DUBLIN, Nov. 12, 2020 /PRNewswire/ — 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.
GLOBAL HAND TOOLS MARKET SEGMENTATION
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 pandemic.
The residential end-user category was the lowest revenue contributor that generated USD 2.27 billion in 2019. The preference for power tools, especially in the battery-operated segment for home improvement and DIY activities, is expected to dominate the hand tools market in the residential segment during the forecast period. While devices such as drills, wrenches, saws, utility knives, and measuring tools can find adoption in the sector, heat guns and glue guns from cordless segment are considered as the game changers of the DIY industry.
INSIGHTS BY VENDORS
The global hand tools market is characterized by low market concentration and high competition among major players. The present scenario is driving vendors to alter and refine their unique value propositions to achieve a strong market presence.
Currently, the market is highly fragmented and dominated by vendors such as Stanley Black & Decker, Emerson, Apex Tool Group, Snap-on and TTI are the major hand tools manufacturers, alongside numerous domestic manufacturers that produce equipment as per the local demands and regulations.
However, these major vendors have a global presence in three major regions: North America, APAC, and Europe which are the major hot spots for tool industry.
Key Questions Answered:
Market Dynamics
Market Opportunities & Trends
Market Growth Enablers
Market Restraints
Prominent Vendors
Other Prominent Vendors
For more information about this report visit https://www.researchandmarkets.com/r/a0giu
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