Construction boom drives growth of tools market

Allied Market Research's latest report said the global tools industry generated $91.8 billion in 2022 and is anticipated to generate $153.2 billion by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.

The report, titled "Tools Market by Category (Hand Tools and Power Tools), Distribution Channel (In-Store and Online), and End User (DIY and Industrial & Commercial): Global Opportunity Analysis and Industry Forecast, 2023–2032," identified the prime determinants of growth.

It said that the tools market is primarily driven by various factors such as a rise in construction activities, a rise in small-scale industries involved in metal fabrication, a growth in demand for furniture and other wooden items, and a rise in DIY culture along with home renovation and improvement trends. However, fluctuations in raw material prices have also restricted market growth. Moreover, technological advancements in power tools present new opportunities in the coming years.

It also concluded that the outbreak of the Covid-19 pandemic had a negative impact on the global tools market, but the power tools segment will maintain its leadership status throughout the forecast period.