The Global Market for Hand Tools and Accessories is Forecast to Reach US$22.2 Billion by 2022

The Rise of the Do-it-Yourself (DIY) Consumer Drives Growth of Hand Tools and Accessories in the Residential & Home Products Sector, According to a New Report by Global Industry Analysts, Inc.

                                                                                                

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Hand Tools and Accessories market. The global market for Hand Tools and Accessories is forecast to reach US$22.2 billion by 2022, driven by the rise of the D.I.Y consumer and the ensuing spurt in sales of hand tools for home maintenance and improvement.

Defined as tools powered by manual labor, hand tools find applications in major end-use sectors including construction, automotive service, professional mechanics, and the D.I.Y market.  While the rise of the D.I.Y consumer remains a noteworthy growth driver, the market also stands to benefit from the reviving construction activity and automotive production and the resulting expansion of workforce in these industries. Market for hand tools is also anticipated to gain from ergonomic design innovations as a result of rising focus on reducing the risk of hand fatigue or musculoskeletal injuries. The growing emphasis on comfort as a means to increase worker productivity is driving innovation aimed at designing comfortable hand tools. With cost-efficiency and safety playing a crucial role, hand tools with advanced functionality and improved safety features is set to witness increased demand in the coming years. Rising preference for D.I.Y (do-it-yourself) home improvement and gardening projects is also set to promote consumer demand for hand tools. Faced with high renovation labor costs, consumers are turning to D.I.Y home improvement. Improving housing market is also expected to increase building renovations thereby enhancing opportunities for growth. Increasing preference for cordless power tools is expected to intensify the threat of substitution, forcing manufacturers of traditional hand tools to focus on improved ergonomic designs, enhanced functionalities and cost-efficiency to battle competition.

As stated by the new market research report on Hand Tools and Accessories, Europe represents the largest market worldwide. Asia-Pacific, driven by housing needs for a burgeoning population and subsequent growth in construction, ranks as the fastest growing market with a CAGR of 5.2% over the analysis period. Other factors driving growth in the region include strong manufacturing base and industrial activity; increasing vehicle population and the ensuing spurt in growth in the automotive service market; rapid urbanization, growing base of affluent middle class population and increasing demand for handyman services such as plumber, electrician, carpenter and welder, among others for meeting maintenance, domestic repairs, renovations, and refurbishment needs. Mechanics' Service Tools represents the largest product market supported by the growing aftermarket service sector. Edge tools, comprising axes, adzes and hatchets, chisels, professional and craft edge hand tools, are forecast to witness the fastest growth over the analysis period. 

Major players covered in the report include Akar Tools Ltd., Apex Tool Group, Channellock Inc., Emerson Electric Co., Facom Tools Group, Irwin Tools, J.K. Files (India) Limited, Jore Corporation, Kennametal Inc., Klein Tools Inc., Leatherman Tool Group Inc., Milwaukee Electric Tool Corporation, Pilana Tools Group, Sears Holdings Corp., Snap-On Incorporated,  and  Stanley Black & Decker among others.

The research report titled “Hand Tools and Accessories: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Product segments analyzed include Mechanics’ Service Tools, Edge Tools, and Other Tools & Accessories.

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