The US hand tools market is anticipated to grow at a significant CAGR during the forecast period. The hand tools market in the US is growing on the basis of the growth recorded in the industrial and residential sectors. Automotive manufacturers and suppliers dominated the manufacturing sector and accounted for over 3% of the US GDP. Detroit is home to several industries and car manufacturing companies like Ford and is referred to as the ‘Motor City’. Thus, car production and maintenance operations are dependent on portable automotive hand tools, which are gaining momentum for their usefulness and effectiveness. Scrapping tools like chisels and putty knives are also used in paint stripping in cars. Going forward, vendors in the country are expected to find opportunities through value-added growth in the well-established markets.

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Although the sales of EVs have been fluctuating over the past five years, the year 2019 witnessed sales of over 2.4 million electric vehicles, and the growth scenario is expected to remain consistent due to enhancements from manufacturers like Tesla and Toyota. With the growth in demand for EVs, precision hand tools that are used for advanced assembling activities will gain demand, leading to the overall growth of the hand tools market in the country.

However, the outbreak of the COVID-19 pandemic has resulted in significant decline in the sales of automobile in the country. Post COVID, automotive industry in the US continued to remain fragile. Vehicle sales in August (2020) declined close to 20% (YoY), reaching 1.33 million units, despite an extended weekend due to Labor Day falling on a Monday. Total January-August 2020 sales reached around 8.8 million units, down 23%.

The US hand tools market is segmented based on tool type and end-user. Based on tool type, the hand tools market is segmented into general purpose tools (hammers, clamps and vises, pliers, ratchets and sockets, riveters, screwdrivers and nut drivers, wrecking bars, and wrenches), cutting tools (chisel and files, cable and wire cutting tools, knives and blades, and saws), layout and measuring tools (plumb bob and try square), and taps and dies. On the basis of end-user, the market is classified into commercial, industrial, and residential.

Some of the leading brands for hand tools in the US include Stanley Black & Decker, Snap-on, Lenox, Klein, and Channellock. Brands like Estwing are leveraging the ‘Made in USA’ tag to enhance sales value in the market. Owing to the high level of internet penetration and widespread availability of online retail channels, people in the country are more prone to buying products online. Thus, ecommerce websites serve as a major mode of sales in the country.

Research Methodology

The market study of the US hand tools market is incorporated by extensive primary and secondary research conducted by the research team at OMR.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity in our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. US Hand Tools Market Research and Analysis by Tool Type
2. US Hand Tools Market Research and Analysis by End-User

The Report Covers

• Comprehensive research methodology of the US hand tools market.
• This report also includes a detailed and extensive market overview with the key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the US hand tools market.
• Insights about market determinants which are stimulating the US hand tools market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.