Leading manufacturers of household & DIY hand tools are finding it challenging to cope up with the low profit margins as these tools continue to be sold at cheap prices. Growing volatility in costs of procuring raw materials such as metals, allows and pre-manufactured components extends the distress of market players.
  • A few regional regulatory authorities consider household & DIY hand tools as unsafe for domestic use. Moreover, standards on manufacturing and application of household & DIY hand tools are not harmonized. Consumers are gradually shifting from the DIY approach to hiring professionals for avoiding instances of imperfect workmanship arising from executing the labor by themselves.

Key findings from the report reveal that general purpose tools will be the top-selling products in the global household & DIY hand tools market throughout the forecast period. The report also reveals that sales of DIY kits containing taps and dies accounted for over US$ 1 Bn in global revenues by the end of 2017. A majority of household & DIY hand tools sales will be concentrated in the retail channels. However, online sales of household & DIY hand tools are expected to register fastest revenue growth at an estimated 4.5% CAGR during the forecast period.

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An executive summary at the beginning of the report abridges the key highlights from the overall research findings. Leading segments and the lucrativeness index is revealed in the executive summary. An overview of the global household & DIY hand tools market is provided in a distinct chapter. This section of the report gauges the changing landscapes of the industrial equipment and automation industry, and showcases the connection of industry trends and household & DIY hand tool market undercurrents.

Factors that can transform the global household & DIY hand tools landscape have been analyzed in the following chapters. The report has categorized the drivers for adoption of household & DIY hand tools and the key manufacturing restraints. Qualitative analysis of these factors reveals information which has been in the hindsight of market players. Pricing, cost structure, supply chain and raw material procurement strategies have been analyzed in the report.

Key sections of the report provide segmental analysis on the expansion of global household & DIY hand tools market. Product-type, sales channel, and region as the primary segmentations analyzed in the report. The overall household & DIY hand tools market taxonomy has been illustrated below.

The key advantage of availing MRRSE’s exclusive market study on the global household & DIY hand tools market is to assess valuable information on competitors. Market participants can follow the inferences provided in the report to understand the latest undertakings of their rivals. Each player in the global household & DIY hand tools market has been profiled on the basis of their current market standings. Strategic developments of the household & DIY hand tools market players have been revealed in an unbiased manner, and this information can influence the next steps of companies towards future market direction.

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