According to a new report published by Allied Market Research, titled, “ — Hand tools Market by Type, End-User, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027,” the global hand tools market size was valued at $22.2 billion in 2019 and is expected to reach $30.3 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
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Asia-Pacific generated the highest revenue in 2019 and is expected to grow at the highest CAGR during the forecast period, followed by LAMEA and Europe. Hand tools products witnessed a higher demand, owing to their durability and availability at low cost. Moreover, advancements such as the introduction of hand tools with insulated layers, which protect the user from electric shock and give a handle grip for holding the tool, further strengthen the market growth.
In addition, the surge in the residential construction industry in developing countries such as India, China, India, and Brazil is expected to increase the demand for hand tools such as hammers, screwdriver, cable cutters, and others. However, the growing popularity of cordless power tools may hamper the market growth. The impact of this factor is anticipated to reduce in the future due to intense completion and new product launches by market players.
Major types of hand tools products included in the report are wrench, plier, screwdrivers, hammers, cable cutter, and others. The wrench hand tools constituted the highest market share in 2019, owing to increased demand in the automotive and manufacturing industry.
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The key players profiled in the hand tools market report include Akar Tools Limited, Snap-On Incorporated., Stanley Black and Decker, Techtronic Industries Co. Ltd., Wera Tools, Apex Tool Group, Klein Tools Inc., Channellock, Inc., JCBL India, and Emerson Electric Co.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging hand tools market trends and dynamics.
By type, the wrench segment dominated the market, in terms of revenue in 2019, and the cable cutter segment is projected to grow at a CAGR of 6.1% during the forecast period.
By end-user, the industrial segment registered the highest growth in the hand tools market in 2019.
The Asia-Pacific region is projected to register the highest growth rate in the coming years.
The report provides an extensive analysis of the hand tools market trends and emerging opportunities of the market.
In-depth hand tools market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
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