Chicago, July 12, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, 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 world's largest automotive markets. The rising demand for automobiles creates promising opportunities for vendors in the US hand tool market. Furthermore, as competition intensifies among several OEMs in developing economies, vendors have pushed themselves toward product differentiation. These developments in the automotive sector will drive the consumption of hand tools in the region.
One of the fastest-growing technologies for green energy is wind power. Most Americans continue to support expanding solar panel farms and wind turbine farms. The demand for electricity generated by harnessing wind is on the rise, partly because of the decreasing prices of wind turbine installations. Thus, investments in wind power installations are expected to boost the demand for hand tools.
U.S. Hand Tools Market Report Scope
| REPORT ATTRIBUTES | DETAILS | |
| MARKET SIZE (2027) | $6.35 Billion | |
| MARKET SIZE (2021) | $5.25 Billion | |
| CAGR (2022-2027) | 3.59% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| REGIONS | US (South, West, Northeast, and Midwest) | |
| KEY VENDORS | Stanley Black & Decker, Techtronic Industries Company, Snap-on, Apex Tool Group (ATG), and Emerson | |
Click Here to Download the Free Sample Report
Key Insights
- South region dominates the US hand tools market and accounts for 31.6% of the total share. By 2027, revenue in the region is projected to increase at a CAGR of 4.04%.
- Western U.S. region is the second-largest market for US hand tools market, with a market share of 27.77% and is expected to generate an incremental revenue of $0.37 billion.
- General purpose tools accounted for the highest revenue. The segment is expected to generate $0.81 billion additional revenue, which is expected to grow at a CAGR of 3.5% to $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 midwestern region accounted for the smallest market for US hand tools, growing at a CAGR of 3.28% during the forecast period.
- The rising construction, production of automobiles, and manufacture of household appliances are the major factors that are expected to boost the demand for US hand tools.
Impact of Increasing Wind & Solar Energy Installations
One of the fastest-growing technologies for green energy is wind power. Most Americans continue to support expanding solar panel and wind turbine farms. The demand for electricity generated by harnessing wind is on the rise, partly because of the decreasing prices of wind turbine installations. The requirement of a mandatory power source for corded tools also adds to the growth and demand for cordless hand tools. Hand tools are one of the major components required for the assembly and maintenance of solar units and wind turbine installations. The drive toward 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.
What are the Strategies Adopted by the Vendors to Cop-Up the Competitive Market?
The US hand tools market is characterized by low market concentration and high competition among the major players. The present scenario is driving vendors to alter and refine their unique value propositions to achieve a strong market presence. The market is characterized by the presence of diversified global and regional vendors. As international players increase their footprint in the market, regional vendors are likely to find it increasingly difficult to compete with these global players.
Brands like Stanley Black & Decker are recognized 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 rise of DIY culture and the demand for more user-friendly tools. Consequently, cutters, pliers, and fastening tools from TTI and Stanley Black & Decker are being designed for DIY enthusiasts.
Key Vendors
- Stanley Black & Decker
- Techtronic Industries Company
- Snap-on
- Apex Tool Group
- Emerson
Other Prominent Vendors
- Robert Bosch GmbH
- Klein Tools
- JCBL India
- Channellock
- Kennametal
- IDEAL INDUSTRIES
- Leatherman
- Ningbo Great Wall Precision Industrial
- PILANINA
- Wurth
- Tajima
- PHOENIX CONTACT
- Stiletto
- Vaughan Manufacturing
- Estwing
- Lowell Corporation
- Bojo
- Wiha
- Daniels Manufacturing Company
- Mac Tools
Market Segmentation
Tool Type
- General Purpose Tools
- Pilers
- Wrenches
- Screwdrivers & Nutdrivers
- Hammers
- Wrecking Bars
- Riveters
- Clamps & Vises
- Rachets & Sockets
- Cutting Tools
- Saws
- Chisel & Files
- Knives & Blades
- Cable & Wire Cutting Tools
- Taps & Dies and Layout & Measuring Tools
End-User
- Industrial
- Construction
- Automotive
- Aerospace
- Electronics
- Energy
- Shipbuilding
- Others
- Commercial
- Residential
Geography
- US
- South
- West
- Northeast
- Midwest
Explore our garden tools market profile to know more about the industry.
Click Here to Download the Free Sample Report
Read some of the top-selling reports:
- Hand Tools Market - Global Outlook & Forecast 2022-2027
- Garden Hand Tools Market - Global Outlook & Forecast 2021-2026
- U.S. Cordless Power Tools Market - Industry Outlook & Forecast 2021-2026
- Machine Tools Market - Global Outlook and Forecast 2021-2026
About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Call: +1-312-235-2040
+1 302 469 0707
