Dublin, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The "Hand Tools Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The hand tools market size was valued at USD 22.07 billion in 2021 and is expected to reach USD 28.74 billion by 2027, growing at a CAGR of 4.14% during the forecast period
Rapid industrialization and increasing applications in the household and commercial sectors are primarily driving the hand tools and accessories market. DIY (Do It Yourself) has seen enormous growth globally over the past decade. While the trend was earlier popular only in Western countries, it is now being rapidly adopted in APAC and Latin America.
Some heavy tools such as demolition hammers are also used for repair and maintenance works in commercial and residential spaces. The DIY culture can be one of the major drivers for the household hand tools market in the coming years with a higher scope for penetration in growing economies.
HAND TOOLS MARKET SEGMENTATION
Increasing requirements for screwdrivers in the consumer electronics industry is driving the market growth. A large number of small and medium manufacturers sell the product at a cheaper rate, so the bargaining power of buyers is very high. The demand for manual screwdrivers may be challenged by power-driven hand tools thus driving growth in the power tools market.
New entrants in the market are focusing on the pocket and utility knives segments owing to their wide scope of applications. With high safety and comfortable handling, they are finding adoption in the DIY segment as well. Compact, efficient, and weightless pocketknives are in demand. Thus, vendors can use this opportunity to innovate for better product penetration.
The industrial end-user segment was the largest segment in the global hand tools market in 2021 and this trend is likely to continue throughout the forecast period. This is majorly due to the construction industry. For instance, housing projects with 20 million affordable homes for the urban poor is expected to boost revenue in the construction sector of India thus driving the demand for mechanical hand tools market
HAND TOOLS MARKET GEOGRAPHY
APAC: APAC region consists of powerful developing nations with a majority working population. Tokyo Olympics will finally happen in the forecast period after being postponed because of a pandemic. The new infrastructure projects and upgrades are going to drive market growth. Even small nations like Singapore and Malaysia are also ramping up their infrastructural development. Singapore is known for its high-class construction facilities and Budget 2020 has announced plans for infrastructure projects.
North America: The North American automotive sector manufactures the highest number of electric cars in the world due to the rising demand for eco-friendly products. The north American automotive sensors market is on the rise which will also propel the demand for the assembly of precision parts. This can further drive the market for precision hand tools like pliers, cutters, and wrenches.
KEY HIGHLIGHTS
The increasing demand for aircraft alongside expansion efforts in the aviation industry is expected to support the growth of aerospace fasteners and manual fastening tools during the forecast period.
The DIY tool kits are gaining popularity in countries like India and China owing to the limited availability of skilled labor, which can be seen more in urban areas. This has driven the growth in the utilization of hand tools like chisels, hammers, and screwdrivers for domestic household activities, home improvement, repairs, woodwork, and gardening work.
Mass township projects all over the world are also driving the demand for hand tools in the forecast period. For instance, Saudi Arabia announced the homeownership strategy which estimates 70% of the residents will have homes by 2030.
VENDOR LANDSCAPE
The key players in the hand tools market are Stanley Black & Decker, Techtronic Industries Company, Snap-on, Apex Tool Group (ATG), and Emerson.
Brands like Stanley Black & Decker are recognized for their industry-leading fastening solutions. The company acquired Consolidated Aerospace Manufacturing LLC (CAM), enabling better support for aerospace consumers.
With the growth in DIY culture and the demand for more user-friendly tools, vendors are customizing their tools for home improvement activities.
