Hand Tools Market Growth, Size, Share, Forecast, 2020–2027 | Covid-19 Impact Analysis & Global Industry Insights

According to a new report published by Allied Market Research, titled, “Hand tools Market by Type, End-User, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027,” the global hand tools market size was valued at $22.2 billion in 2019 and is expected to reach $30.3 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.

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Asia-Pacific generated the highest revenue in 2019 and is expected to grow at the highest CAGR during the forecast period, followed by LAMEA and Europe. Hand tools products witnessed a higher demand, owing to their durability and availability at low cost. Moreover, advancements such as the introduction of hand tools with insulated layers, which protect the user from electric shock and give a handle grip for holding the tool, further strengthen the market growth.

In addition, the 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.

Major types of hand tools products included in the report are wrench, plier, screw drivers, hammers, cable cutter, and others. The wrench hand tools constituted the highest market share in 2019, owing to increased demand in the automotive and manufacturing industry.

Hand tools are used in various applications such as residential, industrial, and commercial. Based on end-user, the industrial segment accounted for the largest market share in the market in 2019. Increased adoption of hand tools in industrial applications, owing to their durability drives the market growth. In addition, the increase in urbanization around the globe especially in developing regions has created the need for residential construction; thereby, boosting the demand for hand tools products.

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Based on the distribution channel, the retail segment accounted for the maximum hand tools market share in 2019, and the online segment is expected to maintain its lead throughout the forecast period. This is attributed to rising in income levels, rapid urbanization & industrialization, an increase in population and household income, as well as the governments continuing efforts to expand and upgrade the physical infrastructure.

Furthermore, the DIY activities include the use of hand tools for any activity conducted by an unprofessional individual. This can be generalized as home improvement activities. Many major players in the market offer DIY hand tool kits, which include wrenches, saws, cutting tools, and other accessories. Furthermore, the DIY culture is more recognized in the developed countries such as the U.S., the UK, Germany, and others.

However, the rise in the trend of e-retail platforms in developing nations has made it easy for non-professional users to buy hand tools. Furthermore, major players such as Stanley Black & Decker, Inc. and others have specialized hand tools portfolios for non-professional users. These ranges include nearly all tooling operations required in home improvement activities. Such initiatives propel the popularity of hand tools used for home improvement activities; thereby, fueling the demand for hand tools.

Moreover, the energy industry is developing constantly, owing to increased dependency on renewable power sources such as wind energy, hydroelectricity, solar energy, and others. The construction of new power generation units requires high-capacity power tools for the installation, assembly, and maintenance. In this instance, the electric power tools serve this purpose by offering ease of use and high productivities. This factor is likely to bolster the demand for electric power tools in the energy industry.

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Key Players

The key players profiled in the hand tools market report include Akar Tools Limited, Snap-On Incorporated., Stanley Black and Decker, Techtronic Industries Co. Ltd., Wera Tools, Apex Tool Group, Klein Tools Inc., Channellock, Inc., JCBL India, and Emerson Electric Co.

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