Hand tools are the most conventional and inevitable equipment in the tools industry, even today there is surge in competition with the power tools segment.
According to the latest Arizton's market research report, the hand tools market size to cross USD 30 billion by 2025, growing at a CAGR of 4% during the forecast period.
Hand Tools Market Growth
Hand tools are the most conventional and inevitable equipment in the tools industry, even today there is surge in competition with the power tools segment. The consistent growth in the adoption of hand tools over the past few years owing to its performance and productivity signifies the very little probability of them being completely replaceable. The affordability, widespread presence, and proven efficiency ratio are further fueling the demand for hand tools. The growth in the use of fastening tools drives the market for hand tools across residential, commercial, and industrial applications. The construction industry in India can accelerate growth, and thereby becoming a major contributor to the fastening tools market over the next few years. One of the most prominent growth enhancers for the cordless power tool segment is associated with the development of Li-ion batteries over the past decade.
Impact of COVID-19
The global hand tools equqipment market has suffered slowdown on account of the COVID-19 crisis. Most of the major revenue generating end-users such as construction, automotive, commercial renovation, and home improvement activities were affected and leading to a decline in sales of hand tools. Most of the major revenue-generating end-users such as construction, automotive, commercial renovation, and home improvement activities were affected, leading to a decline in sales of hand tools. The supply chain disturbances and distribution through retail and e-commerce sites were highly challenging for vendors to function optimally. Only major retail chains like Lowe’s and Home Depot were able to maintain their momentum by leveraging their well-balanced omnichannel strategy. The hand tools and its associated accessories might see an upgrade in safety, specifications, and quality, which are capable of promoting human health and welfare even during critical times and economic uncertainty.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, end-users, and geography
- Competitive Landscape – 5 Key Company Profiles and 28 Other Prominent Vendors
Hand Tools Market – Geographic Analysis
APAC accounted for the largest market share of hand tools by 2019 and is expected to be the fastest growing region mainly due to the dominant construction industry during the forecast period. The region also offers a favorable situation for the growth of small countries such as Laos and Mongolia due to the large infrastructure projects that they undertake. In North America the rise in end-user applications for hand tools will maintain its dominance throughout the forecast period. North American automotive sector manufactures the highest number of electric cars in the world due to the rising demand for eco-friendly products, boosting the demand for hand tools in the region. North America is also estimated to witness more active exploration and production in the oil industry. This has attracted foreign investors who are trying to capitalize on the situation to achieve profits. These activities might require hand tools and is more likely to increase the demand for demolition tools, striking tools, cutting tools, and fastening tools during the forecast period.
The hand tools market is characterized by low market concentration and high competition among the major players. The present scenario is driving vendors to alter and refine their unique value propositions to achieve a strong market presence. There are many other vendors providing products with similar specifications like length, width, TPI, and cutting techniques at low prices. This is likely to intensify the price war among vendors during the forecast period. Arizton estimates that global players will grow inorganically by acquiring regional or local players in the future. The competition among companies is intensifying and will lead to the introduction of many innovative and advanced solutions in the market in the near future.
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