Global Hand Tools Market Size, Share & Trends Analysis Report by Tool Type (General Purpose Tools, Cutting Tools, Layout and Measuring Tools, and Taps and Dies) and by End-User (Commercial, Industrial, and Residential) Forecast Period (2020-2026).
The global hand tools market is anticipated to grow at a CAGR of 2.8% during the forecast period. Hand tools are the most conventional and inevitable equipment in the tools industry even today amid the surge in competition with the power tools segment. Despite the prominence of sophistication and technological impact, hand tools play a crucial role in every household and industrial activity. The consistent growth in the adoption of hand tools over the past few years owing to its performance and productivity signifies the niche probability of them being completely replaceable. The affordability, widespread presence, and proven efficiency ratio are further fueling the demand for hand tools. Hand tools are an integral part of everyday life, and developing economies are the major end-users of hand tools, accounting for 65−70% share of the total tools utilized in 2019 in their respective markets. In recent years, DIY activities are driving the demand for hand tools like wrenches, hammers, and cutters in developed economies.
The advent of the COVID-19 pandemic has brought adversarial effects on the hand tools industry, all across the globe. To practice social distancing, the government in most of the countries has recommended lockdown across various sectors including industries such as the automotive, electronics, and precision manufacturing, which significantly affected the demand. China and South Korea, which are considered the major markets for automotive parts and electronic component manufacturing, were under complete lockdown in Q1 2020, which might have aftereffects in the latter half of 2020 as well.
The global hand tools market is segmented based on tool type and end-user. Based on tool type, the hand tools market is segmented into general-purpose tools (hammers, clamps and vises, pliers, ratchets and sockets, riveters, screwdrivers and nut drivers, wrecking bars, and wrenches), cutting tools (chisel and files, cable and wire cutting tools, knives and blades, and saws), layout and measuring tools (plumb bob and try square), and taps and dies. Based on end-user, the market is classified into commercial, industrial, and residential. The rise in the home improvement industry, which is considered a major spending area among millennial parents, can substantially promote the residential end-user segment, in turn accelerating the market for hand tools during the forecast period.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia-Pacific is leading the market in terms of both, market value share and growth rate, followed by North America. Over the past few decades, emerging economies in Asia-Pacific that are witnessing high economic growth, markets with potentially high consumption, and those with increasing industrial and manufacturing competitiveness have started to challenge their developed counterparts in global manufacturing. These economies are making strong progress across all types of manufacturing, constituting as much as 65% of the output through low and medium technology-enabled industries that can fuel the demand for high-precision tools
Research Methodology
The market study of the global hand tools market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. the team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. the analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to the reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation:
1. Global Hand Tools Market Research and Analysis by Tool Type
2. Global Hand Tools Market Research and Analysis by End-User
The Report Covers:
The global hand tools market is anticipated to grow at a CAGR of 2.8% during the forecast period. Hand tools are the most conventional and inevitable equipment in the tools industry even today amid the surge in competition with the power tools segment. Despite the prominence of sophistication and technological impact, hand tools play a crucial role in every household and industrial activity. The consistent growth in the adoption of hand tools over the past few years owing to its performance and productivity signifies the niche probability of them being completely replaceable. The affordability, widespread presence, and proven efficiency ratio are further fueling the demand for hand tools. Hand tools are an integral part of everyday life, and developing economies are the major end-users of hand tools, accounting for 65−70% share of the total tools utilized in 2019 in their respective markets. In recent years, DIY activities are driving the demand for hand tools like wrenches, hammers, and cutters in developed economies.
The advent of the COVID-19 pandemic has brought adversarial effects on the hand tools industry, all across the globe. To practice social distancing, the government in most of the countries has recommended lockdown across various sectors including industries such as the automotive, electronics, and precision manufacturing, which significantly affected the demand. China and South Korea, which are considered the major markets for automotive parts and electronic component manufacturing, were under complete lockdown in Q1 2020, which might have aftereffects in the latter half of 2020 as well.
The global hand tools market is segmented based on tool type and end-user. Based on tool type, the hand tools market is segmented into general-purpose tools (hammers, clamps and vises, pliers, ratchets and sockets, riveters, screwdrivers and nut drivers, wrecking bars, and wrenches), cutting tools (chisel and files, cable and wire cutting tools, knives and blades, and saws), layout and measuring tools (plumb bob and try square), and taps and dies. Based on end-user, the market is classified into commercial, industrial, and residential. The rise in the home improvement industry, which is considered a major spending area among millennial parents, can substantially promote the residential end-user segment, in turn accelerating the market for hand tools during the forecast period.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia-Pacific is leading the market in terms of both, market value share and growth rate, followed by North America. Over the past few decades, emerging economies in Asia-Pacific that are witnessing high economic growth, markets with potentially high consumption, and those with increasing industrial and manufacturing competitiveness have started to challenge their developed counterparts in global manufacturing. These economies are making strong progress across all types of manufacturing, constituting as much as 65% of the output through low and medium technology-enabled industries that can fuel the demand for high-precision tools
Research Methodology
The market study of the global hand tools market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. the team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. the analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to the reports.
Secondary Sources Include:
- Financial reports of companies involved in the market.
- Whitepapers, research-papers, and news blogs.
- Company websites and their product catalog.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation:
1. Global Hand Tools Market Research and Analysis by Tool Type
2. Global Hand Tools Market Research and Analysis by End-User
The Report Covers:
- Comprehensive research methodology of the global hand tools market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global hand tools market.
- Insights about market determinants which are stimulating the global hand tools market.
- Detailed and extensive market segments with the regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Table of Contents
1. Report Summary
2. Market Overview and Insights
3. Competitive Landscape
4. Market Determinants
5. Market Segmentation
6. Regional Analysis
7. Company Profiles
Companies Mentioned
A selection of companies mentioned in this report includes:
- Apex Tool Group, LLC
- Channellock, Inc.
- Emerson Electric Co.
- Estwing Manufacturing Co., Inc.
- Gray Tools Canada, Inc.
- Ideal Industries, Inc.
- JCBL Group
- JK Files (India),Ltd.
- Kennametal, Inc.
- Klein Tools, Inc.
- KNIPEX
- Leatherman Tool Group, Inc.
- Phoenix Contact USA
- Robert Bosch GmbH
- Snap-on,Inc.
- Stanley Black & Decker, Inc.
- Techtronic Industries Co. Ltd.
- The Würth Group
- WeraWerkzeuge GmbH
- Wiha Tools USA
