SEATTLE, May 28, 2020 (GLOBE NEWSWIRE) -- Hand tools are used for various purposes both in the residential and corporate sector. Screwdrivers, spanners (wrenches), pliers and cutters, hammers and mallets, and chisels are some of the most widely used hand tools. Conventional wrenches are composed of a handle at both ends.
The global Hand Tools market is expected to grow at a CAGR of 3.8 % over the forecast period 2020-27 and is estimated to account for US$ 26,123.3 Mn in 2027.
Launch of new hand tools is expected to propel growth of the global hand tools market over the forecast period. For instance, in May 2020, Klein Tools launched two new sets of slim-tip insulated screwdrivers with 1000V rating impact and flame-resistant insulation.
Grants for R&D in hand tools are also expected to aid in growth of the market. For instance, in April 2020, Wera Werkzeuge GmbH announced the launch of Tool Rebel Junior Academy through which the company will award quarterly scholarship of € 3,000 for the best idea in developing hand tools.
Development of new-generation products is expected to offer lucrative growth opportunities for players in the global hand tools market. For instance, in September 2019, Irwin Industrial Tools launched its next generation Bi-Metal Reciprocating Saw Blade range with spring steel backing edge.
Moreover, increasing adoption of Do it yourself (DIY) activities on social media and availability of hand tools on e-commerce platforms is also expected to aid in growth of the market.
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Europe holds the dominant position in the global Hand Tools market and is expected to witness significant growth over the forecast period 2020-27. This is owing to Automotive Sector of the Europe region. Hand Tools are widely used in the manufacturing, repair and maintenance of automobiles. According to the mckinsey report published in January 2019, the Europe region accounted for about 25% automobile production around the globe. Moreover Europe is home to some of the world’s largest automobile manufacturers such as Volkswagen, BMW, Audi AG, Citroen, Mercedes- Benz and Opel.
Among application segment, Industrial sub segment is expected to dominate the global Hand Tools market over the forecasted period 2020-27. This is owing to wide application areas of Hand Tools in the Manufacturing and Process industries. The availability of Hand Tools is important at the manufacturing plants in case of the machine failures, installations and repairs. Maintenance of the machine is to be done in regular interval of time which requires the General Purpose Hand Tools such as Screwdrivers, Wrenches and drills.
Among Sales Channel segment fixed Online Sales sub segment is expected to create a lucrative opportunity for global Hand Tools market owing to increasing consumer preference for the online shopping. Hand tools are available on the leading ecommerce platforms around the globe such as Amazon, Jingdon, Alibaba group Holding Ltd and ebay.Inc. According to the Coherent Market Analysis, the global ecommerce industry around the globe by revenue is accounted for US$ 3538.3 Billion in 2019 and expected to grow at a CAGR of 8.1% over the forecast period.
Market players are focused on launching combination products. For instance, in April 2020, Klein Tools launched a new Electrical Tester Kit that combines the NCVT-5A Dual Range Non-Contact Voltage Tester with Laser Pointer and the RT210 GFCI Receptacle Tester.
Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in August 2019, Snap-on Incorporated acquired Cognitran Limited, a provider of Software as a Service products for original equipment manufacturer customers and their dealers.
Major players operating in the global hand tools market include, Kennametal Inc., Apex Tools Group, Akar Tools Ltd., Channellock, Inc., JK Files (India) Limited, Stanley Black Decker, Sears, Wera Werkzeuge GmbH, Snap-on Incorporated, Irwin Industrial Tools, and Klein Tools.
Major players in the market are focused on adopting various marketing strategies to enhance their market share. For instance, in November 2019, Snap-on Incorporated presented at the Robert W. Baird & Co. 2019 Global Industrial Conference.
Major players in the market are also focused on launching visible and accessible hand tools. For instance, in November 2019, Irwin Industrial Tools launched its next generation sets of hand tools that are visible, stackable, and accessible.
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