Global Markets for Hand Tools and Accessories, 2020-2025 - Impact of COVID-19 and a Looming Global Recession - ResearchAndMarkets.com

DUBLIN--()--The "Hand Tools and Accessories - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The global market for Hand Tools & Accessories is forecast to reach US$24.3 billion by 2025, driven by their continued relevance in building, shaping, repairing and maintaining an increasingly mechanical and engineered world.

A key newsworthy trend in the market is the growing focus on cutting edge design innovations in tool ergonomics especially against the backdrop of a highly mature and commoditized market boxed in by competition from power tools. Growing incidence of work-related musculoskeletal disorders and focus on worker productivity in light manufacturing that require manual assembly are also driving the emphasis on occupational ergonomics.

Mechanics' service tools are witnessing robust demand supported by aging plant infrastructure in most industries and increased load and frequency of maintenance and repair of industrial machinery; strong demand for automotive aftermarket repair and maintenance services; and expanding aircraft fleet and growth in aircraft MRO services; stable construction industry, higher employment rate of construction workers and a parallel increase in demand for masonry and plumbing tools.

In the automotive industry which is a major end-use of mechanic hand tools, the growth in aftermarket services is guided by growing global vehicle population (PARC); rising awareness among vehicle owners over the importance of timely maintenance; adoption of remote vehicle diagnostics systems which encourage timeliness of car maintenance and repair; growing base of fleet vehicles which have higher wear and tear associated with higher annual vehicle miles traveled; and increasing sales of used cars in emerging markets.

Other major factors influencing growth in the market include growing popularity and value of multitask hand tools for their ability to reduce redundancy associated with standard tool collections; robust demand for manual torque tools in manipulating new generation materials such as ceramics; growing Do-It-Yourself (DIY) home improvement activity in developed countries against the back of rising labor costs and the resulting increase in sales of packaged DIY tools ranging from wrenches, screw driver and hammers.

In the United States and Europe, do-it-yourself home improvement is a cultural trend and is fairly common. Popular DIY home improvement projects in these regions include installation of new garage doors, vinyl windows, wood flooring, painting, and insulation upgrade, among others. Desire for extreme customization drives preference for DIY. Also, DIY eliminates the problem of hiring a suitable handyman and then supervising them for ensuring completion of the job in a timely manner and in accordance with specific needs and expectations.

The pervasive culture of Do-It-Yourself is partially encouraged by the easy access to DIY self-help books, consumer magazines, TV shows, and how-to tutorials which disseminate insights on home improvement. Tool manufacturers such as Stanley Black & Decker and Robert Bosch provide customers with instructional videos on a wide range of subjects from product advice to tips on fixing, upgrading or remodeling without hiring a contractor.

The United States and Europe represent large markets worldwide with a combined share of 50% of the global market. China ranks as the fastest growing market with a CAGR of 5.4% over the analysis period. The country is closely followed by other countries in Asia-Pacific supported 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.

Key Topics Covered

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 and a Looming Global Recession
  • Industry Background
  • Evolution of the Industry
  • Hand Tools Remain Vital in the Modern Mechanical Era
  • A Secure Niche for Hand Tools, Despite the Growing Threat of Powered Tools: Percentage Share Breakdown of Hand Tools and Power Tools in the Global Tools Market for the Year 2019
  • Stable Outlook Governs Future Prospects in the Hand Tools Market
  • Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2017 through 2020
  • Developing Markets: The Focal Point for Future Growth
  • Competition
  • Hand Tools and Accessories Competitor Market Share Scenario Worldwide (in %): 2019
  • Product Profile
  • Mechanics' Service Tools
  • Pliers
  • Hammers
  • Wrenches
  • Screwdrivers
  • Edge Tools
  • Axe
  • Adze
  • Hatchets
  • Chisels
  • Paint & Masonry Tools
  • Other Segments
  • Shovel
  • Spades
  • Hoes
  • Rakes
  • Accessories
  • Sandpaper
  • Different Designs & Features for Different Regions

