Global DIY Tools Market 2017-2021
About DIY Tools
DIY home improvement stands as a key segment of the DIY market, and it accounts for the largest share of the global DIY market. Home improvement involves renovating or remodeling one’s home. Although the practice of DIY is quite common in the Western regions, the market is slowly picking up in the emerging regions such as APAC and MEA. In Europe, DIY is widely practiced across the region. In countries like Germany and France, people are quite confident in engaging in DIY projects, enjoying it as a hobby. In the UK, DIY activities are considered more of routine tasks than hobbies. The economic recession of 2008-2009 had an impact on the sales of the DIY market as customer confidence remained low causing customers to postpone their home improvement projects. However, as the economy is recovering gradually, customers are likely to spend more on home improvement and thus drive demand in the DIY market.
Technavio’s analysts forecast the global DIY tools market to grow at a CAGR of 4% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global DIY tools market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of DIY tools globally.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global DIY Tools Market 2017-2021
Technavio recognizes the following companies as the key players in the global DIY tools market: Makita, Robert Bosch, Stanley Black & Decker, and Techtronic
Other Prominent Vendors in the market are: Atlas Copco, Baier, Casal Power Tools, Craftsman, Hitachi Koki, Husqvarna, IRWIN TOOLS, Klein, and Snap-on
Commenting on the report, an analyst from Technavio’s team said: “Vendors in the market are constantly innovating and developing products to cater to the evolving needs of the customers. Advances in technology have enabled vendors to provide multi-functional products that have more utility. An example of such a product is the range of pocket-sized laser measures launched by Bosch in 2015. These measures have more functionalities and better range. They provide real-time measurements with greater accuracy, and the real-time measurements change when the user moves. Another example is the new angle grinder from Bosch which features an inbuilt display and control interface; the interface shows things such as the speed control adjustment, battery status, and overheating alerts. Advances in technology have also enabled vendors to increase the shelf life of their products. For example, the use of the Blade armor technology has enabled Stanley Black and Decker to increase the shelf life of its products by protecting them from rust and abrasion. The patented blade coating used in the company's FATMAX measuring tape offers 10 times the usual blade life.”
According to the report, there has been an increase in the adoption of DIY power tools in Europe and the US in the recent years. Benelux shipped 9.8 million power tools in 2015, and it is expected to increase its shipments by about 2% in 2016. The tools market in Benelux alone was valued at $826.4 million in 2015. An increase in residential construction activities in Europe and the US is expected to drive the demand for DIY power tools. The growth of the e-commerce will also increase the availability of power tools to consumers. DIY is a trend that has been growing in popularity since the last decade. Although the trend is not popular in APAC, it is well-accepted among the European and American countries. As more people adopt the DIY culture, the market will grow.
Further, the report states that the competition among the vendors operating in the market is increasing. The vendors are competing on the basis of product portfolio, premiumization, product differentiation, and pricing. Vendors are trying to differentiate their product offerings by bringing in new design features and making the products aesthetically appealing. The entry of new players and private labels will further intensify the competition in the coming years, leading to price wars and overall degradation of quality, which will have a negative impact on the market.
Makita, Robert Bosch, Stanley Black & Decker, Techtronic, Atlas Copco, Baier, Casal Power Tools, Craftsman, Hitachi Koki, Husqvarna, IRWIN TOOLS, Klein, and Snap-on
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook