From 2013 to 2023, the sales of hand tools in non-store retailing in Canada have shown significant growth, rising from 50.64 million to 172.64 million Canadian Dollars, marking a robust increase over the decade. The period between 2014 and 2017 saw particularly strong year-on-year (YoY) growth, peaking in 2017 with a 32.35% rise.
The market faced a minor dip in 2018 with a 3.13% decrease, but it quickly rebounded in 2019 and 2020. From 2020 to 2023, the YoY growth rate stabilized, with 2023 experiencing a 4.01% increase. Recent five-year CAGR (2019-2023) stands at 4.58%, indicating a steady growth trajectory.
The forecast up to 2028 projects a slower but consistent growth, with a forecasted five-year CAGR of 2.58% and an overall growth rate of 13.6% from 2023 to 2028. This suggests a slight deceleration in growth compared to the previous decade.
Future trends to watch for include the impact of technological advancements on tool design and functionality, shifts in consumer purchasing behaviors towards more sustainable products, and the potential influence of economic factors such as inflation on consumer spending power.
