DUBLIN , Aug. 9, 2022 /PRNewswire/ -- The "U.S. Hand Tools Market - Industry Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
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 inevitable equipment in the tools industry even today amid the surge in competition with the power tools market. Despite the prominence of sophistication and technological impact, hand tools play a crucial role in every household and industrial activity. The consistent growth in the adoption of hand tools over the past few years owing to their performance and productivity signifies the niche probability of them being completely replaceable. The affordability, widespread presence, and proven efficiency ratio fuel the US hand tools demand. Rising home renovations and DIY activities are expected to surge the demand for hand tools in the United States .
Key Winning Imperatives in the U.S. Hand Tools Market
Home Depot, Lowes, and Amazon nearly account for 50% of U.S. hand tool sales.
The United States is the biggest importer of hand tools.
The US construction industry is expected to grow at a CAGR of 4.7% between 2021 and 2025. Hence, the demand for hand tools can be high in the construction sector.
With normalizing cases of COVID-19 in several countries, the opening of manufacturing and commercial activities resulted in a gradually increasing demand for hand tools.
MARKET DYNAMICS: KEY TRENDS, DRIVERS, AND RESTRAINTS
Rising Home Renovation and DIY Activities
In the US, most adults indulge in creative and purposeful leisure activities. Some consumers also invest in home improvement and maintenance activities based on their interests. In the US, consumers consider DIY activities a significant hobby. This has driven the growth in hand tools like chisels, hammers, and screwdrivers for domestic household activities, home improvement, repairs, woodwork, and gardening work.
Increasing Wind and Solar Energy Installations
Hand tools are one of the major components required to assemble and maintain solar units and wind turbine installations. The drive towards more carbon-free power generation means that wind turbine manufacturers, installers, and maintenance crews will witness an increasing workload and a growing need for hand tools and equipment.
Growing Demand from Construction Industry
The world is witnessing new developments and market trends in the construction industry. The global construction market is expected to grow to $15.21 trillion by 2030, where more than 55% of the growth is contributed by the US, China , and India . This, in turn, reflects the high growth potential for sales growth in these countries. The growing population, rising demand for public construction activities, and growing foreign investments in construction sectors are expected to fuel the development of the US hand tools during the forecast period.
The rise in Automation to Affect the Market
Conventional hand tools face the threat of being extensively replaced by power tools across geographies. This can be more prominent in developed economies. While the dominance of power tools has been more predominant in the recent past, the venture of cordless power tools has reshaped the face of the power tools industry. One of the most prominent growth enhancers for the cordless power tool segment is associated with the development of Li-ion batteries over the past decade.
Ningbo Great Wall Precision Industrial
Rising Home Renovation and Diy Activities
Increasing Wind & Solar Energy Installations
Growing Demand from Construction Industry
Automotive Industry Driving Market Growth
Tools Safety & Risk Exposure
Ningbo Great Wall Precision Industrial
For more information about this report visit https://www.researchandmarkets.com/r/6sx0g1
Research and Markets Laura Wood , Senior Manager press@researchandmarkets.com
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