A recent report published by
Infinium Global Research on hand tools market provides in-depth analysis of
segments and sub-segments in the global as well as regional hand tools market.
The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional hand tools market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of global hand tools market. According to the
report, the global hand tools market is projected to grow at a CAGR of 4.66%
over the forecast period of 2019-2025.
Hand tools are those devices that
are operated without using power or electricity. Hand tools include instruments
such as pliers, wrenches, hammers, screwdrivers, hacksaw frames and others. All
these tools have a different application in different fields such as hammers
are designed to deliver high force on a small area. Further, hand tools are
made from the highest quality of material and have the lowest warranty period.
Hand tools are basic requirements for carrying out the smallest tasks such as
fixing cabinets or musical instruments. Besides, hand tools are small,
lightweight and compact in nature so they are easy to transport. Further, hand tools
offer several benefits such as it can be used anywhere, and it is easily
repairable as it does not have any complex electronic components. Addition to
this, they are cheap, they require fewer maintenances as compared to power
tools, no threat of electric shock and replaceable parts are easily available
in the market.
High consumption of hand tools in
several residential and industrial applications drives the growth of the hand
tools market. At present, the population’s inclination towards the Do-It-Yourself
(DIY) the approach is growing rapidly across the world. The wide range of
multi-functionality DIY and the household hand tools with the low-cost
advantage is generally available in the market. Additionally, the use of these
hand tools in the maintenance and repair work reduces outsourcing work costs
that promote its usage in residential applications. Furthermore, growing online
sales of hand tools contributing to the growth of the hand tools market. The
numerous companies working in the hand tools market are currently offering
e-commerce or online portals to showcase and sell their product line and
services. The e-commerce initiatives also improve productivity and the
one-on-one buyers and manufacture relationship in the hand tools market that
promoting the growth of the hand tools market. However, the growing adoption of
convenient and easy to use equipment’s may hamper the growth of the hand tools
market. Moreover, the emergence of the multifunctional hand tools, hammer axe
tool kit are expected to create beneficial growth opportunities for the hand
tools market.
Among the geographies, North
America dominated the hand tools market followed by Europe. North America holds
the highest market share owing to increasing infrastructure projects tend to
the growth in the reconstruction industry that in turn increased the demand for
hand tools in the region. Europe holds the second position in the global hand
tool market owing to increasing demand and high capital investment in the
automotive industry tend to the growth of hand tools in the region. Further,
rapidly increase in the production of vehicles as well as Germany is the
largest importer of hand tools followed by France contribute to the growth of
hand tools market in the region. Asia Pacific region is expected to the fastest
growing region for the hand tools market owing to the increasing use of tools
in an automobile repair and growing construction activities in the region.
The report on global hand tools
market covers segments such as product type, sales channel, and end-use. On the
basis of product type, the sub-markets include cutters, saws, screw drivers,
wrenches, and other product types. On the basis of sales channel, the sub-markets include
distributor sales and online sales. On the basis of end-use, the sub-markets
include residential, and commercial.
The report provides profiles of
the companies in the market such as Robert Bosch GmbH, Stanley Black &
Decker, Inc., Apex Tool Group, LLC, AIMCO Global, JPW Industries, Snap-on Inc.,
Emerson Electric Co., Akar Auto Industries Limited, Klein Tools, Inc., and
Other Companies.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of hand tools market. Moreover, the study highlights current market
trends and provides forecast from 2019-2025. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.
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