Multi-Tool Market Research Report 2025

March 20, 2020

As per trusted projections, global multi-tool market is expected to record substantial growth during 2020-2025. Growing consumer preference for lightweight and durable tools for DIY activities is driving the growth of multi-tool market. Increasing adoption of fiber-glass and nylon-based tools owing to their extended lifespan is rendering a positive impact on the market growth.  

Multiple functionalities, ease of use, and small form factor designed to be carried in wallets, keyrings, and pockets are the underlying benefits which are favoring the adoption of multi-tool products. Rapid expansion of e-commerce sector in tandem with growing inclination towards online shopping is further boosting the product sales. Market majors are emphasizing on developing multi-tools with improved ergonomic design, which in turn is supporting the market growth.

Multi-tool products comprise of pocket-knives, nails files, tweezers, toothpicks, magnifying glass, pliers, screwdrivers, and hammers. Introduction of advanced hand tools having multiple functionalities will augment the market outlook in the coming years. Citing an instance, in 2014, JK Files (India) Ltd. introduced a new tool called Hammer Tough, which is screwdriver that can be used as a hammer.

Based on the type landscape, credit card or key size segment is expected to gain decent traction in the forthcoming years, owing to its various functionalities along with high portability and smaller form factor as compared to its counterparts. On the other hand, low durability of credit card multi-tool may impede product adoption.

Speaking of the application scope, tactical segment is expected to amass a significant share of multi-tool market. Rising preference for lightweight and durable multi-tools which can be folded and easily attached to the uniform or belt straps is fueling the segment growth. Inflowing investment by various governments to strengthen their defense is further boosting the sales of military grade multi-tools.

As per the regional analysis, U.S., Canada, Mexico, UK, Germany, Russia, France, Italy, India, China, Korea, Japan, Southeast Asia, Brazil, Argentina, Saudi Arabia, Egypt, and South Africa are the key contributors of the global multi-tool market.

North America multi-tool market is expected to exhibit a strong CAGR during the forecast period with U.S. at the forefront. U.S. is the largest military spending country in the world, indicating a higher demand for military grade multi-tools. This factor, in tandem with dense presence of several key manufacturers is positively impacting the regional market growth. As per North American Camping Report 2019, total sum of camping households in the U.S. reached 78.8 million. Rising inclination towards outdoor activities will enhance the demand for multi-tools in the forthcoming years. 

Major players operating in global multi-tool market are Gearwrench, Gerber, Swiss Army Knife, Westward, Stanley, Leatherman, SOG, Facom S.A., Irwing Vise-Grip, Victorinox, Osborn, and Columbia River Knife and Tool.

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