The global tools market was valued at $91.83 Billion in 2022 and is projected to reach $1,53,186.6 million by 2032, registering a CAGR of 5.2% from 2023 to 2032. Tools Include a wide variety of manually and externally powered tools known as hand tools and power tools respectively. Hand tools are manually operated, while powered tools are powered by electricity or compressed air. These tools are used for cutting, grasping, and drilling, and also Include sculpting metal, wood, or others in carpentry, repair and reconstruction, and maintenance applications, among others.
The tools market is witnessing an Increased demand owing to a rise in construction activities, driven by the rise in population, and urbanization. Moreover, with the rise in disposable Income of people across the world, demand for home renovation & improvement has also Increased. For instance, according to data from the U.S. Census Bureau, around 59% houses were renovated between 2019 and 2021, and the total average spending on home renovation during this period by a U.S. citizen was $5,000, which is a significant rise from $4,400 spent during 2017-2019. The construction, and home renovation & improvement sectors are among the major users of tools, utilizing them for cutting, drilling, sawing, hammering, shaping, and others. Thus, their growth is expected to have a positive impact on the tools market. Additionally, the rise in DIY culture among homeowners for home renovation, especially in developed nations is also a major driver for the tools market. However, the fluctuating cost of raw materials used for making tools is expected to have a negative impact on market growth.
Furthermore, due to rising inflation mainly driven by Ukraine -Russia war, the price of oil & gas, as well the price of raw materials are experiencing Increased volatility across the world. This has led to slow paced growth of the tools market and its related industries.
The tools market is segmented on the basis of category, distribution channel, end-user, and region. By category, the market is bifurcated into indoor hand tools, and power tools. Furthermore, the hand tools segment is further categorized into striking tools, garden tools, and others. Depending upon the distribution channel, the market is categorized into in-store and online. On the basis of end user, it is divided into DIY (Do it Yourself), and industrial & commercial. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The tools market is witnessing an Increased demand owing to a rise in construction activities, driven by the rise in population, and urbanization. Moreover, with the rise in disposable Income of people across the world, demand for home renovation & improvement has also Increased. For instance, according to data from the U.S. Census Bureau, around 59% houses were renovated between 2019 and 2021, and the total average spending on home renovation during this period by a U.S. citizen was $5,000, which is a significant rise from $4,400 spent during 2017-2019. The construction, and home renovation & improvement sectors are among the major users of tools, utilizing them for cutting, drilling, sawing, hammering, shaping, and others. Thus, their growth is expected to have a positive impact on the tools market. Additionally, the rise in DIY culture among homeowners for home renovation, especially in developed nations is also a major driver for the tools market. However, the fluctuating cost of raw materials used for making tools is expected to have a negative impact on market growth.
Furthermore, due to rising inflation mainly driven by Ukraine -Russia war, the price of oil & gas, as well the price of raw materials are experiencing Increased volatility across the world. This has led to slow paced growth of the tools market and its related industries.
The tools market is segmented on the basis of category, distribution channel, end-user, and region. By category, the market is bifurcated into indoor hand tools, and power tools. Furthermore, the hand tools segment is further categorized into striking tools, garden tools, and others. Depending upon the distribution channel, the market is categorized into in-store and online. On the basis of end user, it is divided into DIY (Do it Yourself), and industrial & commercial. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition Analysis
Competitive analysis and profiles of the major players in the tools market are provided in the report. Major companies in the report Include, Makita Corporation, Armstrong Tools Inc., Snap-on Incorporated, Koki Holdings Co. Ltd., Hilti Corporation, Falcon Garden Tools, Bully Tools, Husqvarna Group, Robert Bosch GmbH, and Stanley Black and Decker Inc.Key benefits for stakeholders
- The report provides an extensive analysis of the current and emerging tools market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
- Extensive analysis of the tools market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
- The global tools market forecast analysis from 2023 to 2032 is Included in the report.
Key Market Players
within the tools market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the tools industry.Key Market Segments
By Category
- Hand Tools
- Types
- Striking Tools
- Garden Tools
- Others
- Power Tools
By Distribution Channel
- In-store
- Online
By End User
- DIY
- Industrial and Commercial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Makita Corporation
- Robert Bosch GmbH.
- Hilti Corporation
- Husqvarna AB
- Snap-on Incorported
- Bully Tools
- Armstrong Tools Inc
- Falcon Garden Tools Ltd.
- Stanley Black and Decker Inc.
- KOKI HOLDINGS Co., Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TOOLS MARKET, BY CATEGORY
CHAPTER 5: TOOLS MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: TOOLS MARKET, BY END USER
CHAPTER 7: TOOLS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Tools Market,' The tools market was valued at $91.8 billion in 2022, and is estimated to reach $153.2 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032. Tools are manually powered hand tools, or externally powered tools, driven by electricity or compressed air. Hand-held tools include hammers, chisels, pliers, flies, and various others including hand-held garden tools. Moreover, power tools include saws, drills, jackhammers, nail guns, and others. Tools are widely used in the construction sector, and industrial sectors, however, their application is not just limited to these industries.Key factors driving the growth of the tools market include rise in the number of new buildings, rise in the number of small-scale industries, and rise in trend of home and building renovation. Industries, especially the MSME (Micro, Small, and Medium Enterprises) such as metal fabricating facilities, automobile maintenance and repair garages, furniture manufacturers, and others make significant use of electrically or manually operated power tools, hand tools, and other tools. These tools are used for drilling holes, cutting and shaping metals and other objects, polishing an object piece, and for various other activities. In addition, small scale industries have limited capital; therefore, they are unable to invest heavily on automated processes. Thus, they employ handheld tools and semi-automated machines in the manufacturing process. Industrial growth is crucial for the overall development of any country; it helps in significantly increasing the GDP and providing job opportunities to the population, eventually providing stability to the country. Thus, governments, especially of developing countries, provide monetary and non-monetary support to support domestic small-scale industries. Thus, factors that can help the growth of small-scale industries are expected to further drive the demand for tools that are indistinguishable components of any industry; thereby, helping in the global tools market growth.
Advancements in technology play an important role in the growth of any industrial sector, including construction, manufacturing, oil & gas, food & beverages, power and hand tools, and others. Technologies such as Artificial Intelligence (AI), Internet of Things (IoT), cloud connectivity, and others are also being incorporated in power tools. Moreover, the companies that innovate their products with newer technologies also ensure their strong position in the competitive market. For instance, Milwaukee Tool, a major construction power tools manufacturer, offers tools having sensors, software, and AI modes, allowing those tools to be efficiently controlled and monitored using smartphone app. In addition, the same company opened a new technology innovation center in Chicago to attract engineering talent. This new center will primarily focus on the development of innovative and technologically advanced tools. Similarly, Bosch Power Tools launched technologically enhanced tools that leverage digital platforms to enable its users to easily get proper information about its products and solutions. Furthermore, in 2021, Hilti unveiled its Nuron battery technology, which allows for an effective and productive use of battery. All such advancements in power tools technology are expected to provide lucrative growth opportunities to the key innovators in the market.
The tools market is segmented on the basis of category, distribution channel, end-user, and region. By category, the market is bifurcated into indoor hand tools, and power tools. Furthermore, the hand tools segment is further categorized into striking tools, garden tools, and others. Depending upon the distribution channel, the market is categorized into in-store and online. On the basis of end user, it is divided into DIY (Do it Yourself), and industrial & commercial. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major players in the tools market are provided in the report. Major companies in the report include, Makita Corporation, Armstrong Tools Inc., Snap-on Incorporated, Koki Holdings Co. Ltd., Hilti Corporation, Falcon Garden Tools, Bully Tools, Husqvarna Group, Robert Bosch GmbH, and Stanley Black and Decker Inc,. Major players in order to remain competitive adopted product launch, acquisition, and expansion as their developmental strategies. For instance, in December 2020, Hilti Corporation launched a new TE 70-ATC/AVR, a powerful SDS-Max combination hammer in rotary and combination hammer tool portfolio. The new hammer can drill 40% faster into concrete than its predecessors.
Key Market Insights
- By category, the power tools segment was the highest revenue contributor to the market and is estimated to reach $1,05,691.8 million by 2032, with a CAGR of 5.0%.
- By distribution channel, the in-store segment dominated the global market. However, the online segment is expected to be the fastest-growing segment with a CAGR of 5.9% during the forecast period.
- Based on end-user, the industrial & commercial segment was the highest revenue contributor to the market, which is expected to grow at a CAGR of 4.9% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2022, and the Asia-Pacific is anticipated to grow at the highest CAGR of 7.1% during the forecast period.
Companies Mentioned
- Makita Corporation
- Robert Bosch GmbH.
- Hilti Corporation
- Husqvarna AB
- Snap-on Incorported
- Bully Tools
- Armstrong Tools Inc
- Falcon Garden Tools Ltd.
- Stanley Black and Decker Inc.
- KOKI HOLDINGS Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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