Power in Your Palm: The Evolution of Hand Tools
Power in Your Palm: The Evolution of Hand Tools
Allied Market Research published a report, titled, “Hand Tools Market Size by Type (Wrench, Plier, Screw Drivers, Hammers, Cable Cutter, and Others), Distribution Channel (In Store and Online), and End User (DIY, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global hand tools industry was estimated at $21.29 billion in 2020, and is anticipated to hit $31.81 billion by 2030, registering a CAGR of 4.2% from 2021 to 2030.
Drivers, restraints, and opportunities-
Developments in the automotive industry, increased construction activities across the globe, and advancements in the manufacturing sector drive the growth of the global hand tools market. On the other hand, growth in popularity of power tools and fluctuation in price of raw materials restrain the growth to some extent. However, surge in popularity of DIY projects is expected to create lucrative opportunities in the industry.
Covid-19 Scenario-
- Prolonged lockdown measures in the majority of countries and delay in production & manufacturing of hand tools that are utilized in automotive, construction, and several other sectors impacted the global hand tools market negatively, especially during the initial phase.
- However, the market is expected to recoup soon, as the global situation gets back to normalcy.
The wrench segment to dominate by 2030-
Based on type, the wrench segment held the major share in 2020, accounting for more than one-third of the global hand tools market. Developments in the manufacturing and automotive industries in developing countries drive the growth of the segment. At the same time, the cable cutter segment would register the fastest CAGR of 6.2% from 2021 to 2030. Economic growth in countries such as India, Vietnam, Nigeria, South Africa, Colombia, and others drives the growth of the cable, automotive, and construction industries, which in turn, increases the demand for hand handled cable cutting tools, thereby boosting the segment growth.
The industrial segment to maintain the dominant share-
Based on end-user, the industrial segment contributed to nearly half of the global hand tools market revenue in 2020, and is projected to lead the trail throughout the forecast period. Moreover, the same segment is also projected to grow at the fastest CAGR of 5.0% from 2021 to 2030. The development of on-demand car repair application development has made a huge significance in the automobile maintenance industry. The application works on providing convenient maintenance services by managing it through mobile applications, which in turn, provides quick services to the customers. Such initiatives drive the demand for hand tools, thereby, reducing the operation timings. In this regard, the hand tools aid the requirement through the use of wrenches, cutters, and others. These factors are expected to propel the demand for hand tools in the industrial application globally.
Asia-Pacific, followed by North America, garnered the highest share in 2020-
Based on region, the market across Asia-Pacific, followed by North America, contributed to the highest share in 2020, accounting for around two-fifths of the global hand tools market, and is estimated to continue its dominant share in terms of revenue by 2030. The same region is also expected to showcase the fastest CAGR of 4.8% during the forecast period. This is because the major players are striving to develop manufacturing units in the region to improve the production quantities as well as serve the Asian industries including construction, automobile, consumer goods, and others.
Key players in the industry-
- Snap-On Incorporated
- Emerson Electric Co.
- Stanley Black and Decker
- Wera Tools
- Apex Tool Group
- Klein Tools Inc.
- Akar Tools Limited
- Channellock, Inc.
- JCBL India
- Techtronic Industries Co. Ltd.
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