The Global Market for Hand Tools & Accessories is Forecast to Reach US$22.1 Billion by 2022

Continued Relevance in an Increasingly Mechanical & Engineered World Coupled With Design Innovations in Ergonomics to Drive the Hand Tools & Accessories Market, 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 & Accessories is forecast to reach US$22.1 billion by 2022, driven by their continued relevance in building, shaping, repairing and maintaining the increasingly mechanical and engineered world; and cutting edge design innovations in tool ergonomics.

The importance of hand tools can be put into perspective by the fact that human civilization began with the discovery of stone tools. 6000 years since the beginning of human civilization, tools continue to remain important even today. All activities in all walks of life still require labor mediated by traditional skills.  Defined as tools powered by hand, hand tools are the most ubiquitous, omnipresent and indispensable instruments used virtually every day. Right from adjusting and repairing machinery to building a multitude of objects both simple and complex, hand tools are of immense value to both consumers and professionals including craftsman, handymen and industrial workers. Even in the era of automation and mechanization, the balance between the handwork and machine work for achieving quality standards drives the need and demand for hand tools. Hand tools therefore have a secure niche in the global tooling industry which is dominated by powered tools.

The global market is mature. While the chemistry and physics behind tool technology has hit a plateau, the only area of focus and effervescence is the ergonomic design of tools that help accomplish tasks more quickly and efficiently with less fatigue. The need to innovate to ensure adequate product differentiation remains strong in the highly mature and commoditized market boxed in by competition from power tools. Hand-toolmakers in this regard are focusing on the development of multitask tools. Some of the product variables being focused on include impact resistance qualities for stronger and more durable tools, slimmer, sleeker and lightweight designs; and tools with handles optimized for torque range. Growing incidence of work-related musculoskeletal disorders (MSDs) is driving the emphasis on ergonomically designed hand tools. Major factors driving growth in the market include growing demand for multi task tools for their ability to reduce the redundancy associated with standard tool collections; growing indispensability of manual torque tools in manipulating new generation materials like ceramics;   strong demand for automotive repair and maintenance services and the ensuing growth in need for vehicle mechanics tools; recovery of labor intensive construction markets worldwide; aging plant machinery with heavy repair and maintenance burden and the resulting demand for mechanic’s service tools.

As stated by the new market research report on Hand Tools and Accessories, Europe represents the largest regional market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 5.2% over the analysis period. The growth in the region is led by the rise of low cost Asian countries as global hubs for manufacturing and the resulting establishment of numerous new job shops and metal working facilities; huge population, rapid urbanization, growing housing and infrastructure needs; huge vehicle PARC and a massive automotive service sector; continued dependence of several small plants upon specialized hand operated tools; strong growth of domestic wood working industries and the ensuing rise in demand for craftsmen, carpentry hand tools; and increase in consumer D.I.Y home improvement, gardening and landscaping projects.

Major players in the market include Akar Tools Ltd., Apex Tool Group, Channellock Inc., Emerson Electric Co., Facom SAS, Gray Tools Canada Inc., 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, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the U.S., Canada, Japan, Europe, Asia-Pacific (China, South Korea, and Rest of Asia-Pacific), Middle East & Africa and Latin America. The report analyzes the market by the following product segments - Mechanics' Service Tools, Edge Tools, and Other Hand Tools & Accessories (Includes Hand Tools (Hand Saws, Shovels, & Spades; Light Forged Hammers; Heavy Forged Tools; and Steel Goods such as Forks, Hoes & Rakes); and Accessories (Drill & Bits, Jigsaw, Saw & Hammer Blades, Sandpaper, Gluing, and Riveting products).

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