CLEVELAND, Sept. 17, 2018 /PRNewswire/ -- US demand for hand tools is projected to rise 1.4% annually to $5.7 billion in 2022. Growth will be sustained by rising homeownership rates among millennials and women, who represent new sales opportunities for hand tool manufacturers, as well as a growing interest in DIY activities among consumers. However, US-imposed duties on imports of foreign steel and aluminum, as well as other products, will limit gains. These and other trends are presented in Hand Tools in the US, 17th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/hand-tools-3653.htm
While e-commerce represents the fastest-growing distribution channel for hand tools, home centers are expected to overtake direct sales/distributors as the leading sales channel by 2022. Due to the convenience and wide product selection available online, both professional and consumer tool users are increasingly turning to e-commerce for their hand tool needs. As a result, more professional hand tool sales will be made through e-commerce platforms, which will correspond with gains for home centers and declines for direct sales and distributors through the forecast period.
Hand saws to see the fastest growth, while hand service tools will remain the largest product segment. Continued strength in building construction and healthy increases in home improvements will support hand tool demand across all segments, particularly hand saws, which is expected to be the fastest growing product segment through 2022. Dollar gains in all product categories will be supported by increased demand for value-added features that improve durability, ease-of-use, and ergonomics.
Related studies include:
#3663 Tool Storage & Organization in the US (September 2018)
#3628 Power Tools in the US, 17th Edition (June 2018)
#3581 Lawn & Garden Hand Tools & Wheeled Implements in the US (April 2018)
#3519 Global Power Tools Market, 9th Edition (May 2017)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Consumer Goods studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group