PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1639262
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1639262
Wrenches Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Wrenches Market was valued at USD 3.2 billion in 2023 and is projected to grow at a CAGR of 4.6% from 2024 to 2032. The surge in home improvement and DIY (Do-It-Yourself) activities is driving this growth as more individuals take on tasks like home repairs, renovations, and general maintenance. This shift has significantly increased the demand for various types of wrenches, such as adjustable, socket, and pipe wrenches.
The rise of DIY culture, fueled by online resources and media, has empowered homeowners to handle projects traditionally reserved for professionals. This trend has created a growing market for reliable, high-quality tools that can handle everything from assembling household items to fixing plumbing issues. Additionally, the convenience of purchasing tools through e-commerce platforms has further propelled the market, with many consumers now seeking durable and ergonomic wrenches that offer both comfort and longevity.
Among the different product types, socket wrenches lead the market, generating USD 900 million in 2023. This segment is expected to expand at a CAGR of 5.3% during the forecast period. Socket wrenches are highly valued for their efficiency and versatility, making them essential for both DIY enthusiasts and professionals in various industries. Their interchangeable sockets and ratcheting mechanisms allow users to complete tasks quickly and efficiently, making them indispensable in automotive, industrial, and home settings.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $3.2 Billion |
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculations
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
Chapter 3 Industry Insights
Chapter 4 Competitive Landscape, 2023
Chapter 5 Wrenches Market Estimates & Forecast, By Product Type, 2021-2032 (USD Billion)
Chapter 6 Wrenches Market Estimates & Forecast, By Material, 2021-2032 (USD Billion)
Chapter 7 Wrenches Market Estimates & Forecast, By Application, 2021-2032 (USD Billion)
Chapter 8 Wrenches Market Estimates & Forecast, By Distribution Channel, 2021-2032 (USD Billion)
Chapter 9 Wrenches Market Estimates & Forecast, By Region, 2021-2032 (USD Billion)
Chapter 10 Company Profiles
