Portland, OR, June 24, 2020 (GLOBE NEWSWIRE) -- 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. The report provides an extensive analysis of changing market dynamics, key segments, top investment pockets, value chain, Porter’s Five Forces, business performance, and competitive scenario.
Rise in adoption in the construction sector, industrialization along with surge in infrastructural spending, and high initial costs of the power tools drive the global hand tools market growth. However, prominence of battery power tools and uncertain economic conditions in Latin America hinder the market growth. On the other hand, growth in the machinery and equipment manufacturing sectors creates new opportunities in the coming years.
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Covid-19 scenario:
- A researcher at Monash University invented a hand tool known as ‘safety key’, which is a 3D-printed tool that can be used to open and close doors without a need to touch them.
- Manufacturing activity has been stopped in some regions due to global lockdown. Distribution channels have suffered disruptions as well.
- In the construction sector, employers have been spreading awareness among workers regarding protective measures of utilizing tools safely at sites to reduce risks of infection.
The report offers a detailed segmentation of the global hand tools market based on type, end user, distribution channel, and geography.
Based on type, the wrench segment contributed to the largest market share in 2019, accounting for more than one-third of the total revenue, and is expected to maintain its lead position throughout the forecast period. However, the cable cutter segment is estimated to register the largest CAGR of 6.1% from 2020 to 2027.
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Based on distribution channel, the retail segment accounted for the highest share in 2019, holding more than four-fifths of the total share, and is expected to maintain the largest share during the forecast period. However, the online segment is expected to portray the fastest CAGR of 4.8% during the forecast period.
Based on region, Asia-Pacific held the highest share, accounting for more than two-fifths of the total share in 2019, and is expected to maintain its dominance during the forecast period. Moreover, this region is estimated to maintain at the highest CAGR of 5.6% from 2020 to 2027. However, North America is expected to register a CAGR of 2.3% during the forecast period. The research also discusses regions such as Europe and LAMEA.
The report offers a detailed analysis of leading players operating in the global hand tools market. They include 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., and Emerson Electric Co.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.