The global DIY tools market was valued at more than USD 12 billion in 2017 and is expected to reach USD 14 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global DIY tools market, under its retail goods and services portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Makita, Robert Bosch, Stanley Black & Decker, and Techtronic.
According to Poonam Saini, a lead analyst for retail goods and services research at Technavio, “Home enhancement is a top priority for most people, and their demand for home improvement increases as their living standards improve. As a result, major DIY tool manufacturers are expanding their presence globally to meet the ever-increasing home improvement needs of the diverse population.”
The global market for home improvement market is highly fragmented, and hence creates enormous opportunities for the manufacturers to explore the market opportunities. In the US, in 2015, over 50% of the adults were engaged in some home improvement activity such as painting, landscaping, or remodeling of kitchens and bathrooms, and 60% of these adults spent more than over USD 1,100 on home improvement. Increasing job and wage growth, rising home sales and price appreciation are driving the demand for major DIY retailers.
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Focus on customization and ergonomic design leading to better functionality
Vendors in the global DIY tools market are increasingly leveraging customization as a means to gain market shares and strengthen their foothold in the highly competitive market. For instance, Excelta, a leading supplier of hand tools, offers custom-designed hand tools for DIY or other professional applications. At its custom design facility, tools are customized to suit diverse customer needs.
Rise of multi-purpose tools and kits
Vendors in the market are now offering tool kits that contain different power and hand tools and accessories that can be used for different DIY activities. Such tool kits not only save storage space but can also be easily moved from one place to another, and can be used in multiple ways. Stanley 84-519K 12-in-1 multi-tool from Stanley Black & Decker is one such multi-tool that can be used as a long nose plier, small knife, wire cutter, saw, screwdriver, and a curve jaw plier.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global DIY Tools Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Ready to assemble furniture market in Europe 2016-2020
- Power tools market in Europe 2015-2019
- DIY Market in Europe 2016-2020
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