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U.S. Hand Tools Market Report 2022-2027: Rising Home Improvement and DIY Activities and Rising Wind and Solar Energy Installations Drive Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The report “U.S. Hand Tools Market – Industry Outlook and Forecast 2022-2027” has been added to from ResearchAndMarkets.com offer.

The US Hand Tools Market is expected to grow at a CAGR of 3.59% during the forecast period 2022-2027

Hand tools are the most conventional and unavoidable equipment in the tool industry even today in the face of strong competition with the power tool market. Despite the importance of sophistication and technological impact, hand tools play a crucial role in every household and industrial activity. The steady growth in the adoption of hand tools over the past few years due to their performance and productivity means the likelihood that they are completely replaceable. Affordability, widespread presence and proven ratio of effectiveness are fueling the demand for hand tools in the United States. Rising home renovations and DIY activities are expected to increase the demand for hand tools in the United States.

Key Winning Imperatives in the U.S. Hand Tools Market

  • Home Depot, Lowes and Amazon account for nearly 50% of hand tool sales in the United States.

  • The United States is the largest importer of hand tools.

  • The construction industry in the United States is expected to grow at a CAGR of 4.7% between 2021 and 2025. As a result, the demand for hand tools may be high in the construction sector.

  • With the normalization of COVID-19 cases in several countries, the opening of manufacturing and trading activities has led to a gradual increase in the demand for hand tools.

MARKET DYNAMICS: KEY TRENDS, DRIVERS AND CONSTRAINTS

Increase in home improvement and DIY activities

In the United States, most adults engage in creative and purposeful leisure activities. Some consumers also invest in home renovation and maintenance activities based on their interests. In the United States, consumers consider DIY activities to be an important hobby. This has led to the growth of hand tools like chisels, hammers and screwdrivers for household activities, home improvement, repairs, woodworking and gardening.

Increase in wind and solar energy installations

Hand tools are one of the main components needed to assemble and maintain solar units and wind turbine installations. The trend towards carbon-free power generation means wind turbine manufacturers, installers and maintenance crews will witness an increasing workload and a growing need for hand tools and equipment.

Growing demand from the construction industry

The world is witnessing new developments and market trends in the construction industry. The global construction market is expected to reach $15.21 trillion by 2030, with more than 55% of growth coming from the United States, China and India. This, in turn, reflects the strong potential for sales growth in these countries. Rising population, increasing demand for public construction activities and growing foreign investment in construction sectors are expected to fuel the development of American hand tools during the forecast period.

The increase in automation to affect the market

Conventional hand tools are in danger of being largely replaced by power tools in all regions. This may be more important in developed economies. While the dominance of power tools has been more prevalent in the recent past, the adventure of cordless power tools has reshaped the face of the power tool industry. One of the most important growth drivers for the cordless power tools segment is associated with the development of Li-ion batteries over the past decade.

Main suppliers

  • Stanley Black & Decker

  • Techtronic Industries Company

  • snap-on

  • Apex Tool Group

  • Emerson

Other Important Suppliers

  • Robert Bosch GmbH

  • Klein Tools

  • JCBL India

  • Channel lock

  • Kennametal

  • IDEAL INDUSTRIES

  • leather man

  • Ningbo Great Wall Precision Industrial

  • PILANIN

  • Wurth

  • Tajima

  • PHOENIX CONTACT

  • Stylus

  • Vaughan Manufacturing

  • estwing

  • Lowell Company

  • bojo

  • Wiha

  • Daniels Manufacturing Company

  • Mac Tools

Market dynamics

Opportunities and market trends

  • Rising wooden construction

  • Rise in home improvement and DIY activities

  • Increase in wind and solar energy installations

Market Growth Drivers

  • Growing demand for fasteners

  • Growing demand from the construction industry

  • Automotive Industry Drives Market Growth

Market constraints

  • Increased automation

  • Slow economic growth in 2020

  • Political and commercial unrest

  • Tool safety and risk exposure

Main topics covered:

1 Research methodology

2 research objectives

3 Research process

4 Scope and coverage

5 Report assumptions and caveats

6 The market at a glance

7 premium previews

8 Presentation

9 Market opportunities and trends

10 Market Growth Catalysts

11 Market Constraints

12 Market landscape

13 Tool

14 general purpose tools

15 cutting tools

16 taps and dies

17 layout and measurement tools

18 End user

19 Industrial

20 Commercial

21 Residential

22 Region

23 South

24 West

25 Northeast

26 Midwest

27 Competitive landscape

28 key company profiles

29 other major suppliers

30 Report Summary

31 Quantitative summary

32 Appendix

Companies cited

  • Stanley Black & Decker

  • Techtronic Industries Company

  • snap-on

  • Apex Tool Group

  • Emerson

  • Robert Bosch GmbH

  • Klein Tools

  • JCBL India

  • Channel lock

  • Kennametal

  • IDEAL INDUSTRIES

  • leather man

  • Ningbo Great Wall Precision Industrial

  • PILANIN

  • Wurth

  • Tajima

  • PHOENIX CONTACT

  • Stylus

  • Vaughan Manufacturing

  • estwing

  • Lowell Company

  • bojo

  • Wiha

  • Daniels Manufacturing Company

  • Mac Tools

For more information about this report visit https://www.researchandmarkets.com/r/57kmju