DUBLIN, September 7, 2021 / PRNewswire / – The “Global COVID-19 Impact Hand Tools and Woodworking Tools Market, By Type (Chisels, Hammers, Saws, Pliers, Wrenches, Screwdrivers), Distribution Channel (Online, Offline), End-Users, and Region – The Report” Forecast to 2026 “has been added to ResearchAndMarkets.com’s offering.
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The Hand Tools & Woodworking Tools market size is expected to be by $ 8.4 billion in 2021 to $ 10.3 billion by 2026 with a CAGR of 4.0%.
The growth of the market is attributed to the growth of commercial, residential and infrastructure projects, the introduction of hand tools into households for home improvement, as well as growing manufacturing facilities and increasing repair and maintenance operations around the world. However, factors such as increased safety risks and concerns due to improper use of hand tools are holding back market growth.
On the other hand, the development of single, variable size / multitasking tools suitable for multiple operations could increase the demand for hand tools, and increasing automation of hand tools to reduce physical labor could increase the use of hand tools and likely create opportunities for them the introduction of hand tools and woodworking tools in the years to come. In addition, the lack of hand tools with all specifications / dimensions for the end user, armed for every possible area of use, presents a challenge to the hand tool and woodworking tool market.
Online sales channel to grow fastest in the forecast period
Online sales channels are changing the way customers shop. They offer customers numerous additional benefits such as door-to-door delivery of products and offer an online display of a wide variety of products and brands through their online e-commerce platforms. Various third-party dealers sell hand tools on the online platforms. This helps customers compare, evaluate, study, and select the most appropriate hand tool. These online platforms have made it possible for many hand tool manufacturers to sell their products directly to end customers. You can see large manufacturing companies launching their online sales channels with their e-commerce platforms.
The story goes on
Professional end users will hold the largest share of the hand tools and woodworking tools market by 2026
The market for the professional end-user segment is expected to have the largest share in the forecast period. With the increasing population and infrastructural development worldwide, professional applications such as plumbing, electrification and carpentry have seen strong growth. In addition, growth in other industries, such as oil & gas, electronics, automotive, aerospace, energy, mining, and shipbuilding, is contributing to the growth of professional use of hand tools and woodworking tools with increasing application areas.
The hand tool and woodworking tool market in APAC is growing with the highest CAGR
The growth of the market for hand tools and woodworking tools in APAC is due to the rapid industrialization and rapid construction activity in countries like India, China, Australia, and Japan. Hand tools are widely used in both construction and industry. Even the governments of the leading countries are taking initiatives to develop infrastructure and construction plans and industrial development with the increasing number of industrial facilities and production units. However, the pandemic has resulted in disruption to supply chain activities, lost revenue and a slowdown in manufacturing activities that somehow affected market growth and ultimately impacted the economy.
Market dynamics
driver
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Increasing commercial, residential and infrastructure projects
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Increasing acceptance of hand tools in households for home and DIY purposes
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Growing manufacturing facilities and increasing repair and maintenance operations
Restrictions
Opportunities
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Variable size / multitasking single tools suitable for multiple operations could increase the demand for hand tools
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Increasing the automation of hand tools to reduce physical labor could increase the use of hand tools
challenges
Mentioned companies
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Akar Auto Industries Ltd.
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Apex Tool Group LLC.
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Channellock, Inc.
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Gray Tools Canada Inc.
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Hangzhou Great Star Industrial Co. Ltd.
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Husqvarna group
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Ideal industries
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Ingersoll Rand
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Jcbl Ltd.
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Jetech Tool Co. Ltd.
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Kirchhoff Group
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Klein Tools, Inc.
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Lie-Nielsen toolmaking
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Martin Sprocket & Gear, Inc.
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Ningbo Great Wall Precision Industrial Co. Ltd.
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Other players
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Ridgid tools
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Robert Bosch
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Integrated snap-on
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Stanley Black & Decker, Inc.
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Taparia Tools Ltd.
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Techtronic Industries Co. Ltd.
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Toya SA
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Wera tools
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Wintek tools
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Tool maker Wright
Please visit https://www.researchandmarkets.com/r/4exejj for more information on this report
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