According to a 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.
Based on product, the report categorizes the global DIY tools market into four segments, namely Power tools, Hand tools, Decorating tools and Power tools
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.
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.
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 & Deckera and Techtronic.