Hand Tools Market
Hand Tools Market: Ergonomic Design Elements Becoming a Priority: Global Industry Analysis, 2014 - 2018 and Opportunity Assessment, 2019 - 2029
- 2019-10-04
- REP-GB-1114
- 32 Tables
- 73 Figures
- 176 pages
-
An Incisive, In-depth Analysis on the Hand Tools Market
This study offers a comprehensive, 360 degree analysis on the Hand Tools market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Hand Tools market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
COVID -19 : Impact Analysis
Request the coronavirus impact analysis across industries and markets
Request Covid -19 ImpactHand Tools Market - Key Research Findings
- The hand tools market size is estimated to reach ~US$ 16 Bn in 2019.
- Through 2029, the hand tools market is likely to grow at a CAGR of ~4%.
- In the hand tools market, general purpose tools are expected to push market growth.
- In the U.S. and Canada, the demand for hand tools is growing substantially due to rising consumer preference for lightweight, durable, hand tools for DIY activities.
- Moreover, adoption of fibre-glass and nylon-handed tools, which serve for longer period of time is currently trending across the globe.
- Online sales are the most procured area for hand tools, followed by retail sales, owing to increasing consumer preference for online shopping rather than purchasing from retail and speciality stores.
- North America is expected to hold a prominent market share in terms of value, followed by Western Europe. APEJ is forecast to grow significantly over the forecast period.
- The hand tools market landscape is fragmented and has major key players that are continuously focusing on enhancing their product offerings by offering lightweight and handy tools, and customized products according to consumer requirements. Additionally, procurements and alliances with local market players are trending in the hand tools market.
- Emerging market players in the hand tools market are improving their product hand-outs by investing in research and development activities and offering innovative hand tools and similar products.
- Hand tool markets in India and China are expected to grow with increasing number of two-wheelers, auto garages, as well as service and maintenance stores in the region.
- Rapid growth in the hand tools market can be attributed to increasing DIY initiatives among consumers. Main reason for these being growing shortage of skilled workers.
For instance, according to a study, labour workforce that fall under 16 to 24 years of age, is likely to experience a slight decline from 14.3% in 2008 to 12.7% by 2018, owing to factors such as rapid growth in urbanization in developing economies and adoption of technologically sound & innovative hand tools and similar products as a substitute for labour workforce.
Factors Shaping the Hand Tools Market
Ergonomic Design of Hand Tools
Major players in the hand tools market are focusing on ergonomic design elements of hand tools to make them precise and comfortable to operate.
For Instance, IRWIN VISE-GRIP Fast Release locking pliers have a trigger-less and one-handed release making them twice as easy to open as conventional pliers. Anti-pinch, non-slip Pro-Touch Grips provide control, comfort, and less hand fatigue.
In 2014, Klein Tools introduced a new series of ergonomically efficient tools, including single-handled and double-handled tools such as 1 1/4" screwdrivers and 3" pliers and cable cutters.
Multi-featured Hand Tools for Various Applications
The hand tools market is mainly growing due to multi-purpose features of hand tools such as reduced tool kit size, weight and maintenance, and growing preference for many-in-one tools for multiple applications across various industries.
For instance,
- In 2014, JK Files (India) Limited introduced a new Hammer Tough screwdriver that can be used as hammer as well as a screwdriver.
- In 2015, Klein Tools introduced a new set of screwdrivers, namely multi-bit screwdrivers and screwdrivers with built-in wire connector wrenches.
Increasing DIY Activities
Increasing consumer inclination towards leisure and recreational activities along with rising disposable incomes of people across the globe is leading to growing uptake of DIY activities. Moreover, rapid growth of the automobile industry has created an impact on consumers to perform DIY activities on their own vehicles for temporary maintenance and repair purpose owing to rise in expensive repairs and maintenance of automobiles, primarily for four wheelers This provides tremendous potential for manufacturers of hand tools to introduce new and innovative products in the market, in order to compete with the innovation and ease of power tools.
- For instance, household & DIY segment accounted for ~US$ 5.9 Bn in the global hand tools market in 2015 and is estimated to increase to US$ 9 Bn by the end of 2027.
Hand Tools Market Structure Analysis
- The hand tools market is a highly fragmented landscape, wherein tier-1 players grasp a majority of revenue shares.
- Key market players in the hand tools market, such as 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, are expanding their product listings by incorporating elasticity in hand tools.
- Key manufacturers in the hand tools market are aiming for market penetration in North America and Western Europe regions, where most of the people carry their own hand tool kits.
- Tier-1 players are strengthening their positions in the hand tools market by offering innovations in hand tools and similar products according to customer needs.
Hand Tools Market Analysis 2019-2029
Future Market Insights has recently published a report on the hand tools market that includes global industry analysis for 2014-2018 & forecast for 2019-2029, and offers a comprehensive assessment of the most market dynamics. After conducting thorough research on the historical as well as current growth parameters of the hand tools market, growth prospects of the market are obtained with maximum precision.
