Growing commercial, residential, and infrastructure construction initiatives, strong utilization of hand tools in homes for residential/home reasons, and increased manufacturing fit-outs
ROCKVILLE, Dec. 08, 2022 (GLOBE NEWSWIRE) — The global hand tools and accessories market is expected to $29 billion By 2033, advance at a 3.8% compound annual growth rate from 2023 to 2033, according to industry analysis by Indeed.MR, a market research firm and competitive intelligence provider.
A hand tool is any tool that is powered by the user’s hands rather than a motor. Hand tools are used in a variety of mechanical operations such as drilling, cutting, carving, etc.
The increasing number of construction activities as well as the increasing need for repair and maintenance activities across the organizations primarily leads to an increase in the demand for hand tools and accessories. This has been further enhanced by increasing urbanization, especially in developing countries, and the enactment of different policies by governments in different countries in favor of infrastructure development, such as airports, roads, and power facilities.
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Moreover, the increasing demand for lightweight and portable equipment for car maintenance has encouraged the widespread use of various hand tools in the automobile industry. Moreover, continuous technological breakthroughs and the emergence of efficient and modern hand tool kits with rust-proof coatings are also contributing to the expansion of the market. Additionally, the emerging trend of do-it-yourself (DIY) practices, particularly during the global outbreak of the COVID-19 pandemic and subsequent implementation of lockdowns, has led to an increased widespread use of hand tools to build, repair, and maintain a wide variety of objects.
Strategic partnerships between key players for the manufacture of multifunctional hand tools that allow a single tool to perform several operations and make it easily available through various distribution channels enhance market expansion.
Key takeaways from the market study
The global hand tools and accessories market will be worth USD 20 billion in 2023.
Global sales of hand tools and accessories are expected to reach $29 billion by 2033.
The global market is expected to develop at a compound annual growth rate of 3.8% from 2023 to 2033.
The Asia Pacific market is estimated to develop at a compound annual growth rate of 3.5% over the forecast period.
The US market was valued at US$4.7 billion in 2021.
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Many major manufacturers focus on developing innovative hand tools and accessories.
Klein Tools, Inc. Two new in November 2021 adjustable length screwdrivers that double as multi-bit screwdrivers and impact drive accessories, and feature built-in bit storage and optimal control.
Snap-on Incorporated has acquired AutoCrib, Inc. in September 2021. The company is a market leader in the design, manufacture and distribution of tools and asset control tools. This acquisition expands Snap-on Incorporated’s existing control offerings to users in a variety of industries.
Apex Tool Group LLC, under its GEARWRENCH brand, unveiled a 90-tooth ratchet in February 2021 that is sturdier and more comfortable in the hands of expert machinists.
Major players in the hand tools and accessories market:
Klein Tools Inc
Electronic Industries Company Limited
Gray Tools Canada Inc
Ideal Industries Corporation
Ningbo Great Wall Precision Industrial Co., Ltd
Emerson Electric Co, JK Files (India) Limited
Stanley Black & Decker
Leatherman Tool Group, Inc
Snap On Incorporated
Milwaukee Electric Tool Company
The main sectors of research for the hand tools and accessories industry
By product type:
By sales channel:
By the end user:
Middle East Airlines
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More valuable insights Offer available
Fact.MR, in its new offering, provides an unbiased analysis of the global hand tools and accessories market, offering historical demand data (2018-2022) and forecast statistics for the period 2023-2033.
The study reveals key insights about the market on the basis of product type (wrenches, pliers, screwdrivers, hammers, cable cutters, and others), sales channel (online, offline), and end user (DIY, commercial, industrial), across Five major regions (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).
1. Global Market – Executive Summary
1.1 Overview of the global market
1.2 Demand Side Trends
1.3 Supply-side trends
1.4 Fact.MR Analysis and Recommendations
2. Global Market Overview
2.1. Market coverage/classification
2.2. Introduction and definition of the market
3. Evaluate market trends and risks
3.1. risk assessment
3.1.1. The COVID-19 crisis and its impact on hand tools and accessories
3.1.2. The COVID-19 crisis and its impact on primitive solvent prices
3.1.3. Benchmark the impact of COVID-19 with the previous crisis
184.108.40.206. change in demand
220.127.116.11. Before and after the COVID-19 crisis (expected)
18.104.22.168. Before and after the subprime mortgage crisis – 2008 (actual)
22.214.171.124. Change in demand period after recovery (after each crisis)
3.1.4. Market Impact and Value (US$ Million)
126.96.36.199. Potential loss of value in 2022
188.8.131.52. Outlook in the medium and long term
184.108.40.206. Quarter by quarter assess demand and recovery
3.1.5. Recovery curve and projected demand
220.127.116.11. U-shape recovery potential
18.104.22.168. L-shape recovery potential.
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