Hand tool sales on the rise
Demand in the United States for hand tools is projected to increase 1.4% annually to $5.7 billion in 2022, according to a new report by the Freedonia Group.
The Cleveland, Ohio-based research firm points to rising home ownership among millennials and women as a driver of growth while representing new sales opportunities for hand tool manufacturers. Freedonia also said growing interest in DIY activities among consumers will boost sales.
But gains could be limited due to U.S.-imposed duties on imports of foreign steel and aluminum.
Although e-commerce is the fastest-growing distribution channel for hand tools, Freedonia says home centers are expected to overtake direct sales/distributors as the leading sales channels 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.
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.
The Cleveland, Ohio-based research firm points to rising home ownership among millennials and women as a driver of growth while representing new sales opportunities for hand tool manufacturers. Freedonia also said growing interest in DIY activities among consumers will boost sales.
But gains could be limited due to U.S.-imposed duties on imports of foreign steel and aluminum.
Although e-commerce is the fastest-growing distribution channel for hand tools, Freedonia says home centers are expected to overtake direct sales/distributors as the leading sales channels 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.
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.