The US hand tools market is estimated to exhibit a CAGR of 2.2% during the forecast period. The DIY and home improvement market in the country is significant and is expected to witness slow and steady growth due to the penetration of e-commerce websites, availability of large DIY stores in the country, increased household spending, and rising labor costs. However, the rising adoption of cordless power tools like jigsaws, heat guns, dust extractors, and fastening tools might hamper the growth of hand tools during the forecast period.
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Owing to the growing economic development, public and private construction sites have risen in recent years. The construction industry in the US is expected to revive post-2021 following the global COVID-19 pandemic and its aftereffects. The construction industry in the US is also expected to reach over $1.4 trillion by the end of 2024, which can substantially support the growth of hand tools as well. Due to the increased number of flooring and roofs in the country, construction professionals greatly rely on tools like hammers, drivers, and saws which supports them in welding roofing materials and install flooring.
Market Coverage
- Market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- by Tool Type and End-user
- Country Covered- US
- Competitive Landscape- Apex Tool Group, LLC; Channellock, Inc.; Emerson Electric Co.; Snap-on, Inc.; and Stanley Black & Decker, Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in base year?
- Which segment will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region/segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
US Hand Tools Market Report Segment
By Tool Type
- General Purpose Tools
- Cutting Tools
- Layout and Measuring Tools
- Taps and Dies
By End-User
- Commercial
- Industrial
- Residential
A full report of US Hand Tools Market is available at: https://www.omrglobal.com/industry-reports/us-hand-tools-market
