The market study covers the present scenario and growth prospects of the global hand tools market for 2017-2021. The report also lists general purpose tools and cutting tools as the two major product segments, of which the general purpose tools segment accounted for more than 53% of the market share in 2016.
According to Anju Ajaykumar, a lead analyst at Technavio for tools and components research, “The rise in construction activities will drive the demand for global hand tools market. Apart from construction and automotive sectors, the aerospace industry also plays a significant role in the global hand tools market.”
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global hand tools market:
- Rise in DIY activities
- Robust growth in construction activities
- Increase in automotive repair and maintenance
Rise in DIY activities
Do-it-yourself (DIY) home improvement activities constitute the largest market in the global DIY market. Home improvement involves renovating or remodeling houses. Although the practice of DIY is quite common in the Europe and America, the market is slowly picking up in the emerging regions such as APAC and MEA.
In Europe, DIY is widely practiced across the region. In Germany and France, people quite confidently engage in DIY projects and enjoy it as a hobby. In the UK, the practice of DIY is more of work than a hobby. In the US, since the labor charges are very high, residential consumers engage more in DIY activities. In the recent years, the DIY concept has been gaining popularity in China, mainly due to its cost effectiveness, which allows consumers to spend less on renovation and decorating.
Robust growth in construction activities
Hand tool sets play a major role in construction activities. The rise in construction activities will lead to an increase in the demand for power hand tools. Governments in emerging economies like India, Indonesia, and Thailand are undertaking initiatives to drive the construction sector in their respective countries as it will improve their economic conditions. For instance, the construction sector in India is a lucrative market and the potential for this sector will grow significantly by 2020. The Indian government initiative of Housing for all by 2020 will be a major game changer and will significantly improve the construction sector by 2020.
“The construction activities in Europe and the Americas are expected to pick up from 2016, especially in the residential sector, which is likely to boost the hand tools market in these regions,” says Anju.
Increase in automotive repair and maintenance
The automotive industry is a huge and diverse sector. It comprises of both the manufacturing and service units. With the rise in complexities in vehicles, specialized training personnel are required for servicing of these vehicles.
As the age of the vehicle increases, the demand for replacement or repair and service will also go up. Similarly, many companies are introducing electric and hybrid cars, and this is bringing new opportunities to the market like service, automotive parts, and fuel business. Thus, growth in sales and demand for automobiles and the hike in investments in the automotive sector will spur the demand for hand tools.
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