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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