- Increase in adoption of hand tools in the construction sector, industrialization along with rise in infrastructural spending, and high initial costs of the power tools augment the growth of the global hand tools market growth
PORTLAND, Ore., Dec. 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Hand Tools Market by Type (Wrench, Plier, Screw Drivers, Hammers, Cable Cutter, and Others), End User (DIY, Professional, and Industrial), and Distribution Channel (Retail and Online): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report published by Allied Market Research, the global hand tools market generated $22.20 billion in 2019, and is estimated to reach $30.38 billion by 2027, witnessing a CAGR of 4.1% from 2020 to 2027.
Drivers, restrains, and opportunities-
Increase in adoption of hand tools in the construction sector, industrialization along with rise in infrastructural spending, and high initial costs of the power tools augment the growth of the global hand tools market growth. However, importance of battery power tools and uncertain economic conditions in Latin America restrain the market growth. Nevertheless, growth in the machinery and equipment manufacturing sectors usher a number of opportunities in the near future.
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- Due to the global lockdown, the manufacturing activities of hand tools have been stopped. Additionally, the distribution networks have suffered disruptions.
- The demand for hand tools has been decreased due to shut down of industrial, construction, and automotive sectors.
- Moreover, certain relaxations have been imposed on the regulations for economic equilibrium, thereby helping the businesses continue their projects with all precautionary measures.
The wrench segment to dominate the market in 2019-
Based on type, the wrench segment contributed to the largest market share in 2019, accounting for more than one-third of the global hand tools market, and is expected to maintain its lead position throughout the forecast period. Growth in the manufacturing and automotive industry in developing countries and increase in demand for hand tools in the developing regions are the major factors drive the growth of the segment. However, the cable cutter segment is estimated to register the largest CAGR of 6.1% from 2020 to 2027. The economic growth in countries such as India, Vietnam, Nigeria, South Africa, Colombia others drives the growth of the cable, automotive, and construction industry, which in turn, propels the growth of the segment.
The retail segment held lion's share in 2019-
Based on distribution channel, the retail segment accounted for the highest share in 2019, holding more than four-fifths of the global hand tools market share, and is expected to maintain the largest share during the forecast period. Rise in number of transactions of purchase and sales through retail distribution channel driveS the segment growth. Nevertheless, the online segment is expected to portray the fastest CAGR of 4.8% during the forecast period. Growth in the e-commerce industry augments the growth of the segment.
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Asia Pacific to rule the roost through 2027, North America to grow at a significant pace-
Based on region, Asia-Pacific held the highest share, accounting for more than two-fifths of the global hand tools market share in 2019, and is expected to maintain its dominance during the forecast period. In addition, this region is estimated to maintain at the highest CAGR of 5.6% from 2020 to 2027. Availability of major market share and improving lifestyles & per capita incomes in the Asian countries drive the market growth. Moreover, North America is expected to register a CAGR of 2.3% during the forecast period.
Leading market players:
- Akar Tools Limited
- Stanley Black and Decker
- Snap-On Incorporated
- Wera Tools
- Techtronic Industries Co. Ltd
- Klein Tools Inc.
- Apex Tool Group
- JCBL India
- Channellock, Inc
- Emerson Electric Co.
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