Hand Tools Market Analysis

Posted by Trupti on May 28th, 2021

A hand tool is any tool that is powered by hand instead of a motor. Different tools include hand tool categories such as pliers, cutters, wrenches, striking tools, screwdrivers, hammered tools, vises, clamps, saws, knives, drills, and more. General-purpose tools include simple tools or fastening tools like screwdrivers, pliers, wrenches, spanners, etc. Metal cutting tools include hacksaws, axe, chisels, etc. Layout and measuring tools comprise tapes, laser measurers, etc. Taps and dies are tools used to create threads. . They can be used as forming tools as well as cutting tools. A tap is used to form or cut the female portion, for example, a nut, whereas a die is used to form or cut the male portion of the mating pair, for example, a bolt.

Market Dynamics

The demand of hand tools in the automobile market increasing owing to its features such as portability, electricity free operation, low cost and many other. Moreover, growth of automobile market is not hindered by a particular region since the automobile industry is booming across the globe. According to Coherent Market Insights’ analysis, the automotive maintenance and repair sector accounts for 23% of the world’s total hand tools. Furthermore, increasing labor costs are influencing consumers to opt for DIY hand tools for domestic and household repairs. Therefore, these factors are expected to support growth of the global hand tools market in the near future.

Furthermore, increasing industrialization in the world is contributing in the growth of hand tool market. Majority of the time hand tools are used for maintenance and service purposes as these devices are portable. According to Coherent Market Insights’ analysis, among end-use industries account for a 40% share of the global hand tools markets, while professionals such as carpenters, plumbers, automotive maintenance mechanics, and farmers account for the remaining 60% market share. Thus, these factors are expected to drive growth of the global hand tools market in the near future.

Market Taxonomy

This report segments the global hand tools market on the basis of Application, Product Type, Sales Channel, and region. On the basis of Application, the global hand tools market is segmented into Industrial and household and DIY. On the basis of Product Type, the global hand tools market is segmented into General Purpose Tools, Metal Cutting Tools, Layout and Measuring Tools, Taps and Dies. On the basis of Sales Channel, the global hand tools market is segmented into Online Sales, Company Direct Sales, and Distributor Sales. On the basis of region, the global hand tools market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa.

Key features of the study:

• This report provides an in-depth analysis of the global hand tools market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global hand tools market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered in the global hand tools market are Kennametal Inc., Apex Tools Group, Akar Tools Ltd., Channellock, Inc., JK Files (India) Limited, Stanley Black Decker, Sears, Wera Tools, Snap-On, Irwin Industrial Tools, and Klein Tools.
• The market players are focusing on strategic collaborations to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
• The global hand tools market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global hand tools market.

Detailed Segmentation:

• Global Hand Tools Market, By Application:
• Industrial
• Household and DIY
• Global Hand Tools Market, By Product Type:
• General Purpose Tools
• Metal Cutting Tools
• Layout and Measuring Tools
• Taps and Dies
• Global Hand Tools Market, By Sales Channel:
• Online Sales
• Company Direct Sales
• Distributor Sales
• Global Hand Tools Market, By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
• Company Profiles
• Kennametal Inc.*
• Company Overview
• Product Portfolio
• Financial Performance
• Key Strategies
• Recent Developments
• Future Plans
• Apex Tools Group
• Akar Tools Ltd.
• Channellock, Inc.
• JK Files (India) Limited
• Stanley Black Decker
• Sears
• Wera Tools
• Snap-On
• Irwin Industrial Tools
• Klein Tools.