With Market Size Valued at $22.1 Billion by 2026, it`s a Healthy Outlook for the Global Hand Tools and Accessories Market
SAN FRANCISCO, March 11, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Hand Tools and Accessories - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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What's New for 2022?
- Global competitiveness and key competitor percentage market shares
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- Access to our digital archives and MarketGlass Research Platform
- Complimentary updates for one year
Edition: 19; Released: February 2022
Executive Pool: 11744
Companies: 202 - Players covered include Apex Tool Group; Channellock Inc.; Emerson Electric Co.; Greenlee; Gray Tools Canada Inc.; Ideal Industries, Inc.; Irwin Tools; J.K. Files (India) Limited; Kennametal Inc.; Klein Tools Inc.; Leatherman Tool Group, Inc.; Milwaukee Electric Tool Corporation; Ningbo Great Wall Precision Industrial Co., Ltd.; Pilana Tools Group; Snap-On Incorporated; Stanley Black & Decker; Techtronic Industries Co. Ltd.; Wera Tools and Others.
Coverage: All major geographies and key segments
Segments: Segment (Mechanics Service Tools, Edge Tools, and Other Segments)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Hand Tools and Accessories Market to Reach US$22.1 Billion by the Year 2026
Hand tools are manual equipment and tools that do not use electricity for operational purposes. A wide range of hand tools and accessories are used in gardening, agriculture, maintenance & repair, and other activities. Due to the manual nature of operations, the use of hand tools is restricted to specific skills and tasks. Some of the key end users of hand tools include automobile, construction, aerospace, shipbuilding, and electronics. The global hand tools market is expected to witness significant growth post COVID-19 pandemic supported by their increased use in commercial and household sectors; in addition to rapid pace of industrialization. Other key reasons that drive the growth of the hand tools market include production technology advancements pertaining to hand tools; recovery in construction industries; increased demand for use in automotive maintenance and repair; as well as increased use in industrial applications. The culture of DIY comprises another key reason that is likely to drive the growth of the hand tools market in the near future, with a high penetration scope in emerging nations. Additionally, growth within equipment and machinery manufacturing sectors globally provides profitable growth opportunities for key players in the hand tools market. Also, growth within the aerospace industry is driving the market growth since aerospace industry is a key consumer for hand tools. Technology advancements and developments in production technology of hand tools are also supporting growth in the hand tools market.
Amid the COVID-19 crisis, the global market for Hand Tools and Accessories estimated at US$18.6 Billion in the year 2022, is projected to reach a revised size of US$22.1 Billion by 2026, growing at a CAGR of 3.9% over the analysis period. Mechanics` Service Tools, one of the segments analyzed in the report, is projected to grow at a 4.1% CAGR to reach US$12.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Edge Tools segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 15.9% share of the global Hand Tools and Accessories market.
The U.S. Market is Estimated at $4.9 Billion in 2022, While China is Forecast to Reach $2.9 Billion by 2026
The Hand Tools and Accessories market in the U.S. is estimated at US$4.9 Billion in the year 2022. The country currently accounts for a 26.98% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.9 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$1.1 Billion by the end of the analysis period. While developed markets such as Europe and the US have been traditional revenue contributors in the market, future growth is forecast to come from developing markets of Asia-Pacific and Latin America. Asia-Pacific and China are expected to witness higher growth led by industrializing countries in the region. Huge population, rapid urbanization, growing housing and infrastructure needs, expanding manufacturing sector and the resulting establishment of numerous new job shops and metal working facilities are key drivers of demand for hand tools in the region. Outsourcing of manufacturing activities to low cost Asian countries and a parallel rise in custom contract manufacturing is driving the establishment of new job shops and as result the demand for metal cutting tools and other hand tools for job-shop machinists such as sheet metal forming hand tools that enable manual cutting, bending and hammering of sheet metal.
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