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Hand Tools and Accessories - Global Market Trajectory & Analytics

  • ID: 338758
  • Report
  • February 2022
  • Region: Global
  • 409 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Apex Tool Group
  • Emerson Electric Co.
  • Greenlee
  • Irwin Tools
  • Klein Tools Inc.
  • Snap-On Incorporated

Global Hand Tools and Accessories Market to Reach US$23 Billion by the Year 2027


Amid the COVID-19 crisis, the global market for Hand Tools and Accessories estimated at US$17.5 Billion in the year 2020, is projected to reach a revised size of US$23 Billion by 2027, growing at a CAGR of 3.9% over the analysis period 2020-2027.Mechanics` Service Tools, one of the segments analyzed in the report, is projected to grow at a 4.1% CAGR to reach US$12.2 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Edge Tools segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 15.9% share of the global Hand Tools and Accessories market.



The U.S. Accounts for Over 27% of Global Market Size in 2020, While China is Forecast to Grow at a 6.3% CAGR for the Period of 2020-2027


The Hand Tools and Accessories market in the U.S. is estimated at US$4.7 Billion in the year 2020. The country currently accounts for a 26.98% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$3.1 Billion in the year 2027 trailing a CAGR of 6.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the year 2027.

Other Segments Segment Corners a 31.6% Share in 2020


In the global Other Segments segment, USA, Canada, Japan, China and Europe will drive the 3.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.3 Billion in the year 2020 will reach a projected size of US$5.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.3 Billion by the year 2027, while Latin America will expand at a 3.9% CAGR through the analysis period.

Select Competitors (Total 202 Featured) -

  • Apex Tool Group
  • Channellock Inc.
  • Emerson Electric Co.
  • Greenlee
  • Gray Tools Canada Inc.
  • Ideal Industries, Inc.
  • Irwin Tools
  • J.K. Files (India) Limited
  • Kennametal Inc.
  • Klein Tools Inc.
  • Leatherman Tool Group, Inc.
  • Milwaukee Electric Tool Corporation
  • Ningbo Great Wall Precision Industrial Co., Ltd.
  • Pilana Tools Group
  • Snap-On Incorporated
  • Stanley Black & Decker
  • Techtronic Industries Co. Ltd.
  • Wera Tools
Frequently Asked Questions about the Global Market for Hand Tools and Accessories

What is the estimated value of the Global Market for Hand Tools and Accessories?

The Global Market for Hand Tools and Accessories was estimated to be valued at $17.5 Billion in 2020.

What is the growth rate of the Global Market for Hand Tools and Accessories?

The growth rate of the Global Market for Hand Tools and Accessories is 4.0%, with an estimated value of $23.0 Billion by 2027.

What is the forecasted size of the Global Market for Hand Tools and Accessories?

The Global Market for Hand Tools and Accessories is estimated to be worth $23.0 Billion by 2027.

Who are the key companies in the Global Market for Hand Tools and Accessories?

Key companies in the Global Market for Hand Tools and Accessories include Apex Tool Group, Channellock Inc., Emerson Electric Co., Greenlee, Gray Tools Canada Inc., Ideal Industries, Inc., Irwin Tools, J.K. Files (India) Limited and Klein Tools Inc..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Apex Tool Group
  • Emerson Electric Co.
  • Greenlee
  • Irwin Tools
  • Klein Tools Inc.
  • Snap-On Incorporated

