Global Hand Tools Market 2018-2022 | 4% CAGR Projection Through 2022 | Technavio
LONDON--(BUSINESS WIRE)--Jan 13, 2020--
The global hand tools market is expected to post a CAGR of around 4% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global hand tools market 2018-2022. (Graphic: Business Wire)
The high cost of labor in developed countries is compelling consumers to carry out small repair work by themselves using DIY kits. The popularity of DIY kits is also increasing in developing countries due to the growing shortage of skilled labor in many urban cities. In addition, the rising need for personalization is driving many consumers to design and build their own furniture instead of purchasing ready-made ones. To capitalize on this trend, DIY kits manufacturers are increasing their marketing efforts to sell their products on online websites. With the easy availability of DIY kits and training materials from online portals and online videos, the involvement of consumers in DIY activities is bound to increase significantly during the forecast period. This will positively influence the growth of the global hand tools market.
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As per Technavio, strategic alliances among vendors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Hand Tools Market: Strategic Alliances Among Vendors
The market is witnessing a significant rise in the number of strategic alliances among vendors. Vendors are adopting such inorganic growth strategies to diversify their product portfolios and gain a competitive advantage in the market. For instance, Stanley Black & Decker acquired Newell Tools in 2017. The acquisition helped the company add brands such as IRWIN Tools and LENOX under its umbrella, thereby increasing its market value. Such strategic alliances are expected to boost market growth during the forecast period.
“Increasing innovations and rising availability of hand tools through e-commerce platforms will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Hand Tools Market: Segmentation Analysis
This market report segments the global hand tools market by type of application (general purpose, metal cutting, and others), end-users (industrial and household), and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2017, followed by EMEA and APAC respectively. During the forecast period, the Americas region is expected to maintain its dominance over the market. The growing DIY culture in the advanced economies such as the US is expected to boost the demand for woodworking hand tools in the upcoming years.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: RETAIL HOME GOODS
SOURCE: Technavio Research
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PUB: 01/13/2020 12:00 PM/DISC: 01/13/2020 12:01 PM