The hand tools market will exhibit strong growth in the coming years as it gains impetus from increasing investment in new construction and renovation activities around the world. Considering this, expansion of the construction sector will continue boosting hand tools sales
DUBAI, UAE / ACCESSWIRE / March 3, 2021 / Future Market Insights: In a new study Future Market Insights (FMI) has projected the hand tools market to exhibit a CAGR of 3.9% through 2031. The demand for hand tools will continue surging particularly on account of the increasing use in household applications.
"Leading manufacturers are focusing on developing technologically advanced hand tools, particularly in response to the rising demand for tools to aid do-it-activities, which will also allow consumers to minimize labor costs." says the FMI analyst.
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Hand tools - Important Highlights
- Although the retail channel continues to dominate the hand tools market, online sales are projected to increase at a higher rate in the coming years
- Metal cutting tools are expected to be highly sought-after due to their increasing applications in aerospace, defense, automotive, and other industries.
- Industrial applications will continue to account for the lion's share of hand tools sales
- North America is currently leading the global market for hand tools, with the U.S. spearheading growth within the region
Hand tools Market - Drivers
- Expansion of the construction sector will continue fuelling demand for hand tools
- The demand for hand tools is expected to rise in the automotive sector due to their applications in maintenance and repair of automobiles
- Growth in the automobile, aerospace, construction, and DIY applications will drive the market
- Increasing R&D investment by various manufacturers would likely give the sector momentum.
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Hand tools Market - Restraints
- The shortage of qualified professionals is a key challenge that restricts the growth of the global market for hand tools
- The rise in the popularity and versatility of power tools is expected to impede the growth of the hand tools market
COVID-19 Impact on Hand tools Market
The hand tools market growth is expected to be hampered due to project delays and cancellations caused amid COVID-19 crisis. In regions such as North America, Europe, and Asia-Pacific, with several end-users impacted, supply and demand shortages are expected to result in a substantial drop in Y-O-Y growth. Containment policies including social distancing, remote employment, and the termination of commercial operations have resulted in organizational difficulties. However, the market is anticipated to make a swift recovery as the economy stabilizes
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Market players have left a lasting impact with their unique business expansion strategies and robust product offerings. An increasing number of them are focusing on product launches. For example, Toughbuilt unveiled 11 new hand tools at Lowe stores across the U.S. in December 2020. The range of items included scissors, shears, and other tools. Some of the key companies are Stanley Black & Decker, Inc., Snap-on Incorporated, IDEAL INDUSTRIES, INC., Apex Tool Group, LLC., KLEIN TOOLS INC, Emerson Electric Co.
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
5. Global Hand Tools Market - Pricing Analysis
6. Global Hand Tools Market Demand (in Value or Size in US$ Mn) Analysis 2015-2019 and Forecast, 2020-2030
6.1. Historical Market Value (US$ Mn) Analysis, 2015-2019
6.2. Current and Future Market Value (US$ Mn) Projections, 2020-2030
6.2.1. Y-o-Y Growth Trend Analysis
6.2.2. Absolute $ Opportunity Analysis
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About the Study
The study offers readers a comprehensive assessment of the hand tools market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type(General Purpose Tools, Metal Cutting Tools, Layout & Measuring Tools, Taps & Dies), application(Industrial, Household and DIY) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights