Tools Market By Category (Hand Tools, Power Tools), By Distribution Channel (In-store, Online), By End User (DIY, Industrial and Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global tools market was valued at $91,834.3 million 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).
Competition AnalysisCompetitive 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 stakeholdersThe 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 SegmentsBy CategoryHand Tools
Types
Striking Tools
Garden Tools
Others
Power Tools
By Distribution ChannelIn-store
Online
By End UserDIY
Industrial and Commercial
By RegionNorth 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.
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