Future
Market Insights (FMI) has recently released a research intelligence report with
deep-dive analysis on the hand tools market that offers global industry
analysis for 2014–2018 and opportunity assessment for 2019–2029. The hand tools market was valued at ~US$ 16 Bn in 2018, and is
projected to grow notably at a CAGR of ~4% over the forecast period. This
growth is primarily driven by increasing customer preference for do-it-yourself
activities and rising disposable incomes.
As
per the study, the hand tools market is anticipated to witness moderate growth
during the forecast period owing to rapid growth of the global automotive
market, which in turn pushes the demand for hand tools and related products.
North America’s hand Tools Market to Witness Significant Growth
North
America is likely to present significant opportunities for the growth of hand
tools market owing to factors such as proliferation in four vehicle fleet and
rising disposable incomes of consumers in the U.S. and Canada. The region
accounts for a maximum number of people carrying their own tool kits and using
hand tools for household applications.
In
the U.S. and Canada, according to per capita checks, there is high consumer
inclination towards leisure and recreational activities, which is driving
market growth. Propensity of following countries towards hand tools is creating
further growth opportunities for the hand tools market during the forecast
period.
Global Industrial Expansion Bolstering Demand
The
global hand tools market has been segmented based on product type, sales
channel, application, and regions, such as North America, Latin America,
Western Europe, Eastern Europe, APEJ, MEA, and Japan.
Owing
to factors such as rise in the number of manufacturing plants and construction
industries that require the use of hand tools for maintenance and repair
activities, the demand for specialized hand tool kits is forecasted to rise.
For
instance, among end users, industries account for 40% share of the global hand
tools market, while professionals such as carpenters, plumbers, automotive
maintenance mechanics, and farmers account for the remaining 60% market share.
Hand Tools Enjoying Increased Demand for Domestic Activities
With
rapid growth of the global automobile market, maintenance and repair of
automobiles that require high-end precision hand tools is also increasing.
Growth of the hand tool market is not restricted to a particular region, as the
automobile industry is thriving globally. In addition to this, rapidly
increasing labor costs are compelling consumers to prefer DIY hand tools for
domestic & household activities.
The automotive maintenance and repair sector accounts for 23% of
the world’s total hand tools. Moreover, increasing consumer spending ability
and per capita disposable incomes are major factors pushing market growth.
- For instance, in 2015, the per
capita disposable income of consumers witnessed a compound growth of 1.5%,
globally, thereby increasing their spending abilities.
Hand Tools Market: Vendor Insights
The
report highpoints few of the key market players, who have recognized themselves
as global influencers in the hand tools market. Few examples of key players in
the market are Akar Tools Limited, Apex Tool Group, Channellock, Inc., JK Files
(India) Limited, Kennametal Inc., Klein Tools Inc., Snap-On Incorporated,
Stanley Black and Decker, and Wera Tools.Tier-1 players are focusing on
mergers, acquisitions, and joint ventures with local market players and
deploying advancements in hand tools to achieve positive traction and healthy
competitive advantage over their contemporaries.
Press Release Source: https://www.globenewswire.com/news-release/2019/10/09/1927296/0/en/Hand-Tools-Market-is-estimated-to-grow-at-a-CAGR-of-4-over-the-forecast-period-of-2019-to-2029-Future-Market-Insights.html
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616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): +44(0)20-7692-8790
Sales: sales@futuremarketinsights.com
Press Office: Press@futuremarketinsights.com
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