Insights on the Hand Tools and Accessories Global Market to 2027 – Featuring Apex Tool Group, Emerson Electric and Irwin Tools Among Others – ResearchAndMarkets.com

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

Amid the COVID-19 crisis, the global hand tools and accessories market, which is estimated at $ 17.5 billion in 2020, is expected to reach a revised size of $ 23 billion by 2027 and with a CAGR during the analysis period of 3.9% will grow in 2020-2027.

Mechanics’ Service Tools, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.1% to $ 12.2 billion by the end of the analysis period. After an early analysis of the business impact of the pandemic and the economic crisis caused, the growth in the Edge Tools segment will be adjusted to a revised CAGR of 4.3% for the next 7-year period. This segment currently accounts for 15.9% of the global market for hand tools and accessories.

The US will account for over 27% of the world market size in 2020, while China is forecast to grow 6.3% CAGR in the period 2020-2027

The hand tools and accessories market in the United States is estimated at $ 4.7 billion in 2020. The country currently has a share of 26.98% in the world market. China, the world’s second largest economy, is expected to reach an estimated market size of $ 3.1 billion in 2027, which translates to a CAGR of 6.3% by 2027% and 3% in 2020-2027. Within Europe, growth of around 3.4% CAGR is forecast for Germany, while the rest of the European market (as defined in the study) will reach 3.1 billion US dollars by 2027.

Other segments segment corners accounted for 31.6% in 2020

In the global Other Segments segment, the United States, Canada, Japan, China, and Europe will drive the 3.3% CAGR estimated for that segment. These regional markets, with a combined market size of $ 4.3 billion in 2020, are projected to reach a projected size of $ 5.4 billion by the end of the analysis period. China will be one of the fastest growing in this cluster of regional markets. Led by countries like Australia, India and South Korea, the Asia-Pacific market is projected to reach $ 3.3 billion by 2027, while Latin America is expected to grow 3.9% CAGR over the analysis period.

Selected competitors (202 presented in total) –

  • Apex tool group

  • Channellock Inc.

  • Emerson Electric Co.

  • Greenlee

  • Gray Tools Canada Inc.

  • Ideal Industries, Inc.

  • Irwin Tools

  • JK Files (India) Limited

  • Kennametal Inc.

  • Klein Tools Inc.

  • Leatherman Tool Group, Inc.

  • Milwaukee Electric Tool Corporation

  • Ningbo Great Wall Precision Industrial Co., Ltd.

  • Pilana Tools Group

  • Built-in snap-on

  • Stanley Black & Decker

  • Techtronic Industries Co. Ltd.

  • Wera tools

Key topics covered:

I. METHODOLOGY

II. SUMMARY

1. MARKET OVERVIEW

  • Insights into the influencer market

  • World market trajectories

  • Effects of the COVID-19 pandemic and the looming global recession

  • Pandemic crisis weakens economic environment and triggers negative GDP flood

  • Industrial activity is expected to remain subdued for the short term

  • Development of the branch

  • Hand tools remain relevant even in the modern mechanical era

  • Hand Tools & Accessories: Product Profile

  • Service tools for mechanics

  • Edge tools

  • Other segment

  • Global market outlook & outlook

  • Developing markets as a spearhead for future growth

  • World brands

  • Current market activity

2. FOCUS ON SELECTED PLAYERS

3. MARKET TRENDS & DRIVERS

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

  • Multitask hand tools are gaining in importance

  • 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

  • Market will benefit from advances in hand tool production technology

  • Hand tools are still used in industrial applications

  • Mechanics’ Service Tools: The largest, rapidly growing product market

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

  • Advances in specialty tools for the automotive industry

  • Aircraft MRO: An important market for general aviation mechanics tools

  • Shrinking air travel demand amid COVID-19 to depress aircraft MRO margins

  • Incremental gains for remote maintenance amid COVID-19, which will transform the aircraft MRO landscape

  • Machine maintenance and repair of heavy machinery support the demand for service tools for mechanics in the industrial sector

  • Trends in the construction industry determine the demand for tools used by construction workers

  • Home Improvement, Horticulture, and Landscaping: Potential Growth for the Hand Tool Market

  • Commercial joinery: Power tools face hand tools with a tough challenge

  • HVAC Tools Trends toward technological sophistication for better functionality

  • Intelligent CAD technology enables the development of ergonomically designed hand tools

  • E-retailing expands growth opportunities

  • Power Tool Competition: A Market Damper

4. PERSPECTIVE OF THE GLOBAL MARKET

III. MARKET ANALYSIS

NS. COMPETITION

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