LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global DIY tools market is expected to grow at a CAGR of more than 3% during the forecast period.
This research report titled ‘Global DIY Tools Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Growing home improvement, combined with a high number of renovation projects and confidence in home renovation industry is one of the major driving factors of the global DIY tools market. Since this market is highly fragmented, vendors have plenty of prospects to explore opportunities. Increasing job and wage growth, rising home sales and price appreciation are driving the demand for major DIY retailers.
Other key driving factors for the global DIY tools market are the increasing number of DIY stores with unique offerings, growth in new building construction and personal consumption expenditure aiding market growth, and popularity of DIY activities that is accelerating sales. These factors are together expected to drive the DIY tools market to be worth USD 13.9 billion by 2021.
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Based on product, the report categorizes the global DIY tools market into the following segments:
- Power tools
- Hand tools
- Decorating tools
Power tools
“Power tools offer more ease and convenience to DIYers for activities like screw driving, drilling, chiseling, routing, sanding, buffing, polishing, and leveling. Some of the commonly used power tools among DIYers are drilling machines, circular saws jack hammers, nail guns, wall chasers, and others. Key vendors in this market segment are Stanley Black and Decker, Bosch, and Techtronic Limited. This market segment is mainly driven by professionals seeking to streamline their DIY projects,” says Poonam Saini, one of the lead analysts at Technavio for retail goods and services research.
During the forecast period, an increase in the demand for more power and cordless tools, and technologically advanced tools made specifically for DIYers will contribute to the revenue of the power tools market. There is also a growing demand for smaller and more ergonomic tools in the market that are more powerful than traditional power tools. Electric power tools dominate the market, followed by pneumatic power tools, and engine-driven power tools. This segment is forecast to continue its market dominance through the forecast period.
Hand tools
Hand tools do not require any power source and involve manual labor to function. Some of the most popularly used hand tools are hammers, garden forks, rakes, spanners, screwdrivers, pliers, and wrenches. The major driver for this segment is expected to be the demand generated from the growing home improvement market. Some of the key vendors catering to the customers in this segment are Actuant, Stanley Black and Decker, Bosch, and Techtronic.
Region wise, North America and Western Europe are the market leaders, contributing to most of the market revenue. In APAC, India and China bring in the highest demand for DIY tools like rulers, squares, and dividers. Globally, general purpose hand tools like hammers and pliers are the most demanded products, followed by metal cutting tools like hacksaws and bolt cutters. As these products are durable, any new demand for products from this segment will originate from new innovative products that have ergonomic designs and have multiple utilities.
Decorating tools
“Decorating tools form a niche, but important segment of the global DIY tools market. It includes products like wallpaper scrapers and paintbrushes. In Europe, people view painting their homes and decorating it as a bonding activity, which creates a high demand for products from this segment. Since these tools are low-cost and require frequent replacements, there is a continuous demand for them,” says Poonam.
The increasing home ownerships worldwide will have a positive impact on the market, as it is believed that homeowners are more likely to spend on home improvement and remodeling than people living in rented houses. This creates a direct link between increasing home ownerships and growth in the decorating tools segment. Additionally, the increasing disposable income across various demographics will also play a major role in driving this market segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Makita
- Robert Bosch
- Stanley Black & Decker
- Techtronic
Browse Related Reports:
- Ready to Assemble Furniture Market in Europe 2016-2020
- DIY Market in Europe 2016-2020
- Power Tools Market in Europe 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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