Industrial Hand Tools Market : Industry Analysis and forecast 2026 -By Product Type, Distribution Channel, Application and Region Industrial Hand Tools Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of XX% during forecast period of 2019 to 2026.
Industrial Hand Tools Market Drivers and Restrains:
The industrial hand tools market is witness notable growth rate owing to shifting consumer behavior and preferences for do-it-self trend. With this approach, customers are accepting easy to use hand tools in order to help complete industrial repairs and recoveries. Through the advent of technology, manufacturers are able to manufacture easy and handy equipment for industrial use to provide a better user interface experience to the consumers. Increasing automotive repair and maintenance activities are one of the major factors driving demand for industrial hand tools. As the automotive industry includes both manufacturing as well as service units, it is constantly prone to technological advancement.
The industrial hand tools market is mainly driven by rapid expansion in the residential and the commercial construction activities, coupled with growing demand for wood-based products. Manufacturers are focusing on developing pocket-friendly and functional tools to achieve maximum needs of the customers. These initiatives by the manufacturers are projected to increase the demand for household hand tools in the near future. Moreover, the large-scale awareness regarding labor safety and ergonomics is expected to impel the industrial hand tools market growth in the upcoming period. However, the oscillating costs of raw materials are hampering the market growth at the global level. The expansion of e-retailing is likely to create new growth opportunities in the industrial hand tools market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Industrial Hand Tools Market Segmentation Analysis:
Based on the product type, the industrial hand tools market has been segmented into General Purpose Tools, Layout and Measuring Tools, Metal Cutting Tools and Taps and Dies. The general purpose tools segment accounting for dominant market share in 2018 and are anticipated to continue its dominance during the forecast period, owing to rising product demand for commercial and residential construction activities. Furthermore, metal cutting tools are likely to grow at the fastest rate over the upcoming period.
Based on the sales channel, the industrial hand tools market has been segmented into Online sales, Retail sales, and Distributor sales. The online sales channel segment is expected to grow at the highest CAGR of XX% over the forecast period, owing to the growing demand for the e-commerce platform.
Industrial Hand Tools Market Regional Analysis:
Geographically, the industrial hand tools market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the industrial hand tools market in 2018 due to the rapid expansion of the construction industry and growing demand for industrial hand tools for industrial applications coupled with increasing government focus on infrastructure development. Europe held the second-largest market share in 2018. The increasing demand for industrial hand tools in several industries, growing concerns regarding labor safety and ergonomics. The market in Asia Pacific is expected to expand at a high CAGR of XX% during the forecast period thanks to the surging construction activities in India, China, Philippines, Indonesia, and Vietnam. China was the leading consumer of industrial hand tools in 2018 and is projected to maintain its dominance in the future as well.
A report cover the recent development in market for the industrial hand tools market i.e. in 2019, Bosch launched Bosch GSB 500 RE Kit, a power and hand tool kit, that provides a complete repair and modify tool kit for the household.
Industrial Hand Tools Market Competitive landscape
Major Key players operating in this market are Akar Tools, Ltd., Apex Tools Group, LLC, Chillington Tool Company, Crossman Tool Co. and Herramientas Agricolas, S.A. Manufacturers in the industrial hand tools are focusing on competitive pricing as the strategy to capture significant market share. Moreover, strategic mergers and acquisitions and technological innovations are also the key focus areas of the manufacturers.
The objective of the report is to present a comprehensive analysis of Industrial Hand Tools Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Industrial Hand Tools Market dynamics, structure by analyzing the market segments and project the Industrial Hand Tools Market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the Industrial Hand Tools Market make the report investor’s guide. Scope of the Industrial Hand Tools Market:
Industrial Hand Tools Market, by Product Type:
• General Purpose Tools • Layout and Measuring Tools • Metal Cutting Tools • Taps and Dies Industrial Hand Tools Market, by Distribution Channel:
• Online Sales • Retail Sales • Distributor Sales Industrial Hand Tools Market, by Application:
• Residential
• Commercial • Industrial Industrial Hand Tools Market, by Region:
• Asia Pacific • North America • Europe • Latin America • Middle East Africa Industrial Hand Tools Market, Major Players:
• Akar Tools, Ltd. • Apex Tools Group, LLC • Chillington Tool Company • Crossman Tool Co. • Herramientas Agricolas, S.A. • JCBL India • Klien Tools, Inc. • Snap-On Incorporated • Stanley Black & Decker, Inc • Truper S.A. • Xinapse Systems Ltd. • JK Files (India) Limited • Siemens Healthineers • Toshiba Medical Systems Corporation • Mirada Medical Limited • Mim Software, Inc. • Sciencesoft USA Corporation • Kennametal Inc. • Channellock, Inc. • Wera Tools.
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