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

DUBLIN – (BUSINESS WIRE) – The report “Hand Tools and Accessories – Global Market Development and Analysis” has been added ResearchAndMarkets.com to offer.

The global hand tools and accessories market is projected to reach $ 24.3 billion by 2025, fueled by their continued importance in the construction, design, repair, and maintenance of an increasingly mechanical and engineering world.

An important current trend in the market is the increasing focus on innovative design innovations in tool ergonomics, especially against the background of a highly developed and standardized market that is surrounded by competition from power tools. The increasing incidence of work-related musculoskeletal disorders and the focus on the productivity of workers in light industry who require manual assembly are also driving the emphasis on work ergonomics.

Mechanic service tools are experiencing robust demand, supported by aging equipment infrastructure in most industries and the increased burden and frequency of servicing and repairing industrial machinery. strong demand for repair and maintenance services for the automotive aftermarket; and aircraft fleet expansion and growth in aircraft MRO services; stable construction industry, higher employment rate of construction workers and at the same time increasing demand for masonry and sanitary tools.

In the automotive industry, which is a major end user of mechanical hand tools, the growth of aftermarket services is driven by the growing global vehicle population (PARC); increasing awareness among vehicle owners of the importance of timely maintenance; Introduction of remote diagnostic systems for vehicles that promote the punctuality of vehicle maintenance and repairs; Growing base of fleet vehicles with a higher level of wear and tear, which is associated with higher vehicle kilometers driven annually; and increasing sales of used cars in emerging markets.

Other important factors influencing the growth of the market are the growing popularity and value of multitask hand tools due to their ability to reduce the redundancy associated with standard tool collections; robust demand for manual torque tools when machining new generation materials such as ceramics; increasing DIY activities in developed countries in the face of rising labor costs and the resulting increase in sales of packaged home improvement tools such as wrenches, screwdrivers and hammers.

In the United States and Europe, do-it-yourself DIY is a cultural trend and fairly common. Popular home improvement projects in these regions include installing new garage doors, vinyl windows, hardwood floors, painting, and upgrading insulation. The desire for extreme customization drives the preference for DIY enthusiasts. In addition, DIY eliminates the problem of employing a suitable craftsman and then monitoring him in order to ensure that the work is carried out on time and in line with requirements and expectations.

The ubiquitous do-it-yourself culture is fueled in part by easy access to DIY self-help books, consumer magazines, TV shows, and guides that spread DIY insights. Tool manufacturers such as Stanley Black & Decker and Robert Bosch offer their customers instructional videos on a wide variety of topics, from product advice to tips on fastening, upgrading or retrofitting without hiring a contractor.

The United States and Europe represent large markets around the world with a combined share of 50% of the world market. China is the fastest growing market with a CAGR of 5.4% during the analysis period. The country is closely followed by other countries in the Asia-Pacific region, supported by the rise of low-wage Asian countries as global hubs for manufacturing and the resulting establishment of numerous new sub-contractors and metalworking facilities; huge population, rapid urbanization, growing need for housing and infrastructure; huge vehicle PARC and huge automotive services sector; persistent dependence of some small factories on specialized hand-operated tools; strong growth of the domestic woodworking industry and thus increasing demand for craftsmen, carpenter’s hand tools; and increase in home improvement, gardening and landscaping projects for consumers.

Key issues covered

I. INTRODUCTION, METHODOLOGY & REPORTING AREA

II. SUMMARY

1. MARKET OVERVIEW

• Effects of COVID-19 and an impending global recession

• Industry background

• Industry development

• Hand tools remain vital in the modern mechanical era

• A safe niche for hand tools despite the growing threat from power tools: Percentage breakdown of hand tools and power tools in the global tool market for 2019

• The future of the hand tool market is determined by stable prospects

• Global Economic Outlook: Real GDP growth rates in% by country / region for the years 2017 to 2020

• Developing Markets: The focus for future growth

• competition

• Hand tools and accessories Competitors market share scenario worldwide (in%): 2019

• Product profile

• Service tools for mechanics

• Pliers

• Hammers

• Wrench

• screwdriver

• Edge tools

• Axe

• Aze

• Axes

• chisel

• Painting and masonry tools

• Other segments

• shovel

• spade

• Chop

• Rake

• equipment

• Sandpaper

• Different designs and functions for different regions

2. FOCUS ON SELECTED 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)

• JK 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. (UNITED STATES)

• Wera Tools (Germany)

3. MARKET TRENDS & DRIVERS

• Work ergonomics: The most important innovation factor in the hand tool market

• The rising incidence of work-related musculoskeletal disorders (MSDs) is driving emphasis on ergonomically designed hand tools: Number of MSDs in the United States per 10,000 full-time employees in 2018, by industry

• Multitask hand tools are gaining in importance

• APEX BOLT Action Titanium Pen, the next generation tactical multitool pen from ZEROHOUR

• Focus on productivity in lightweight manufacturing to drive demand for intelligently designed hand tools

• Magnet-free and spark-free hand tools are perfect for high energy and electrical component applications

• As competition intensifies, companies keep afloat with product innovations

• Bionic handle from LoggerHead Tools

• Dewalts DWHT56148 Engineering Hammer

• TC20-DP framing hammer from Douglas Tools

• Klecker Knives’ Klax lumberjack ax head

• Lever ax

• Sven-Saw, an ergonomically designed cutting tool

• Hisco blades

• Mechanics Service Tools: The largest, growing product market

• Strong demand for automotive repair and maintenance services is driving the growth of automotive mechanical tools

• Robustly growing market for automotive repair and maintenance services is considered to be a positive macro trend driving demand for service tools for mechanics in the automotive sector: Global automotive repair and maintenance market (in billion US dollars) by segment for 2018 , 2020 and 2022

• Growth in aircraft MRO expands the addressable market for general aviation mechanics tools

• Projected increase in aircraft MRO to drive demand for aviation hand tools: Global MRO spend (in billion U.S. dollars) by segment for 2019 and 2024

• Machine maintenance and repair of heavy equipment are increasing the demand for service tools for mechanics in the industrial sector

• Aging plant machinery with high repair and maintenance needs to promote 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 1980, 2000, and 2018

• Global construction industry growth higher than global GDP, offers opportunities for hand tools used by construction workers

• Planned increase in construction investments and parallel expansion of the construction workforce to stimulate demand for hand tools for construction: World construction industry (in trillion US dollars) for 2017, 2019 and 2022

• Increase in home improvement, horticulture and landscaping projects to fuel hand tool market growth

• The growing importance of the Do-It-Yourself (DIY) culture provides a solid growth platform for hand tools in the consumer market: Global Home Improvement / Home Improvement Sales (in billion US dollars) for 2016, 2018 and 2020

• Average Cost, Savings, and Return on Investment (ROI) on Home Improvement Projects in the United States

• Worldwide purchases of hand tools 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 the online purchase decision – percentage breakdown of shares according to consumer preferences

• Growing competition from power tools: A market damper

4. PERSPECTIVE OF THE GLOBAL MARKET

III. MARKET ANALYSIS

IV. COMPETITION

• Total number of companies featured: 161

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