Chapter 01 – Executive Summary
The report commences with the executive summary of the hand tools market, which includes a summary of the key findings and statistics of the market. It also includes the global market outlook, supply-side as well as demand-side trends, recommendations, etc.
Chapter 02 – Market Segmentation
In this chapter, readers can find the definition and detailed taxonomy of the hand tools market, which will help understand the basic information about the hand tools market. This section also highlights the inclusions and exclusions, which help readers understand the scope of the hand tools market report.
Chapter 03 – Market Definition
The report provides, the definition which will help understand the basic information about the hand tools market. This will help readers understand the scope of the hand tools market report.
Chapter 04 – Market Dynamics
This section includes the key inclusions of the report. It includes drivers, restraints, opportunities, market trends, and key developments of the hand tools market. The chapter also includes global hand tools market demand (value) analysis 2014-2018 and forecast 2019-2029. This section explains emerging trends in the global hand tools market and market snapshot.
Chapter 05 – Global Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 - 2029, by Application
Based on application, the hand tools market is segmented into industrial, household, and DIY. In this chapter, readers can find information about the key trends and developments in the hand tools market and market attractiveness analysis based on the application.
Chapter 06 – Global Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 - 2029, by Product Type
Based on product type, the hand tools market is segmented into general purpose tools, metal cutting tools, layout and measuring tools, taps, and dies. In this chapter, readers can find information about the key trends and developments in the hand tools market and market attractiveness analysis based on the product type.
This section highlights the price of hand tools in several regions throughout the globe. The pricing benchmark for manufacturer- and distributor-level pricing is analyzed in this section.
Chapter 07 – Global Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 - 2029, by Sales Channel
Based on the sales channel, the hand tools market is segmented into online sales, retail sales, and distributor sales. In this chapter, readers can find information about the key trends and developments in the hand tools market and market attractiveness analysis based on sales channel.
Chapter 08 – Global Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 - 2029, by Region
This chapter explains how the hand tools market will grow across several geographic regions, such as North America, Latin America, Western Europe, Eastern Europe, APEJ, MEA, and Japan.
Chapter 09 – North America Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 - 2029
This chapter includes a detailed analysis of the growth of the North America hand tools market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on technologies and countries in North America.
Chapter 10– Latin America Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 – 2029
This chapter includes a detailed analysis of the growth of the Latin America hand tools market, along with a country-wise assessment that includes Brazil, Argentina, Mexico, and the Rest of Latin America. Readers can also find regional trends, regulations, and market growth based on technologies and countries in Latin America.
Chapter 11 – Western Europe Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 – 2029
This chapter includes a detailed analysis of the growth of the Europe hand tools market, along with a country-wise assessment that includes Germany, France, the UK, Italy, Spain, BENELUX, Nordic, and the Rest of Western Europe. Readers can also find regional trends, regulations, and market growth based on technologies and countries in Western Europe.
Chapter 12 – Eastern Europe Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 – 2029
This chapter includes a detailed analysis of the growth of the Eastern Europe hand tools market, along with a country-wise assessment that includes Russia, Poland, and Rest of Eastern Europe. Readers can also find regional trends, regulations, and market growth based on technologies and countries in Eastern Europe.
Chapter 13 – APEJ Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 – 2029
This chapter includes a detailed analysis of the growth of the China, India, ANZ, ASEAN, Bangladesh, and the Rest of APEJ. Readers can also find regional trends, regulations, and market growth based on technologies and countries in APEJ.
Chapter 14 – Middle East & Africa (MEA) Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 - 2029
This chapter provides information about how the hand tools market will grow in countries of the Middle East & Africa (MEA), such as GCC Countries, South Africa, Israel, Turkey, and the Rest of MEA during the forecast period of 2019-2029. Readers can also find regional trends, regulations, and market growth based on technologies and countries in MEA.
Chapter 15 – Japan Hand Tools Market Analysis 2014 - 2018 & Forecast 2019 – 2029
This chapter includes a detailed analysis of the growth of Japan. Readers can also find regional trends, regulations, and market growth based on technologies and countries in Japan.
Chapter 16 – Competitive Landscape and Company Profiles
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the hand toolsmarket, along with their market presence analysis by region and product portfolio.
Readers can find a comprehensive list of all the prominent stakeholders in the hand toolsmarket, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the hand tools report 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, among others.
Chapter 17 – Revised Forecast Rationale
This chapter includes previous year’s forecast analysis value (US$ Mn) and current forecast analysis value (US$ Mn) of the hand tools market.
Chapter 18 – Assumptions and Acronyms
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the Hand Tools market report.
Chapter 19 – Research Methodology
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the hand tools market.
Get in touch
Harish Tiwari
Global Head - Business Development
Our Clients
CASE STUDIES
See how our work makes an impact.
At FMI, we design strategies that are adaptive, impactful, and implementable.