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Global Hand Tools Market to Grow at a CAGR of 5% During 2021-2026, Aided by the Thriving Construction Industry

According to a new report by EMR titled, ‘Global Hand Tools Market Report and Forecast 2021-2026’, the market attained a value of about USD 21.3 billion in 2020. The industry is further expected to grow at a CAGR of 5% in the forecast period of 2021-2026 to reach a value of nearly USD 29.4 billion by 2026.

The robust growth of the construction industry is anticipated to propel the market growth for hand tools. The introduction of various favourable initiatives by various governments to expand the infrastructural development is also increasing the demand for hand tools, hence aiding the market growth. Moreover, the increasing westernisation in emerging countries is surging DIY activities, which, in turn, is augmenting the growth of the hand tools industry. The rapid expansion of the furniture industry owing to rising disposable income is also increasing the use of hand tools. This is also boosting the market growth. The development of hand tools such as hammers with superior design and better precision is anticipated to further invigorate the market growth.

Some of the leading companies in the market are Akar Tools Limited (BOM: 530621) and Channellock, Inc. The latter company introduced a line of three new SpeedGrip Pliers and the CHANNELLOCK 968 Forged Wire Stripper in June 2021. The pliers are designed for superior quality, ease of use for pros and DIYers. The company is adding the pliers in 8-inch, 10-inch, and 12-inch sizes to its family of more than 75 different sizes and types of pliers and hand tools. The pliers are made from 100% forged high carbon U.S. steel for ultimate strength and are coated for rust prevention. Moreover, SpeedGrip has a fast and easy push-button adjustment that locks securely into undercut channels to enhance durability. The development of such products is anticipated to invigorate the market growth in the forecast period.

Market Analysis by Type, End User, Distribution Channel, and Region:

  • The market, on the basis of type, can be divided into wrench, plier, screw drivers, hammers, and cable cutter, among others.
  • Based on end users, the industry can be divided into DIY, professional, and industrial, among others.
  • The distribution channels for hand tools include retail and online.
  • The regional markets for hand tools include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising disposable income is increasing home improvements and renovation activities, which is increasing the demand for hand tools, hence aiding the market growth.
  • The market is being driven by the rising demand for hand tools in the automotive sector for repairing and maintaining automobiles.
  • The surge of do-it-yourself activities is increasing the use of hand tools such as screw drivers and hammers, therefore augmenting the industry growth.
  • The development of superior, innovative, and customisable hand tools owing to technological advancements is propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global hand tools market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, end users, distribution channels, and regions of hand tools.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods. 
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for hand tools are Akar Tools Limited, Apex Tool Group, LLC, Channellock, Inc., JCBL Group, Klein Tools, Inc., and Emerson Electric Co., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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