Global Hand Tools & Woodworking Tools Market (2021 to 2026) - Featuring Apex Tool Group, Ideal Industries and Ingersoll Rand Among Others
DUBLIN, Sept. 7, 2021 /PRNewswire/ -- The "Global Hand Tools & Woodworking Tools Market with COVID-19 Impact, By Type (Chisels, Hammers, Saws, Pliers, Wrenches, Screwdrivers), Distribution Channel (Online, Offline), End User, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The hand tools and woodworking tools market size is expected to grow from USD 8.4 billion in 2021 to USD 10.3 billion by 2026, at a CAGR of 4.0%.
The growth of the market is attributed to the increasing commercial as well as residential construction and infrastructure projects, adoption of hand tools in households for residential/DIY purposes as well as growing manufacturing setups and increasing repair and maintenance operations across the world. However, factors such as increase in safety risks and concerns due to improper use of hand tools are restraining the market growth.
On the flip side, the development of variable-size/multi-tasking single tools that cater to multiple operations might increase demand for hand tools, and increase in hand tool automation to reduce physical work might boost hand tool usage and are expected to create opportunities for the adoption of hand tools and woodworking tools in the coming years. Moreover, the lack of all-specification/dimension hand tools for end-users to be prepared for every possible area of application acts as a challenge for the hand tools and woodworking tools market.
Online distribution channel to grow at the fastest rate during the forecast period
Online distribution channels can be seen changing the way customers shop. They are providing customers with numerous additional benefits such as door-to-door delivery of products and provide an online display of an extensive variety of products and brands to choose from through their online e-commerce platforms. Various third-party distributors sell hand tools on the online platforms. This helps the customers compare, evaluate, study, and select the best suitable hand tool. These online platforms has enabled many hand tool manufacturers to sell their products directly to the end customers. Large manufacturing organizations can be seen launching their online distribution channels with their e-commerce platforms.
Professional end-users to hold the largest share of hand tools and woodworking tools market by 2026
The market for the professional end-user segment is expected to hold the largest share during the forecast period. With the rising population and infrastructural development worldwide, professional applications such as plumbing, electrification, and carpentry have registered strong growth. Additionally, growth in other industries, such as oil & gas, electronics, automotive, aerospace, energy, mining, and shipbuilding, also contribute to the growth of the professional usage of hand tools & woodworking tools with the increasing application areas.
Hand tools and woodworking tools market in APAC to grow at the highest CAGR
The growth of the hand tools and woodworking tools market in APAC can be attributed to the rapid industrialization and surging construction activities in the countries such as India, China, Australia, and Japan. Hand tools are highly used in both construction and industrial activities. Even governments from the leading countries are taking initiatives towards developing infrastructural and construction plans and to bring industrial development with the increasing number of industrial plants and manufacturing units. However, the pandemic has resulted in disruptions in supply chain activities, revenue losses, and slowdown in production activities which have somehow impacted the growth of the market, eventually impacting the economy.
Market Dynamics
Drivers
- Increasing Commercial as Well as Residential Construction and Infrastructure Projects
- Growing Adoption of Hand Tools in Households for Residential/Diy Purposes
- Growing Manufacturing Setups and Increasing Repair and Maintenance Operations
Restraints
- Increase in Safety Risks and Concerns due to Improper Use of Hand Tools
Opportunities
- Variable-Size/Multitasking Single Tools That Cater to Multiple Operations Might Increase the Demand for Hand Tools
- Increase in Hand Tool Automation to Reduce Physical Work Might Boost Hand Tool Usage
Challenges
- Lack of All-Specification/Dimension Hand Tools to be Prepared for Every Possible Area of Application
Companies Mentioned
- Akar Auto Industries Ltd.
- Apex Tool Group LLC.
- Channellock, Inc.
- Gray Tools Canada Inc.
- Hangzhou Great Star Industrial Co. Ltd.
- Husqvarna Group
- Ideal Industries
- Ingersoll Rand
- Jcbl Ltd.
- Jetech Tool Co. Ltd.
- Kirchhoff Group
- Klein Tools, Inc.
- Lie-Nielsen Toolworks
- Martin Sprocket & Gear, Inc.
- Ningbo Great Wall Precision Industrial Co. Ltd.
- Other Players
- Ridgid Tools
- Robert Bosch
- Snap-On Incorporated
- Stanley Black & Decker, Inc.
- Taparia Tools Ltd.
- Techtronic Industries Co. Ltd.
- Toya S.A.
- Wera Tools
- Wintek Tools
- Wright Tool Company
For more information about this report visit https://www.researchandmarkets.com/r/4exejj
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