Hand Tools Market Size to Reach Revenues of around USD 30 Billion by 2025 - Arizton

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Sep 29, 2020, 09:00 ET

CHICAGO, Sept. 29, 2020 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global hand tools market report.

The global hand tools market is expected to grow at a CAGR of over 4% during the period 2019−2025.

Key Highlights Offered in the Report:

The industrial segment accounted for over 70% of the market share in 2019, which is estimated to grow over 4% during the forecast period.
Pliers dominated the general-purpose tools segment which is expected to pose an absolute growth of 29% with extensive usage in construction, automotive, and electronics sector.
The construction hand tools segment is expected to contribute around $5.5 billion by 2025 as the activities are expected to rise in China, India, the US, and Indonesia.
The preference for DIY and home improvement activities is propelling the market for residential hand tools that is expected to account for around 10% of the market share by 2025.
The rise in construction of electronic and plug-in vehicles is driving the market for precision hand tools and cutters in major economies of APAC, North America, and Europe.
While APAC is estimated to be the fastest growing market for hand tools, the rise in timber construction, increase in user friendly hand tool kits and concentration of vendors are driving the market in Europe.

Key Offerings:

Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by products type and end-user
Competitive Landscape – 5 key vendors and 28 other vendors

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Hand Tools Market – Segmentation

Cutting tools were the second-largest segment since these are mostly used for wooden and metal works that need precision cutting. They are also used in DIY activities as most vendors offer user-friendly devices for home improvement and wood-crafting activities.
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.
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.

By Product Type

General Purpose

Wrenches
Screwdrivers & Nut Drivers
Pliers
Hammers
Riveters
Clamps & Vises
Wrecking Bars
Ratchets & Sockets

Cutting

Chisel & Files
Saws
Knives & Blades
Cable & Wire Cutting Tools

Layout & Measuring
Taps & Dies

By End-users

Industrial

Automotive
Aerospace
Electronics
Energy
Constructions
Shipbuilding
Others

Commercial
Residential

Hand Tools Market – Dynamics

The rise in the home improvement industry, which is considered as a major spending area among millennial parents, can substantially promote the market for hand tools during the forecast period. The millennial generation who are buying new homes undertakes a large number of home improvement projects as per the modern trends. While building a deck, remodeling a basement, building an addition, remodeling a bathroom, installing drywall, and renovating garages are some of the common home improvement activities being undertaken worldwide. These can potentially make use of hand tools, thereby contributing to the overall growth of the market.

Key Drivers and Trends fueling Market Growth:

Rising Prominence of Asian Manufacturing
Rising Timber Construction
Growth in Application of Fasteners
Growth of Automotive Aftermarket Industry

Hand Tools Market – Geography

APAC is home to several industries, including manufacturing, services, automobiles, and electrical. This consequently increases the need for a unique assortment of hand tools with accuracy in performance. While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Singapore dominates with its excellent construction facilities. Furthermore, the increasing purchasing power of consumers and rising DIY culture among younger consumers is driving the residential tools market in the region. Further, the comparatively lower dominance of the power tools segment owing to the less awareness and operating knowledge in countries like India, Thailand, and Indonesia is a natural boost for hand tool vendors.

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By Geography

North America

US
Canada

Europe

UK
Germany
France
Italy
Spain

APAC

China
Japan
South Korea
Australia
India

Latin America

Brazil
Mexico

Middle East & Africa

South Africa
Saudi Arabia
UAE
Turkey

Prominent Vendors

Stanley Black & Decker
Techtronic Industries Company
Snap-on
Apex Tool Group
Emerson

Other Prominent Vendors

Robert Bosch GmbH
Ajay Group
Akar Tools Ltd.
Bojo
Channellock
Daniels Manufacturing Company
Estwing
Gray Tools Canada
Honiton
IDEAL INDUSTRIES
JCBL India
JK Files India
Kennametal
Klein Tools
KNIPEX
Kobalt
Leatherman
Lowell Corporation
Mac Tools
Ningbo Great Wall Precision Industrial Co. Ltd.
PHOENIX CONTACT
PILANA
Stiletto
Tajima
Vaughan Manufacturing
Wera Tools
Wiha Tools Ltd.
Wurth

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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SOURCE Arizton Advisory & Intelligence