KEY DRIVING FACTORS
- Rising Wood Construction
- Rising Home Renovation and DIY Activities
- Increasing Solar & Wind Energy Installations
- Rising Construction Opportunities in Developing Nations
- Mass Township Projects
- Low Cost & Unskilled Labor in Developing Economies
Key Vendors
- Stanley Black & Decker
- Techtronic Industries Company
- Snap-on
- Apex Tool Group (ATG)
- Emerson
Other Prominent Vendors
- Robert Bosch GmbH
- Akar Tools Ltd
- Wera Tools
- Klein Tools
- JCBL India
- Channellock
- JK Files India
- Kennametal
- IDEAL Industries
- Gray Tools Canada
- Leatherman
- Ningbo Great Wall Precision Industrial Co., Ltd
- PILANA
- Wurth
- Tajima
- KNIPEX
- PHOENIX CONTACT
- Wiha Tools Ltd
- Ajay Group
- Mac Tools
- Stiletto Tools
- Vaughan Manufacturing
- Estwing
- Kobalt
- Daniels Manufacturing Company
- Lowell Corporation
- Bojo
- Honiton
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of The Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.1.1 Industrial End-User Outlook
7.1.2 Shift Toward Urbanization Propelling Construction And Manufacturing Demand
7.1.3 Key Insights
7.1.4 Parameters Impacting Market Growth
7.2 Supplier & Raw Material Snapshot
7.3 Construction Insights
7.3.1 Residential Construction
7.3.2 Commercial Construction
7.3.3 Public Infrastructural Construction
7.4 Us-China Trade War
7.5 FAQ
7.5.1 Value Propositions to Focus on Product Developments
7.5.2 Major Vendors in Hand Tools Market
7.5.3 Immediate Threat to Hand Tools Market
7.5.4 Regions Experiencing Exceptional Demand & High Growth
7.6 IMPACT OF COVID-19
8 MARKET OPPORTUNITIES & TRENDS
8.1 Increasing Growth in Wood Construction
8.1.1 Europe Wood Industry Outlook
8.2 Increased Home Renovations and DIY Activities
8.3 Increasing Wind & Solar Energy Installations
8.4 Growing Construction Opportunities in Developing Countries
9 MARKET GROWTH ENABLERS
9.1 Increasing Infrastructural Construction
9.2 Growing Demand from Construction Industry
9.2.1 Rising Construction Activities in Commercial Real Estates
9.3 Mass Township Projects
9.4 Low Cost and Unskilled Labor In Developing Economies
9.5 Automotive Industry Driving Market Growth
9.6 Growing Demand for Fasteners
9.7 High Demand in APAC Manufacturing Sector
10 MARKET RESTRAINTS
10.1 Rise in Automation
10.2 Fluctuation in Raw Material Prices
10.3 Turmoil in Politicial & Trade Relationships
10.4 Slow Economic Growth in 2020
10.5 End-User Variability
10.6 Tool Safety & Risk Exposure
11 MARKET LANDSCAPE
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
12 TOOL TYPE
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
13 GENERAL PURPOSE TOOLS
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.2.1 Market Size & Forecast
13.2.2 Market by Geography
13.3 Wrenches
13.4 Screwdrivers & Nutdrivers
13.5 Pliers
13.6 Hammers
13.7 Riveters
13.8 Clamps & Vises
13.9 Wrecking Bars
13.10 Rachets & Sockets
14 CUTTING TOOLS
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.2.1 Market Size & Forecast
14.2.2 Market By Geography
14.3 Chisel & Files
14.4 Saws
14.5 Knives & Blades
14.6 Cable & Wire Cutting Tools
15 LAYOUT & MEASURING TOOLS
15.1 Market Overview
16 TAPS & DIES
16.1 Market Overview
17 END-USER
17.1 Market Snapshot & Growth Engine
17.2 Market Overview
18 INDUSTRIAL
18.1 Market Snapshot & Growth Engine
18.2 Market Overview
18.2.1 Market Size & Forecast
18.2.2 Market by Geography
18.3 Construction
18.4 Automotive
18.5 Aerospace
18.6 Electronics
18.7 Energy
18.8 Shipbuilding
18.9 Other Hand Tools
19 COMMERCIAL
20 RESIDENTIAL
21 GEOGRAPHY
21.1 Market Snapshot & Growth Engine
21.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/r5euri
