Press release
Hand Tools Market Regional Growth Drivers, Opportunities, Trends, and Forecasts to 2027
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.
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In addition, a surge in the residential construction industry in developing countries such as India, China, India, and Brazil is expected to increase the demand for hand tools such as hammers, screwdriver, cable cutters, and others. However, the growing popularity of cordless power tools may hamper the market growth. The impact of this factor is anticipated to reduce in the future due to intense completion and new product launches by market players.
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.
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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.
Based on the 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.
Key Findings Of The Study
• The report provides an extensive analysis of the current and emerging hand tools market trends and dynamics.
• By type, the wrench segment dominated the market, in terms of revenue in 2019 and the cable cutter segment is projected to grow at a CAGR of 6.1% during the forecast period.
• By end-user, the industrial segment registered the highest growth in the hand tools market in 2019.
• The Asia-Pacific region is projected to register the highest growth rate in the coming years.
• The report provides an extensive analysis of the hand tools market trends and emerging opportunities of the market.
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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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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.
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