Hand Tools Market by Application, End-users, and Geography - Forecast and Analysis 2020-2024

Hand Tools Market by Application, End-users, and Geography - Forecast and Analysis 2020-2024

  • November 2019 •
  • 158 pages •
  • Report ID: 5834261 •
  • Format: PDF
Global Hand Tools Market: About this market
This hand tools market analysis considers sales from general-purpose, metal-cutting, and other applications. Our study also finds the sales of hand tools in APAC, Europe, MEA, North America, and South America. In 2019, the general-purpose segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as its applications in DIY home improvement activities will play a significant role in the general-purpose segment to maintain its market position. Also, our global hand tools market report looks at factors such as huge demand from developing economies, the popularity of DIY activities, and growing construction market. However, fluctuating raw material prices, increased demand for substitute products, and intense competition may hamper the growth of the hand tools industry over the forecast period.

Global Hand Tools Market: Overview
Growing construction market
The construction industry is one of the major end-user of hand tools. The growth of the housing market mainly supported by the increasing adoption of modern residential dwellings, the rising consumer spending on housing, and improved economic conditions. The growth of construction market can be attributed to the rising housing industry, particularly, in the advanced economies including the US. Hand tools have become popular in almost all new residential establishments. Thus, rising investments in the residential construction industry will lead to the expansion of the global hand tools market at a CAGR of over 4% during the forecast period.
Introduction of ergonomically designed hand tools
Vendors in the market are increasingly focusing on deploying innovative technologies to design hand tools to improve the operational efficiency of commercial and industrial facilities. Professionals using hand tools prefer ergonomically designed hand tools that are light in weight and have a cushioned grip to strengthen the hold of the tool. These tools improve the comfort of the users and reduce the limitations associated with hand tools. Furthermore, few organizations have also implemented regulations pertaining to the design and features of hand tools. This development is expected to have a positive impact on the overall market growth.

Competitive Landscape
With the presence of several major players, the global hand tools market is highly fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hand tools manufacturers, that include Akar Auto Industries Ltd., Apex Tool Group LLC, Emerson Electric Co., IDEAL Industries Inc., JPW Industries Inc., Kennametal Inc., Raymond Ltd., Snap-on Inc., Stanley Black & Decker Inc., and Techtronic Industries Co. Ltd.
Also, the hand tools market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.