Hand tools industry forecast
Demand in the United States for hand tools is forecast to grow 1.7% per year through 2020, bringing the market to $5.8 billion.
That's the forecast from the Cleveland-based Freedonia Group, a division of MarketResearch.com. The research firm found that between 2010 and 2015, sales rebounded from the poor performance of the previous five years, and sales will continue to advance at a steady rate.
Ongoing strength in construction activity, especially housing starts and residential improvements and repairs, will promote sales to both pros and DIYers. Meanwhile, competition from power tools, which are becoming increasingly more affordable, will restrain faster gains.
These findings are from Freedonia's recent report: "Hand Tools."
"Advances in residential improvement spending and in the number of housing starts will boost handsaw sales, while multitools will benefit from their space and weight savings as well as versatility," said E. Reta Sober, analyst.
Parts and attachments, handsaws, multitools, and precision measuring tools will post the fastest demand gains through 2020, according to the study. Technological advances that improve the durability, usability or ergonomics of hand service tools will also help fuel sales.