Chicago, July 12 2022 (GLOBE NEWSWIRE) — According to the latest research report from Arizton, the U.S. hand tools market is expected to grow at a CAGR of 3.59% during the forecast period. The United States has one of the largest automotive markets in the world. The growing demand for automobiles is creating promising opportunities for vendors in the US hand tools market. Additionally, as competition intensifies between multiple OEMs in developing economies, vendors have pushed towards product differentiation. These developments in the automotive sector will drive the consumption of hand tools in the region.
Wind energy is one of the fastest growing green energy technologies. Most Americans continue to support the expansion of solar panel farms and wind farms. The demand for electricity generated by the exploitation of the wind is on the rise, partly due to the fall in the prices of wind installations. Thus, investments in wind power plants are expected to boost the demand for hand tools.
Scope of the U.S. Hand Tools Market Report
|MARKET SIZE (2027)||$6.35 billion|
|MARKET SIZE (2021)||$5.25 billion|
|YEAR OF REFERENCE||2021|
|REGIONS||United States (South, West, Northeast and Midwest)|
|KEY SUPPLIERS||Stanley Black & Decker, Techtronic Industries Company, Snap-on, Apex Tool Group (ATG) and Emerson|
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- The southern region dominates the US hand tool market and accounts for 31.6% of the total share. By 2027, revenue in the region is expected to grow at a CAGR of 4.04%.
- The Western US region is the second largest market for the US hand tool market, with a market share of 27.77% and is expected to generate additional revenue of $0.37 billion.
- General-purpose tools accounted for the highest revenue. The segment is expected to generate $0.81 billion in additional revenue, which is expected to grow at a CAGR of 3.5% to reach $4.27 billion by 2027.
- The industrial end-user segment contributed 70.6% of the total market revenue, while the construction industry accounted for $968.8 million, followed by the automotive industry at $866.94 million in 2021 .
- The Midwest region accounted for the smallest market for US hand tools, growing at a CAGR of 3.28% during the forecast period.
- Growing construction, automobile production and appliance manufacturing are the major factors that are expected to drive the demand for US hand tools.
Impact of increasing wind and solar energy installations
Wind energy is one of the fastest growing green energy technologies. Most Americans continue to support the expansion of solar panel and wind farms. The demand for electricity generated by the exploitation of the wind is on the rise, partly due to the fall in the prices of wind installations. Mandatory power source requirement for corded tools is also adding to the growth and demand for cordless hand tools. Hand tools are one of the main components necessary for the assembly and maintenance of solar units and wind turbine installations. The trend towards carbon-free power generation means wind turbine manufacturers, installers and maintenance crews will witness an increasing workload and a growing need for hand tools and equipment.
What are the strategies adopted by the sellers to repress the competitive market?
The US hand tools market is characterized by low market concentration and high competition among major players. The current scenario pushes vendors to modify and refine their unique value propositions to achieve strong market presence. The market is characterized by the presence of diverse global and regional vendors. As international players increase their footprint in the market, regional vendors will likely find it increasingly difficult to compete with these global players.
Brands like Stanley Black & Decker are known for their industry-leading fastening solutions. The company acquired Consolidated Aerospace Manufacturing LLC (CAM), enabling better support for aerospace consumers. These hand tools, fasteners, and accessories are used in aviation, aerospace, and spacecraft, making them one of the most dominant players in the industry. Vendors are customizing their tools for home improvement activities in response to the booming DIY culture and demand for more user-friendly tools. Therefore, cutters, pliers and fastening tools from TTI and Stanley Black & Decker are designed for the do-it-yourselfer.
- Stanley Black & Decker
- Techtronic Industries Company
- Apex Tool Group
Other Important Suppliers
- Robert Bosch GmbH
- Klein Tools
- JCBL India
- Channel lock
- IDEAL INDUSTRIES
- leather man
- Ningbo Great Wall Precision Industrial
- PHOENIX CONTACT
- Vaughan Manufacturing
- Lowell Company
- Daniels Manufacturing Company
- Mac tools
- General purpose tools
- Screwdrivers and Screwdrivers
- wrecking bars
- Pliers and vices
- Ratchets and sockets
- cutting tools
- Chisel and files
- Knives and blades
- Cable and wire cutting tools
- Taps and dies and layout and measuring tools
Explore our garden tools market profile to learn more about the industry.
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