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

PORTLAND, UNITED STATES, August 10, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Tools Market," The tools market size 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.

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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.

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, fluctuating cost of raw materials used for making tools is expected to have a negative impact on market growth.

Tools include a wide range of instruments utilized for various purposes ranging from manual tasks to powered operations, and are categorized into hand tools, and power tools. Hand tools are manually operated tools; held, powered, and controlled by an operator. Power tools, on the other hand, rely on external sources such as electricity, or compressed air, providing increased speed, efficiency, and precision for tasks that demand greater force and automation. Collectively these tools enable individuals to perform a broad spectrum of functions, including, wood working, construction, repairs, and maintenance.

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Out of the two commonly found types of tools, that are hand tools and power tools, the power tools accounted for a higher tools market share in 2022, owing to their greater efficiency and productivity. On the other hand, hand tools are anticipated to grow with a higher CAGR during the forecast period. Furthermore, these tools can be bought from online stores and from the offline retail store, termed in-store. Out of these two, the in-store segment generated a large revenue share in 2022, as compared to the online segment. This is mainly attributed to the easy availability and quick fulfillment of the buying order in an offline store. However, the rise in e-commerce industry and the quick delivery of the products that are expected in the coming years are estimated to be the major reasons for its high CAGR. Moreover, the two primary end user segments analyzed are DIY and industrial & commercial. Between these two, the industrial & commercial segment is estimated to have held a large share of the market in 2022, in terms of revenue. However, the DIY segment is expected to dominate the tools market forecast.

Furthermore, the primary drivers of the tools market are the rise in population and increase in disposable income of people, eventually driving the construction sector, which is a major user of hand and power tools. For instance, according to the United Nations, the global population will increase substantially, and is estimated to increase to 9.7 billion by 2050, from 8 billion in 2023. This will lead to the overcrowding of the cities in the world, which will require new buildings to be constructed and will also increase the built-up area. In addition, the rise in home improvement activities is also driving the tools market growth. However, the fluctuating cost of raw materials used for manufacturing tools is a major restraining factor for the market. Contrarily, the incorporation of the latest technological developments in the tools such as the adoption of IoT, AI, and enhanced monitoring components are expected to provide lucrative opportunities for the expansion of key players.

North America dominated the global tools market, in terms of revenue. The demand for technically advanced tools, especially power tools is high, owing to the high disposable income of people in the country. In addition, various infrastructure development initiatives, such as those specified in the U.S. Bipartisan Law, including infrastructural development in the country, are propelling the tools market. Furthermore, as the cost of professional home remodeling services is on the rise, the DIY culture in the region is rapidly developing. A majority of individuals involved in DIY culture utilize lightweight and safe power and hand tools; generating demand for the tools industry. On the other hand, Asia-Pacific is anticipated to witness growth at the highest CAGR, owing to increased investments in the construction of buildings in countries such as India, China, Indonesia, Vietnam, and Singapore. In addition, India and China are well-established countries that produce a significantly large number of hand tools in the region. For instance, according to the data from the Ministry of Commerce Export Import Data Bank of India, the export of hand tools from India has increased by 9.2% between 2017 and 2021.

However, various businesses in the tools market are experiencing difficulties in day-to-day operations owing to rising inflation worldwide, especially in developing countries and in Europe. The inflation, which is primarily driven by the Ukraine and Russia war has led to higher prices of various raw materials used in the industry including metal and has also led to fluctuations in the energy cost.

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Key findings of the study

The report provides an extensive analysis of the current and emerging tools market trends and dynamics.

Depending on the category, the power tools segment dominated the tools market, in terms of revenue

Depending on the distribution channel, the in-store segment dominated the tools market, in terms of revenue

David Correa
Allied Analytics LLP
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