Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

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. Moreover, outdoor tools include rakes, garden forks, and pruning shakes. Layout and measuring tools comprise tapes, laser measurers, etc. Taps and dies are tools used to create threads   

The global hand tools market is estimated to account for US$ 21,929.0Mn in terms of value by the end of 2027.

Market Dynamics- Drivers

  1. Rising industrial expansion worldwide is expected to drive growth of the global hand tools market during the forecast period

The number of major manufacturing plants and industries has increased significantly in the recent past where hand tools are majorly utilized for maintenance purposes. High demand for professional hand tools is increasing among industry personnel thereby increase the use of hand tools by workers and laborers. 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.

  1. Increasing number of new construction and renovation activities is expected to propel the global hand tools market growth over the forecast period

Small hand tools are mainly used for interior finishing although a large number of hand tools and hand tool kits are deployed in ceiling tiles, flooring and interior, electrical, mechanical, and plumbing fixtures. Recent spurt in renovation activities of old constructions is also driving demand for hand tools. Hence, these factors are expected to propel the global hand tools market growth over the forecast period.

Statistics:

Europe held dominant position in the global hand tools market in 2019, accounting for 35.5% share in terms of value, followed by North America and Asia Pacific, respectively

Figure 1: Global Hand Tools Market Share (%), in terms of Value, By Region, 2019

Hand Tools  | Coherent Market Insights

Market Dynamics- Restraint

  1. Growing preference for power tools over hand tools is expected to restrain growth of the global hand tools market during the forecast period

Many end users are preferring power tools over hand tools since they are relatively easier to operate and help save on time. For instance, power tools account for 57% share of the global tools market whereas hand tools account for 43% of the global tools market currently in 2015. Thus, power tools are superseding hand tools by 14% presently. According to Coherent Market Insights’ analysis, global power tools market was valued at US$ 38.8 Bn in 2013 and US$ 40.6 Bn in 2014, while global hand tools market accounted for US$ 13.9 Bn in 2013 and US$ 14.3 Bn in 2014. Hence, these factors are expected to restrain growth of the global hand tools market in the near future.

  1. Increasing prices of raw materials are expected to hamper the global hand tools market growth over the forecast period

Rising prices of raw materials such as aluminum and iron used in the manufacturing of hand tools are leading to high pricing of the end product. According to Coherent Market Insights’ analysis, iron ore prices witnessed a 34% rise in April 2015 as compared to May 2014. According to the source, aluminum prices witnessed a growth of 0.4% in 2015 as compared to that in the previous year. Hence, these factors expected to hinder the global hand tools market in the near future.

Market Opportunities

  1. Rising DIY activities can present major business opportunities

Growing consumer preference for leisure and recreational activities with growing disposable income is leading to a rise in DIY activities. This, in turn, offers tremendous potential for manufacturers of hand tools to introduce new and innovative products in the market. For instance, DIY activities accounted for US$ 5,495.7 Mn of the global hand tools market in 2013 and increased to US$ 5,668.9 Mn in 2014.

  1. A massive increase in technical jobs and employment can offer significant business opportunities

Increase in technical jobs and employment offer excellent opportunities in terms of quality and pricing, as professionals use high end tools and are willing to pay more for such products. According to Coherent Market Insights’ analysis construction industry witnessed an increase of 20% in employment opportunities in 2015 as compared to 2014.

Figure 2: Global Hand Tools Market Value (US$ Mn), 2017 - 2027

Hand Tools  | Coherent Market Insights

The global hand tools market was valued at US$ 16,123.3 Mn in 2019 and is forecast to reach a value of US$ 21,929.0Mn by 2027 at a CAGR of 3.9%% between 2020 and 2027.

Market Trends

  1. Advent of multi-featured hand tools for various applications

Many companies in the market are focused on designing many-in-one tools, in order to reduce tool kit size, weight, and maintenance that can be used for multiple applications in 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. Furthermore, in 2015, Klein Tools introduced a new set of screwdrivers, namely multi-bit screwdrivers and screwdrivers with built-in wire connector wrenches.

  1. Hand tools kit instead of individual tools

Consumers from the industrial sub-segment are more inclined towards the purchase of hand tools kits as opposed to individual hand tools. For instance, in 2014, Channellock Inc. introduced a 171-piece mechanic’s tools set. Moreover, in 2013, Bosch launched Skil F002 hand tool kit, with 81 tools, including wrenches, clutches, screwdrivers, etc.

Competitive Section

Major companies involved 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.

Key Developments

  1. Major companies in the market are focused on capacity and business expansion, in order to gain a competitive advantage in the market. For instance, in June 2019, Channellock, Inc. announced a 35,000-square foot expansion of its finished goods warehouse.
  2. Key players in the market are involved in product launches, in order to expand the product portfolio. For instance, in September 2018, Craftsman, a subsidiary of Stanley Black Decker, introduced new generation tools, equipment, and accessories.

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.

 *Browse all the market data tables and figures on “Global Hand Tools Market- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Application
      • Market Snippet, By Product Type
      • Market Snippet, By Sales Channel
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
  4. Global Hand Tools Market, By Application, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Industrial
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Household and DIY
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  5. Global Hand Tools Market, By Product Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • General Purpose Tools
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Metal Cutting Tools
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Layout and Measuring Tools
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Taps and Dies
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Hand Tools Market, By Sales Channel, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Online Sales
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Company Direct Sales
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Distributor Sales
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. Global Hand Tools Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Sales Channel, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Sales Channel, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Sales Channel, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Sales Channel, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Sales Channel, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles
      • Kennametal Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Apex Tools Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Akar Tools Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Channellock, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • JK Files (India) Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Stanley Black Decker
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sears
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Wera Tools
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Snap-On
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Irwin Industrial Tools
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Klein Tools.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse XX market data tables and XX figures on “Global Hand Tools Market-forecast to 2027”.

Frequently Asked Questions

The global Hand Tools market size was valued at US$ 16,123.3million in 2019 and is estimated to exhibit a CAGR of 3.9% between 2020 and 2027.
Retail Sales segment held the major market share in 2019 owing to a Rising industrial expansion worldwide during the forecast period.
Major factor driving the growth of global Hand Tools market during the forecast period rising industrial expansion worldwide, Increasing number of new construction and renovation activities
Major factors hampering the growth of the Hand Tools market during the forecast period Growing preference for power tools over hand tool, increasing prices of raw materials are.
Europe Hand Tools market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the 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.
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