Enjoy complimentary customisation on priority with our Enterprise License!
The hand tools market share is expected to increase by USD 2.11 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.96%.
This hand tools market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hand tools market segmentations by application (general-purpose, metal cutting, and others), end-user (industrial and household), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The hand tools market report also offers information on several market vendors, including Akar Auto Industries Ltd., Apex Tool Group LLC, Bitburger Holding GmbH, Channellock Inc., Crossman Tool Co. Ltd., Emerson Electric Co., Excelta Corp., IDEAL Industries Inc, JCBLGroup, JPW Industries Inc., Kennametal Inc., Klein Tools Inc., KNIPEX Werk, Kyoto Tool Co. Ltd, Raymond Trade Tools, Snap on Inc, Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., Truper SA de CV, and Wiha Werkzeuge GmbH among others.
Download Report Sample to Unlock the Hand Tools Market Size for the Forecast Period and Other Important Statistics
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The huge demand from developing economies is notably driving the hand tools market growth, although factors such as fluctuating raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hand tools industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hand Tools Market Driver
The huge demand from developing economies is one of the key drivers supporting the hand tools market growth. Typically, rapid industrialization in economies such as Brazil, Russia, India, China, and South Africa (BRICS) is creating considerable demand for hand tools. Growing investments in the manufacturing sector in developing countries are further increasing the consumption of hand tools. Hence, the rise in industrialization is expected to support the demand for hand tools during the forecast period. Several other regions, such as South America and MEA, are also exhibiting an increase in manufacturing activities, particularly in the consumer durables sector. As these regions are undergoing rapid urbanization, manufacturers and customers seek new and technologically advanced products, which is further driving the market growth.
Key Hand Tools Market Trend
The introduction of ergonomically designed hand tools is one of the key hand tools market trends contributing to the market growth. Several vendors are focusing on improving the ergonomics of their hand tools to prevent accidents, which are common in industrial and commercial facilities while using hand tools. Ergonomically designed hand tools improve the comfort of users and reduce the limitations associated with hand tools. To reduce the number of accidents in industrial and commercial facilities, organizations such as the OSHA and the ANSI have implemented regulations that specify the design and features of hand tools. Such regulations also improve the ergonomics of hand tools. Hence, such innovations in the design of hand tools will drive the growth of the market during the forecast period.
Key Hand Tools Market Challenge
Fluctuating raw material prices is one of the factors hindering the hand tools market growth. Substrates, such as iron, steel, aluminum, plastic, and carbon fibers, are mainly used for the production of hand tools. The fluctuations in the prices of raw materials and the increasing competition from local manufacturers, especially in emerging economies, are posing a strong challenge to the vendors in the global hand tools market and impacting the final prices of hand tools. Moreover, the fluctuations in raw material prices and crude oil prices bring uncertainties to the market and adversely affect production costs. Hence, the fluctuations in raw material and crude oil prices would negatively impact the growth of the market during the forecast period.
This hand tools market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global hand tools market as a part of the global household appliances market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hand tools market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the hand tools market encompasses successful business strategies deployed by the key vendors. The hand tools market is fragmented and the vendors are deploying growth strategies such as quality, regulatory compliance, and innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hand tools market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the hand tools market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
32% of the market’s growth will originate from North America during the forecast period. The US is the key market for the hand tools market in North America. Market growth in this region will be faster than the growth of the market in APAC.
The rapid growth of industrial sectors will facilitate the hand tools market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the regional market witnessed certain challenges owing to the COVID-19 pandemic. However, in the second half of 2020, a surge in sales of hand tools was seen in the household segment to perform household chores remotely to avoid contamination. As a result of these factors, the demand for hand tools is expected to fuel across industries for metal cutting with precession, further leading to the regional market in focus to propel during the forecast period.
To gain further insights on the market contribution of various segments Request PDF Sample
The hand tools market share growth by the general-purpose segment will be significant during the forecast period. General-purpose hand tools are largely used for construction activities, residential activities, and in industries such as automotive and electrical, and electronics. The main residential applications of general-purpose hand tools include plumbing, carpeting, electric works, and other small or major home improvement activities. Significantly, a key factor driving the demand for general-purpose hand tools among residential users is the growing number of DIY home improvement activities across the globe.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hand tools market size and actionable market insights on post COVID-19 impact on each segment.
|
Hand Tools Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 3.96% |
|
Market growth 2022-2026 |
$ 2.11 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
3.25 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 32% |
|
Key consumer countries |
US, China, Germany, UK, and France |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
Akar Auto Industries Ltd., Apex Tool Group LLC, Bitburger Holding GmbH, Channellock Inc., Crossman Tool Co. Ltd., Emerson Electric Co., Excelta Corp., IDEAL Industries Inc, JCBLGroup, JPW Industries Inc., Kennametal Inc., Klein Tools Inc., KNIPEX Werk, Kyoto Tool Co. Ltd, Raymond Trade Tools, Snap on Inc, Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., Truper SA de CV, and Wiha Werkzeuge GmbH |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
