Tools Market
Tools Market
Tools Market size was valued at $91.8 billion in 2022, and is projected to reach $153.2 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032
WILMINGTON, DELAWARE, UNITED STATES, April 18, 2024 /EINPresswire.com/ -- Tools Market by Category (Hand Tools, and Power Tools), Distribution Channel (In-Store, and Online), and End User (DIY, and Industrial & Commercial): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global tools industry generated $91.8 billion in 2022, and is anticipated to generate $153.2 billion by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.
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Prime determinants of growth
The tools market is primarily driven by various factors such as a rise in construction activities, a rise in small-scale industries involved in metal fabrication, a growth in demand for furniture and other wooden items, and a rise in DIY culture along with home renovation and improvement trends. However, fluctuations in raw material prices restrict market growth. Moreover, technological advancements in power tools present new opportunities in the coming years.
COVID-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global tools market, owing to the temporary closure of tools manufacturing firms during the lockdown.
Not only the production but also the sale of tools was hampered due to the closure of end users such as construction sites, and industrial firms, especially in the initial period of the pandemic.
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The power tools segment to maintain its leadership status throughout the forecast period
Based on category, the power tools segment held the highest market share in 2022, accounting for more than two-thirds of the global tools market revenue and is estimated to maintain its leadership status throughout the forecast period. Power tools are driven by external power sources such as electricity or compressed air, which enable an operator to give more output at a higher efficiency. On the other hand, the hand tools segment is projected to manifest the highest CAGR of 5.8% from 2023 to 2032, owing to its lower price, making it a primary choice for DIY individuals.
The in-store segment to maintain its leadership status throughout the forecast period
Based on the distribution channel, the in-store segment held the highest market share in 2022, accounting for nearly three-fourths of the global tools market, and is estimated to maintain its leadership status throughout the forecast period. Items purchased from a physical store can be properly inspected before buying; thus, customers can easily ensure the appropriate quality of the hand and power tools. In addition to this, the lead time from placing the order for tools and receiving them is effectively zero; thereby driving the growth of in-store segment. However, the online segment is projected to manifest the highest CAGR of 5.9% from 2023 to 2032. This is attributed to the availability of a large variety of tools along with a high volume of inventory. In addition, demand for large consignments can also be placed, which is not possible to buy from an offline store with a limited inventory.
The industrial & commercial segment to maintain its lead position during the forecast period
Based on end user, the industrial & commercial segment accounted for the largest share in 2022, contributing to more than two-thirds of the global tools market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the growing demand for tools from tool furniture industries, metal fabrication industries, the construction sector, and repair and renovation, among others. However, the DIY segment is expected to portray the largest CAGR of 5.9% from 2023 to 2032, owing to the increasing cost of repairs and maintenance of home fixtures such as pipes, sinks, doors, electric points, and others. Furthermore, repairing own home brings a sense of attachment to the home, which is also a major emotional attribute driving the DIY culture.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global tools market revenue. North America is witnessing a rapid rise in construction activities in the major cities. In addition, rise in home renovation activities, along with rise in DIY culture, are boosting the tools market growth in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.1% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is attributable to rapid economic growth, and population growth, in countries such as China, India, Vietnam, and Indonesia, which eventually is expected to drive demand in the construction sector.
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Leading Market Players: -
Makita Corporation, Armstrong tools Inc., Snap-on Incorporated, Koki Holdings Co. Ltd., Hilti Corporation, Falcon Garden Tools, Bully Tools, Husqvarna Group, Robert Bosch GmbH, Stanley Black and Decker Inc
The report provides a detailed analysis of these key players in the global tools market. These players have adopted different strategies such as new product launches, expansion, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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