Report Overview

An increasing demand for household hand tools for DIY projects and home improvement and expanding population and urbanization are expected to boost the growth of GCC household hand tools market during the forecast period between 2023 and 2029.

GCC Household Hand Tools Market - Industry Trends & Forecast Report, 2029

GCC household hand tools market size was estimated to be worth USD 691.63 million in 2022. During the forecast period between 2023 and 2029, the GCC household hand tools market size is projected to grow at a CAGR of 3.51%, reaching a value of USD 850.47 million by 2029. Major growth factors for the GCC household hand tools market include a rising focus on home improvements and the high cost of skilled labor, which directly influences the consumer demand for household hand tools to DIY their household repairs.

GCC Household Hand Tools Market – Overview

A hand tool is any tool that is used manually as opposed to using a motor. Hammers, pliers, wrenches, and screwdrivers are a few examples of different hand tools. Each of these has a varied usage depending on needs, and the majority are not interchangeable. These instruments are typically utilized in applications including building, plumbing, carpentry, gardening, agriculture, and vehicle repair. Investing in the proper equipment for the house will help finish projects quickly and economically. Additionally, it will be able to handle small problems that do not need a professional to fix them.

GCC Household Hand Tools Market

Growth Drivers

Increasing Demand for DIY Repairs and Maintenance

Household hand tools are extensively used for everyday repair and maintenance of houses as well as household appliances. The ease of these tools in self-assembling and disassembling furniture is the main driver boosting demand for hand tools. The rising disposable income of the GCC residents is directly influencing the demand for houses and furniture, which is anticipated to fuel the demand for household hand tools in the market. Furthermore, the high cost of skilled labor in the region makes the consumers reluctant to opt for their services, which also plays a crucial factor in driving the GCC household hand tools market.

Restraints

Increasing Penetration of Electrical Tools

The tool developers and manufacturers are increasingly integrating technologies such as AI and IoT into tools to improve their efficiency and for easy handling of repairs. Furthermore, the launch of multifunctional tools to reduce the force and time required for the operations may limit the demand for household hand tools as electrical tools are gaining popularity among the younger demographic. This shift towards AI and IoT-equipped tools may limit the GCC household hand tools market during the forecast period.

Impact of COVID-19 on GCC Household Hand Tools Market

The COVID-19 pandemic outbreak had a mixed impact on the GCC household hand tools market. The market witnessed significant growth in the demand for household hand tools due to the unavailability of skilled labor for regular repair and maintenance of homes. However, since hand tools were flagged as non-essential items, the restrictions on its supply chain directly impacted the market growth. But the pandemic prompted industry players to shift towards online platforms to establish D2C channels and offer the convenience of doorstep delivery to their customers, which is anticipated to drive the GCC household hand tools market during the forecast period.

GCC Household Hand Tools Market

Segmental Coverage

GCC Household Hand Tools Market – By Product

Based on product, the GCC household hand tools market is segmented into cutting tools, measuring tools, taps & dies, and general tools. The general hand tools segment accounts for the largest market share. Tools, such as hammers, pliers, screwdrivers, wrenches, and others, are for general repair and maintenance. Furthermore, rising house ownership in GCC countries, particularly in Saudi Arabia and UAE, is anticipated to fuel the market demand for general tools during the forecast period.

GCC Household Hand Tools Market – By Distribution Channel

Based on distribution channel, the GCC household hand tools market is segmented into retail channels and online. Retail channel dominates the GCC household hand tools market as supermarkets/hypermarkets and other retail stores offer a wide range of tools at convenient prices. However, the online channel is projected to register the highest growth rate during the forecast period as a result of rising internet penetration and the growing popularity of e-commerce websites, such as Amazon and Noon.

Competitive Landscape

Major players operating in the GCC household hand tools market include Stanley Black & Decker, Apex Tool Group, Klein Tools, Channellock, Great Wall Precision, JK Files (India) Limited, JETECH, Excelta Corporation, Sinotools Industrial, and Techtronic Industries. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product

• Cutting Tools

• Measuring Tools

• Taps & Dies

• General Tools

By Distribution Channel

• Retail Channels

• Online