Competitive advantage of adopting power tools has lowered the adoption of hand tools. Multiple industrial operations are being equipped with power tools to benefit from their cost-effectiveness, lesser labour-induced work and higher efficiency. Furthermore, advancements in existing power tools are swiftly outpacing the upgrades done on conventional hand tools. In the long run, there is a possibility that hand tools might lose their applicability to power tools. Future Market Insights projects that during the forecast period 2017-2027, the global market for hand tools will showcase a moderate growth, registering a CAGR of 3.9%.
Future Market Insights’ recently published report, titled “Hand Tools Market: Global Industry Analysis and Opportunity Assessment, 2017-2027,” estimates the global hand tools market to reach US$ 15.6 Bn value by end of 2017. In the ten-year forecast period, the global demand for hand tools is likely to witness a downtrend, bringing in just over US$ 22.3 Bn in revenues towards the end of 2027. Factors impacting the growth of global hand tools market are compiled in the report, which include:
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- There has been a rise in the number of major manufacturing plants and industries in the world, wherein hand tools are widely used for maintenance purposes
- Automotive repair & maintenance sector is presently a lucrative industrial vertical for application of hand tools
- Although, the global demand for hand tools is predicted to decline due to rising prices of raw materials such as iron ore and aluminium
Increasing prevalence of DIY activities and rising employment opportunities for technical jobs are observed as key trends of the global hand tools market. The report further reveals that a majority of hand tools sold in the world will be used for industrial purposes. In 2017, industrial application of hand tools is expected to net global revenues worth over US$ 9.3 Bn. Key findings in the report also indicate that metal cutting tools will be observed as top-selling products, registering a steady revenue growth at 4.9% CAGR. Also, throughout the forecast period, over 40% of global hand tool sales will be accounted by retail distribution channels. Online distribution of hand tools is also expected to gain traction towards the latter half of forecast period.
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North America is estimated to remain as the most-lucrative region for growth of hand tools market. Consistently procuring one-third share on global revenues, North America will remain the dominant region in the global hand tools market through 2027. On the other hand, the hand tools market in Asia-Pacific excluding Japan (APEJ) region will register fastest revenue growth, exhibiting 6% CAGR over the forecast period. Companies such as Channellock, Inc., Akar Tools, Ltd., Apex Tools Group, Wera Tools, Snap-On, Stanley Back Decker, Kennametal Inc., Klein Tools, and JK Files (India) Limited are profiled in the report as key manufacturers of hand tools in the world.