by Corinne Gangloff
September 8, 2020
Through 2024, professional hand tool demand is forecast to rise 0.6% per year to nearly $4.0 billion and account for 68% of total US hand tool market gains, according to a new Freedonia Group analysis:
Professional sales dominate the hand tool market because professional end users are generally both more willing to pay a premium for higher quality tools and replace tools more frequently than consumers:
Professional hand tool sales will also be supported by an increase in the number of automotive service technicians and mechanics, as well as the growing number of employers that purchase tools for mechanics to attract new employees amid a skilled labor shortage, as most consumers do not perform auto repairs themselves.
Mechanics spend substantially on tools, both to purchase the latest innovative items and to replace broken equipment, so employment gains in this sector often entail purchases of additional hand tools so workers do not have to wait to use the tools they need. In addition, some tool dealers offer financing to mechanics to encourage large tool purchases.
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Hand Tools is now available from The Freedonia Group. This study examines the professional and consumer markets for hand tools by tool type.
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