Rockville, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The global hand tools and accessories market is anticipated to hit US$ 29 billion by 2033, advancing at 3.8% CAGR from 2023 to 2033, as per industry analysis by Fact.MR, a market research and competitive intelligence provider.
A hand tool is any tool that is powered by the user's hands rather than a motor. Hand tools are used for a variety of mechanical operations such as drilling, cutting, carving, etc.
The growing number of construction activities as well as the increasing requirement for repair and maintenance activities across establishments are primarily driving the demand for hand tools and accessories. This has been bolstered further by rising urbanization, particularly in developing countries, and the enactment of different policies by governments in various nations favoring infrastructure development, such as airports, roads, and energy utilities.
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Moreover, the growing demand for lightweight and portable equipment for auto maintenance has encouraged the widespread use of various hand tools in the automotive industry. Furthermore, continuous technological breakthroughs and the advent of effective and modern hand tool kits with rust-protective coatings are contributing to market expansion. Additionally, the emerging trend of do-it-yourself (DIY) practices, particularly during the global outbreak of the COVID-19 pandemic and the subsequent implementation of lockdowns, augmented the widespread use of hand tools to build, fix, and maintain a variety of objects.
Strategic partnerships among major players for the manufacture of multi-functional hand tools that allow a single tool to execute many operations and their easy availability through various distribution channels are boosting the market expansion.
Key Takeaways from Market Study
- The global hand tools and accessories market is valued at US$ 20 billion in 2023.
- Worldwide sales of hand tools and accessories are projected to reach US$ 29 billion by 2033.
- The global market is expected to develop at a CAGR of 3.8% from 2023 to 2033.
- The Asia Pacific market is estimated to evolve at a CAGR of 3.5% during the forecast period.
- The United States market was valued at US$ 4.7 billion in 2021.
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Winning Strategy
Several major manufacturers are concentrating on the development of innovative hand tools and accessories.
- Klein Tools, Inc. released two new adjustable-length screwdrivers in November 2021 that work as multi-bit screwdrivers and impact driver attachments, featuring onboard bit storage and optimum control.
- Snap-on Incorporated acquired AutoCrib, Inc. in September 2021. The company is a market leader in designing, manufacturing, and distributing tools and asset controls. This acquisition broadens Snap-on Incorporated's existing tool control offerings to users in a variety of industries.
- Apex Tool Group LLC, under its GEARWRENCH brand, unveiled a 90-tooth ratchet in February 2021, which is sturdier and more comfortable in the hands of expert mechanics.
Key companies in Hand Tools and Accessories Market:
- Apex Tool Group
- Klein Tools Inc
- Channellock Inc
- Greenlee
- Techtronic Industries Co. Ltd
- Gray Tools Canada Inc
- Ideal Industries, Inc
- Ningbo Great Wall Precision Industrial Co., Ltd
- Irwin Tools
- Emerson Electric Co, J.K. Files (India) Limited
- Kennametal Inc
- Stanley Black & Decker
- Leatherman Tool Group, Inc
- Pilana Tools Group
- Snap-On Incorporated
- Milwaukee Electric Tool Corporation
- Wera Tools
Key Segments of Hand Tools and Accessories Industry Research
- By Product Type :
- Wrenches
- Pliers
- Screw Drivers
- Hammers
- Cable Cutters
- Others
- By Sales Channel :
- Online
- Offline
- By End User :
- DIY
- Commercial
- Industrial
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hand tools and accessories market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of product type (wrenches, pliers, screw drivers, hammers, cable cutters, others), sales channel (online, offline), and end user (DIY, commercial, industrial), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Table of Content
1. Global Market - Executive Summary
1.1. Global Market Overview
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Fact.MR Analysis and Recommendations
2. Global Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Introduction and Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Hand Tools and Accessories
3.1.2. COVID-19 Crisis and Impact on Aprotic Solvent Prices
3.1.3. COVID-19 Impact Benchmark with Previous Crisis
3.1.3.1. Change in Demand
3.1.3.2. Before and After COVID-19 Crisis (Projected)
3.1.3.3. Before and After Sub-prime Crisis – 2008 (Actual)
3.1.3.4. Change in Demand post Recovery Period (After Each Crisis)
3.1.4. Impact on Market and Value (US$ Mn)
3.1.4.1. Likely Loss of Value in 2022
3.1.4.2. Mid-term and Long Term Forecast
3.1.4.3. Quarter by Quarter Demand and Recovery Assessment
3.1.5. Anticipated Demand and Value Recovery Curve
3.1.5.1. Likelihood of U-Shape Recovery
3.1.5.2. Likelihood of L-Shape Recovery
TOC Contd…..
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