DUBLIN–(BUSINESS WIRE)–Oct 7, 2020–
The “Hand Tools Market – Global Outlook and Forecast 2020-2025” report has been added to ResearchAndMarkets.com’s offering.
The global hand tools market by revenue is expected to grow at a CAGR of over 4% during the period 2019-2025.
The global hand tools market is expected to grow 1.3X times during the forecast period. The market is expected to witness a considerable growth post-2020. Rapid industrialization and increasing applications in household and commercial sectors are primarily driving the market. Automobile, aerospace, construction, electronics, and shipbuilding are the major end-use of these devices. The tool industry landscape is moving toward sophistication and customization that can determine market leadership in a competitive scenario. Advancements in technology and the extensive usage of battery-driven devices have fueled the adoption of cordless power tools and related accessories that are light and durable. This growth factor for the substitutes is expected to challenge the potential of hand tools. The DIY culture can be one of the major drivers for these devices in the coming years with a high scope for penetration in growing economies.
The global hand tools market suffered a downfall during the COVID-19 crisis as most economic activities were halted during Q1 and Q2 in 2020. Most major revenue-generating end-users such as construction, automotive, commercial renovation, and home improvement activities were affected, leading to a decline in the market sales. Curfews and lockdowns prevented the extensive application of hand tools by workers and contractors, thereby affecting the overall revenue generation for the market during the period.
The general purpose tools segment was the major revenue contributor in 2019 and is expected to grow at a CAGR of over 4% during the period 2019-2025. The volume of works carried out by general purpose devices, which include fasteners, striking tools, and pry bars, has grown significantly among penetrated DIY enthusiasts and for home-improvement professionals. Wrenches, screwdrivers & nut drivers, pliers, hammers, riveters, clamps and vises, wrecking bars, ratchets, and pry bars are the key types of hand tools in the segment. Commercial, residential, and industrial sectors are the major end-users of general purpose equipment, which are extensively utilized to perform small repairs, maintenance and other related project activities.
The industrial end-user segment contributed over 70% of the total market revenue in 2019, with the construction industry accounted for over USD 4 billion, followed by the automotive industry at USD 3.75 billion in 2019. The rise in the aerospace industry is expected to drive the growth of hand drills and fasteners as they are extensive application in assembly activities. While the shipbuilding industry is a major end-user for cutting and striking tools such as hammer, it is expected to grow at a promising CAGR during the forecast period.
The commercial end-user segment is expected to grow at a CAGR of over 4% during the period 2019-2025. The segment is expected to grow at a steady phase in the Middle East & Africa region due to the growth in commercial construction, including hotels and shopping malls. North America was the second largest revenue generator in the segment. The high volume of renovation and retrofit activities in commercial places such as shopping malls, corporate offices, hotels, and restaurants is driving the growth of the segment, whereas the growth in the tourism sector is another major influencer in Latin America and APAC markets, which can gain traction post the COVID-19 pandemic.
Opportunities & Trends
- Rising Home Improvement & DIY Activities
- Rising Prominence Of Asian Manufacturing
- Rising Timber Construction
- Growth In Application Of Fasteners
- Low-Cost Labor In Growing Economies
- Growth Of Automotive Aftermarket Industry
- Growth Of Power Tools Market
- Tool Safety & Risk Exposure
Key Questions Answered:
- What is the expected market size of the global hand tools market in 2025?
- What are the factors impacting the growth of the market?
- What are the drivers, trends, and restraints in the market?
- Who are the leading vendors and what are their market shares?
- What is the impact of the COVID-19 pandemic on the hand tools market?
- Stanley Black & Decker
- Techtronic Industries Company
- Apex Tool Group
Other Prominent Vendors
- Robert Bosch GmbH
- Ajay Group
- Akar Tools Ltd.
- Daniels Manufacturing Company
- Gray Tools Canada
- IDEAL INDUSTRIES
- JCBL India
- JK Files India
- Klein Tools
- Lowell Corporation
- Mac Tools
- Ningbo Great Wall Precision Industrial Co. Ltd.
- PHOENIX CONTACT
- Vaughan Manufacturing
- Wera Tools
- Wiha Tools Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/pt2t37
View source version on businesswire.com:https://www.businesswire.com/news/home/20201007005472/en/
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SOURCE: Research and Markets
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PUB: 10/07/2020 06:30 AM/DISC: 10/07/2020 06:30 AM