Hand Tools Market Witnessing Stunning Growth At a CAGR of 4.2% by 2030

Hand tools products witnessed a higher demand, owing to its durability and availability at low cost. Moreover, advancements such as introduction of hand tools with insulated layers, which protects the user from electric shock and gives a handle grip for holding the tool, further strengthen the market growth.

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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