The global hand tools market was valued at USD 10 billion in 2016 and is expected to surpass USD 12 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global hand tools market, under its tools and components portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Channellock, Craftsman-Sears Brands, Klein Tools, Snap-on, and Stanley Black & Decker.
According to Anju Ajaykumar, a lead analyst for tools and components research at Technavio, “The robust growth in construction activities will drive growth in the global hand tools market as and tools play a major role in construction activities. Governments in emerging economies such as Indonesia, India, and Thailand are undertaking initiatives to drive the construction sector in their respective countries to improve their economic conditions.”
For instance, the construction sector in India possess an immense potential and is expected to 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. These initiatives will increase the demand for construction tools in India, thereby driving the hand tools market in APAC.
Click here to request a free sample of this report
Online presence driving sales
The digital world plays a major role in the global hand tools market. The growing penetration of the Internet and online shopping has significantly increased the sale of hand tools, thereby driving the global hand tools market. Manufacturers are changing their retail strategies and have entered the e-commerce market with attractive websites and product offerings to cater to the customer needs. Companies like Amazon, Tolexo or The Home Depot allow customers to buy hand tools online and to choose from a variety of products to meet their needs.
Growth of the furniture market
The increase in demand for wooden furniture or home decor is likely to increase the need for hand tools. The construction sector and remodeling of houses are the key drivers of the furniture market, thereby driving the global hand tools market. Major countries like Germany, Spain, China, Korea, Malaysia, Indonesia, Philippines, and Japan export furniture to India. In 2015, India constituted nearly 20% of the total imported furniture worldwide. The furniture sector is expected to drive the market for wood products, thereby driving the demand for hand tools.
Ask an analyst to know more about this report
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. A competitive analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Hand Tools Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global DIY Tools Market 2017-2021
- Global Garden Tools Market 2017-2021
- Global Cordless Garden Equipment Market 2016-2020
To read more press releases – click here
