Industry Background:
A hand tool is one of the key components which is powered by hand rather than motor. These tools are primarily used in the manufacturing of robots, electric vehicles, locomotives, home appliances and various light & heavy duty machinery as well. Continuous incorporation of modern machinery in the agriculture industry, household and others especially in the developing countries, is significantly catalyzing the market growth
According to AMA, the market for Hand Tool is expected to register a CAGR of 4.1% during the forecast period to 2026. This growth is primarily driven by Increasing industrialization and urbanization across the globe and Mounting automotive maintenance and repair activities.
Globally, a noticeable market trend is evident Increasing online distribution of hand tools
. The Machinery & Equipment sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Akar Tools Ltd. (India), Apex Tool Group (United States), Snap-on (United States), Stanley Black & Decker (United States), Techtronic Industries (Hong Kong), Fehr Bros Industries Inc. (United States), SGS Tool Company (United States), Kora Amruta Industries (India), Ikea (Netherland), Truper (Mexico) and Stanley Black & Decker (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Market Drivers
- Increasing industrialization and urbanization across the globe
- Mounting automotive maintenance and repair activities
Market Trend
- Increasing online distribution of hand tools
- Integration of technological advancement tools
Restraints
- Increasing adoption of automation in the manufacturing industry
Opportunities
Surging prevalence of DIY activities and Rising demand from the household application in both developed and developing economies
Challenges
Availability of duplicate products in underdeveloped nations
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Hand Tool Study Sheds Light on
The Hand Tool Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Hand Tool industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Hand Tool industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.