Hand Tools Market Poised to Register 4% Growth by the End of 2029
Future Market Insights (FMI) has recently released a research intelligence report with deep-dive analysis on the hand tools market that offersglobal industry analysis for 2014–2018 and opportunity assessment for 2019–2029. The hand tools market was valued at ~US$ 16 Bn in 2018, and is projected to grow notably at a CAGR of ~4% over the forecast period. This growth is primarily driven by increasing customer preference for do-it-yourself activities and rising disposable incomes.
As per the study, the hand tools market is anticipated to witness moderate growth during the forecast period owing to rapid growth of the global automotive market, which in turn pushes the demand for hand tools and related products.
North America’s hand Tools Market to Witness Significant Growth
North America is likely to present significant opportunities for the growth of hand tools market owing to factors such as proliferation in four vehicle fleet and rising disposable incomes of consumers in the U.S. and Canada. The region accounts for a maximum number of people carrying their own tool kits and using hand tools for household applications.
In the U.S. and Canada, according to per capita checks, there is high consumer inclination towards leisure and recreational activities, which is driving market growth. Propensity of following countries towards hand tools is creating further growth opportunities for the hand tools market during the forecast period.
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Global Industrial Expansion Bolstering Demand
The global hand tools market has been segmented based on product type, sales channel, application, and regions, such as North America, Latin America, Western Europe, Eastern Europe, APEJ, MEA, and Japan.Owing to factors such as rise in the number of manufacturing plants and construction industries that require the use of hand tools for maintenance and repair activities, the demand for specialized hand tool kits is forecasted to rise.
For instance, among end users, industries account for 40% share of the global hand tools market, while professionals such as carpenters, plumbers, automotive maintenance mechanics, and farmers account for the remaining 60% market share.
Hand Tools Enjoying Increased Demand for Domestic ActivitiesAsk the Analyst@
With rapid growth of the global automobile market, maintenance and repair of automobiles that require high-end precision hand tools is also increasing. Growth of the hand tool market is not restricted to a particular region, as the automobile industry is thriving globally. In addition to this, rapidly increasing labor costs are compelling consumers to prefer DIY hand tools for domestic & household activities.
The automotive maintenance and repair sector accounts for 23% of the world’s total hand tools. Moreover, increasing consumer spending ability and per capita disposable incomes are major factors pushing market growth.
- For instance, in 2015, the per capita disposable income of consumers witnessed a compound growth of 1.5%, globally, thereby increasing their spending abilities.
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Hand Tools Market: Vendor Insights
The report highpoints few of the key market players, who have recognized themselves as global influencers in the hand tools market. Few examples of key players in the market are Akar Tools Limited, Apex Tool Group, Channellock, Inc., JK Files (India) Limited, Kennametal Inc., Klein Tools Inc., Snap-On Incorporated, Stanley Black and Decker, and Wera Tools.Tier-1 players are focusing on mergers, acquisitions, and joint ventures with local market players and deploying advancements in hand tools to achieve positive traction and healthy competitive advantage over their contemporaries.