The global market for tape measures market is estimated to be worth USD 1,398.8 million in 2021 and is anticipated to reach a value of USD 2,131.0 million by 2031. Sales are projected to rise at a CAGR of 4.3% over the forecast period between 2021 and 2031. The revenue generated by the tape measure market in 2020 was USD 1,393.2 million. The industry is anticipated to exhibit a Y-o-Y growth of 0.4% in 2021.
Global Tape Measure Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 1,393.2 million |
| Estimated Size, 2021 (E) | ~USD 1,398.8 million |
| Projected Size, 2031 (F) | ~USD 2,131.0 million |
| Value-based CAGR (2021 to 2031) | ~4.3% |
The target market is segmented under product type, length, price, end-use industry, and sales channel. The market is further sub-categorized under these segments to provide a granular aspect which will benefit the businesses operating in the market to improve on their products, gain a competitive edge over other players, and grasp a major portion of the market, in parallel.
The tape measure market is an essential segment of the broader hand tools industry, with strong demand driven by sectors such as construction, manufacturing, woodworking, and DIY home improvement. Tape measures are a universal tool, used in both professional and personal contexts for precise measurement tasks.
The market has witnessed steady growth, supported by ongoing construction activities, urbanization, and the rising popularity of DIY projects. Technological advancements, such as digital and laser tape measures, are also contributing to market expansion by offering enhanced accuracy and convenience.
The tape measure market is highly competitive, due to the presence of numerous global and regional players. Key players like Stanley Black & Decker, Tajima Tool, and Apex Tool Group dominate the market by offering a wide range of products that cater to different user needs, from basic manual tape measures to advanced digital versions.
These companies compete on various parameters, including product innovation, durability, accuracy, and brand reputation.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 732.2 million and is predicted to rise approximately 1.5 times the current market value through 2031.
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Evolving end-user demand for compact size and lightweight and innovation in the design of a tape measure that improves the convenience of daily carrying are driving the demand for a tape measure. Moreover, with the help of innovation in machinery, tape measures have become a very simple device to operate. Additionally, the growing packaging industry and its applications continue to be a lucrative avenue for tape measure manufacturers.
The growing interest of customers, especially the women, who are more likely to get their designer clothes and dresses stitched, instead of purchasing ready-made ones are projected to grow the demand for tape measures in the clothing industry.
However, the outspread of the COVID-19 had severely impacted the working of industries as the regional government had implemented strict regulations thus, shutting down everyday activities. Moreover, the decline in the sale of the construction industry had majorly impacted the tape measure market, thus, negatively impacting the growth.
The rapid urbanization has resulted drastically to fuel the pace of the construction industry thus, is followed by the growing demand for innovative, convenient, and reliable products. The addition of a self-locking feature in tape measures with the help of a hook allows easy and simplified measurement, and the retractable design is very convenient to use.
In addition, the rolling unit of the tape measure is a hard shell that makes the tape measure highly resistant to knocking and falling. Moreover, the finely polished surface of the steel strip is very safe for the user's hand. The steel scale consists of groovings and paint sprayings that help users to measure accurate and clear reading.
At present, innovation is a key factor that helps the demand for a product or service to grow. In the case of tape measures, manufactures are investing in the R&D facilities to innovate the product such as the introduction of an electronic LCD that reads the length of the object measured. Such innovation helps users record accurate observations and reduce the chances of making an error to a minimum.
North America is one of the largest markets for tape measure globally due to the growing interest of individuals in interior designing in residential sectors. In addition, the supporting government intends to invest in the development of infrastructure that is likely to fuel the demand for tape measures.
Demand for tape measures in USA and Canada will be led by the construction sector. The USA construction sector faces a challenging year, however, the change in the mortgage rates tends to help recover the industry by early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of construction materials, including tape measures.
The evolving mindset of players and manufacturers in various industries in Europe and the significant growth in the number of manufacturing industries has changed the outlook of the European market for all products and services, therefore, creating new growth opportunities for all including the tape measure industry.
Moreover, the rise in the adoption rate of the internet and smartphones are likely to help the tape measure industry to grow with the help of online retailers that have a huge market and customer base. Additionally, online retailers provide additional warranties and various offers that are highly attractive to customers thus, creating a new growth opportunity for the tape measures industry.
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Some of the leading manufacturers and suppliers of tape measures include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Tape Measure Market
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