2. FOCUS ON SELECT PLAYERS

  • Akar Tools Ltd. (India)
  • Apex Tool Group (USA)
  • Channellock Inc. (USA)
  • Emerson Electric Co. (USA)
  • Greenlee (USA)
  • Gray Tools Canada Inc. (Canada)
  • Ideal Industries, Inc. (USA)
  • Irwin Tools (USA)
  • J.K. Files (India) Limited (India)
  • Kennametal Inc. (USA)
  • Klein Tools Inc. (USA)
  • Leatherman Tool Group, Inc. (USA)
  • Milwaukee Electric Tool Corporation (USA)
  • Ningbo Great Wall Precision Industrial Co., Ltd. (China)
  • Pilana Tools Group (Czech Republic)
  • Snap-On Incorporated (USA)
  • Stanley Black & Decker (USA)
  • Techtronic Industries Co. Ltd. (USA)
  • Wera Tools (Germany)

3. MARKET TRENDS & DRIVERS

  • Occupational Ergonomics: The Primary Factor Driving Innovation in the Hand Tools Market
  • Growing Incidence of Work-Related Musculoskeletal Disorders (MSDs) Drives the Emphasis on Ergonomically Designed Hand Tools: Number of MSDs in the United States Per 10,000 Full Time Workers by Industry Sector for the Year 2018
  • Multitask Hand Tools Grow in Prominence
  • APEX BOLT Action Titanium Pen, the Next Generation Tactical Multi-Tool Pen from ZEROHOUR
  • Focus on Productivity in Lightweight Manufacturing to Spur Demand for Intelligently Designed Hand Tools
  • Non-Magnetic and Non-Sparking Hand Tools Make Perfect Sense for High Energy and Electrical Component Applications
  • As Competition Heats up, Companies Keep Afloat with Product Innovations
  • Bionic Grip from LoggerHead Tools
  • Dewalt's DWHT56148 Engineering Hammer
  • Douglas Tools' TC20-DP Framing Hammer
  • Klecker Knives' Klax Lumberjack Axe Head
  • Leveraxe Axe
  • Sven-Saw, an Ergonomically Designed Cutting Tool
  • Shovel Blades from Hisco
  • Mechanics' Service Tools: The Largest Product Market to Witness Strong Growth
  • Strong Demand for Automotive Repair & Maintenance Services Drives Growth of Vehicle Mechanics Tools
  • Robustly Growing Automotive Repair & Maintenance Services Market Ranks as a Positive Macro Trend Driving Demand for Mechanics' Service Tools in the Automotive Sector: Global Market for Automotive Repair and Maintenance Services (In US$ Billion) by Segment for the Years 2018, 2020 and 2022
  • Growth in Aircraft MRO Expands the Addressable Market for Aviation General Mechanic's Tools
  • Projected Increase in Aircraft MRO to Spur Demand Opportunities for Aviation Hand Tools: Global MRO Spending (In US$ Billion) by Segment for the Years 2019 & 2024
  • Machinery Maintenance & Heavy Equipment Repair Drives Demand for Mechanic's Service Tools in the Industrial Sector
  • Aging Plant Machinery with Heavy Repair & Maintenance Burden to Spur Opportunities for Hand Tools Used in the Industrial Sector: Average Age of Industrial Equipment (In Years) in the Private Sector in the United States for the Years 1980, 2000 and 2018
  • Growth of World Construction Industry Higher than Global GDP, Spells Opportunities for Hand Tools Used by Construction Workers
  • Projected Increase in Construction Investments & a Parallel Expansion in Construction Workforce to Spur Demand for Construction Hand Tools: World Construction Industry (in US$ Trillion) for the Years 2017, 2019 & 2022
  • Rise in D.I.Y Home Improvement, Gardening and Landscaping Projects to Spur Growth in the Hand Tools Market
  • Growing Prominence of Do-It-Yourself (DIY) Culture Provides a Firm Growth Platform for Hand Tools in the Consumer Market: Global DIY/Home Improvement Turnover (In US$ Billion) for Years 2016, 2018 & 2020
  • Average Cost, Savings & Return on Investment (ROI) on DIY Home Improvement Projects in the United States
  • Global Hand Tools Purchases in the Consumer Segment (2019): Percentage Breakdown by Age Group
  • Intelligent CAD Technology Enables the Development of Ergonomically Designed Hand Tools
  • E-Retailing Expands Growth Opportunities
  • Factors Influencing Online Purchase Decision - Percentage Share Breakdown by Consumer Preferences
  • Growing Competition from Power Tools: A Market Dampener

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

  • Total Companies Profiled: 161

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900