What is Hand and Power Tools Market?
A power tool is the tool which is operated by an additional power source and mechanism other than the solely manual labor used with hand tools. The common types of power tools use electric motors. Internal combustion engines and compressed air are also commonly used for power tools. On the other hand tool is any tool that is powered by hand rather than a motor. Types of hand tools include wrenches, pliers, cutters, files, striking tools, struck or hammered tools, screwdrivers, vises, clamps, snips, saws, drills and knives.
The market study is being classified by Type (Hand tool and Power tool), by Application (Commercial and Residential) and major geographies with country level break-up.
Apex Tool Group (United States), Channellock Inc. (United States), Klein Tools (United States), Wera Tools (Germany), Stanley Black & Decker (United States), Bosch GmbH (Germany), Snap-On (United States), Irwin Industrial Tools (United States), Chicago Pneumatic Tools (United States) and Actuant Corporation (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are AIMCO Corporation (United States), Allied Trade Group (ATG) Stores (United States) and Alltrade Tools LLC (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Hand and Power Tools market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Hand and Power Tools market by Type, Application and Region.
On the basis of geography, the market of Hand and Power Tools has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Usage of Hand and Power Tools in do it Yourself Activities
- Rising Demand from Automotive, Maintenance, and Repair Sector
Market Trend
- Increasing Usage of Power Tools
Restraints
- Low Profit Margin due to Acute Competition
Opportunities
- Growing Usage of Hand and Power Tools in Industrial Applications
Challenges
- Presence of Major Players is increasing the Competition
- Lack of Skilled Professionals
Market Leaders and some development strategies
On February 2019, Klein tools has acquired Wattmaster and Alco brands, based in Carrum Downs, a suburb of Melbourne, Victoria, Australia. It has acquired substantially all of the business assets of Wattmaster and Alco parent company ElMako Pty Ltd, with no further specifics of the asset transaction terms disclosed.
Key Target Audience
Manufacturers, Raw material suppliers, Government associations, Research organizations and Others