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US Hand Tools Market

US Hand Tools Market

  • July 2015
  • 206 pages
  • ID: 4121463
  • Format: PDF
  • By Freedonia

Summary

Table of Contents

Product design is well-established in hand tools. While there is some product innovation based on incremental improvements to product ergonomics or design, most trends in the industry are guided by a tendency toward more durable items, slimmer profiles (for tight spaces), and pieces that save space and are more efficient. Although these were initially designed to cater to the consumer market, they have become popular among both consumers and professionals due to their space-saving, lighter-weight efficiency.

Professional market offers potential

Of the two markets, the professional market is larger and presents more impressive potential going forward. Professionals utilize hand tools more frequently than consumers and are more likely to purchase value-added types due to their need for durability. Consumers are more likely to purchase based on price points due to their less frequent use of hand tools; exceptions are serious DIYers and hobbyists, who are more likely to invest in more expensive hand tools.

Construction expenditures to drive growth

In a continuation of recent trends, parts and attachments, handsaws, and miscellaneous hand tools (including multitools and precision measuring tools) will post the fastest demand gains among major hand tool categories through 2020. Increases in all three categories will be supported by ongoing strength in construction expenditures. The rising stock of hand tools, buoyed by the advances of the past five years, will promote sales of replacement parts and attachments.

Imports to play an important role

Trade plays a significant role in this market, with China, Taiwan, and Mexico the primary sources of lower-cost imports. Germany and Switzerland are also significant sources of US imports of hand tools that are associated with value-added brand names recognized for quality.

Study coverage

Hand Tools presents historical data (2005, 2010 and 2015) plus forecasts (2020 and 2025) for supply and demand by product (edge tools, hand service tools, handsaws, other hand tools, parts and attachments), market (professional, consumer) and channel of distribution (home centers, direct sales and distribution, e-commerce, other). The study also considers market environment factors, assesses industry structure, evaluates company market share and profiles US industry competitors.

Freedonia's market research studies provide timely access to reliable, unbiased analysis from which to benchmark performance and answer critical questions: Is your business growing faster or slower than the overall market? Is your organization gaining or losing market share? Which products and markets are the most desirable to explore for expansion? Are there industry trends or competitor activities that present a threat or opportunity to your business?

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