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • Industrial Activity to Remain Subdued in the Immediate Term
  • Global PMI Index Points for the Years 2018, 2019 & 2020
  • Despite Moves to Reopen the Economy, Battered Business Confidence Plummets to New Depths: Business Confidence Index (BCI) Points
  • Evolution of the Industry
  • Hand Tools Continue to be Relevant in the Modern Mechanical Era
  • Global Tools Market Breakdown (in %) by Hand Tools and Power Tools for the Year 2020E
  • Hand Tools & Accessories: Product Profile
  • Mechanics’ Service Tools
  • Edge Tools
  • Others Segment
  • Global Market Prospects & Outlook
  • Developing Markets to Spearhead Future Growth
  • Hand Tools and Accessories - Global Key Competitors Percentage Market Share in 2022 (E)
  • World Brands
  • Recent Market Activity
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Occupational Ergonomics: The Primary Factor Driving Innovation in the Hand Tools Market
  • Growing Incidence of Work-Related Musculoskeletal Disorders (MSDs) Drives the Emphasis on Ergonomically Designed Hand Tools: Number of MSDs in the United States Per 10,000 Full Time Workers by Industry Sector for the Year 2018
  • Multitask Hand Tools Grow in Prominence
  • Focus on Productivity in Lightweight Manufacturing to Spur Demand for Intelligently Designed Hand Tools
  • Non-Magnetic and Non-Sparking Hand Tools Make Perfect Sense for High Energy and Electrical Component Applications
  • As Competition Heats up, Companies Keep Afloat with Product Innovations
  • Market Set to Benefit from Advances in Hand Tools’ Production Technology
  • Hand Tools Continue to Find Use in Industrial Applications
  • Mechanics' Service Tools: The Largest Product Market to Witness Strong Growth
  • Automotive Repair & Maintenance Services Demand Determines Growth in Vehicle Mechanics Tools Market
  • Average Age (in years) of Passenger Cars in Select Countries: 2019
  • Automotive Repair & Maintenance Services Market Ranks as a Macro Trend Driving Demand for Mechanics' Service Tools: Global Market for Automotive Repair and Maintenance Services (In US$ Billion) by Segment for the Years 2018 and 2022
  • Advances in Specialty Tools for Automotive Industry
  • Aircraft MRO: A Major Market for Aviation General Mechanic's Tools
  • Aircraft MRO Trends to Set the Tone for Aviation Hand Tools: Global MRO Spending (In US$ Billion) by Segment for the Years 2020 & 2027
  • Shrinking Air Travel Demand amid COVID-19 to Squeeze Margins of Aircraft MROs
  • Incremental Gains for Remote Maintenance amid COVID-19 Set to Alter Aircraft MRO Landscape
  • Machinery Maintenance & Heavy Equipment Repair Supports Demand for Mechanic’s Service Tools in the Industrial Sector
  • Aging Plant Machinery with Heavy Repair & Maintenance Burden to Support Demand for Hand Tools Used in the Industrial Sector: Average Age of Industrial Equipment (In Years) in the Private Sector in the United States for the Years 1980, 2000 and 2019
  • Construction Industry Trends Presents Determines Demand for Tools Used by Construction Workers
  • World Construction Industry (in US$ Trillion) for the Years 2017, 2019 & 2022
  • DIY Home Improvement, Gardening and Landscaping: Potential for Growth in the Hand Tools Market
  • Do-It-Yourself (DIY) Culture to Provide Growth for Hand Tools in the Consumer Market: Global DIY Home Improvement Market Size (in US$ Billion) for Years 2018, 2022 & 2025
  • Average Cost, Savings & Return on Investment (ROI) on DIY Home Improvement Projects in the United States
  • Global Hand Tools Purchases in the Consumer Segment: Percentage Breakdown by Age Group for 2020E
  • Commercial Carpentry: Hand Tools Face Stiff Challenge from Power Tools
  • HVAC Tools Trends towards Technological Sophistication for Better Functions
  • Intelligent CAD Technology Enables the Development of Ergonomically Designed Hand Tools
  • E-Retailing Expands Growth Opportunities
  • Factors Influencing Online Purchase Decision: Percentage Share Breakdown by Consumer Preferences
  • Competition from Power Tools: A Market Dampener

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Amidst the COVID-19 Crisis, Manufacturing Activities Come to a Halt
  • Pandemic Impacts Demand for Hand Tools from Professional Segment
  • Trend Towards Longer Vehicle Retention Sheds Increased Focus on Vehicle Maintenance: Augurs Well for Mechanics’ Service tools
  • Average Age of Light Vehicles (in Years) in the US for 2010-2019
  • Average Age of Passenger Cars and Light Trucks in Operation in the US for the Years 1995, 2000, 2005, 2010, 2015 & 2019
  • With Construction Industry in Pressure Amidst the COVID-19 Pandemic, Opportunities Remain Muted for Hand Tools & Accessories
  • Key Indicators for US Residential Construction Market
  • DIY Segment Remains a Key Category in Hand Tools Market
  • DIY Sales in the United States by Store Type (in %) for the Years 2019 & 2022
  • DIY Expenditure in the United States by Generation (in %) for the Year 2019
  • Factors Influencing Buyer Decision
  • Made in USA to Make a Comeback

CANADA

JAPAN

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Market Overview

CHINA

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • COVID-19 Crisis Affects Growth in the Chinese Hand Tools Market

EUROPE

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)

FRANCE

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

AUSTRALIA

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Hand Tools Market in India: An Overview

SOUTH KOREA

REST OF ASIA-PACIFIC

  • Hong Kong: Focus on the DIY Tools Market
  • Taiwan: Potential Laden Market for Hand Tools
  • Advent of Digital Hand Tools in Taiwan
  • Hand Tools and Power Tools Market in Taiwan by Application (in %) for 2019

LATIN AMERICA

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

IRAN


ISRAEL


SAUDI ARABIA


UNITED ARAB EMIRATES


REST OF MIDDLE EAST

AFRICA

  • Hand Tools and Accessories Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 202
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Apex Tool Group
  • Channellock Inc.
  • Emerson Electric Co.
  • Greenlee
  • Gray Tools Canada Inc.
  • Ideal Industries, Inc.
  • Irwin Tools
  • J.K. Files (India) Limited
  • Kennametal Inc.
  • Klein Tools Inc.
  • Leatherman Tool Group, Inc.
  • Milwaukee Electric Tool Corporation
  • Ningbo Great Wall Precision Industrial Co., Ltd.
  • Pilana Tools Group
  • Snap-On Incorporated
  • Stanley Black & Decker
  • Techtronic Industries Co. Ltd.
  • Wera Tools
Note: Product cover images may vary from those shown