Published: Jan, 2018
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.
Transparency Market Research 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.
Factors Impeding the Sales 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.
Europe to Register Highest Sales of Household and DIY Hand Tools through 2026
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.
A regional analysis provided in the report reveals that European consumers will be actively adopting household & DIY hand tools. DIY approach continues to gain traction in several European countries. Consumers in these regions are finding it more feasible to use household & DIY hand tools as opposed to spending money on professional workmanship. The report estimates that Europe’s household & DIY hand tools market will be worth US$ 3 Bn by the end of the forecast period. North America is also expected to emerge as a lucrative market for household & DIY hand tools in the foreseeable future.
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