Dec 2, 2021   SOURCE: BusinessWire

Insights on the Hand Tools and Accessories Global Market to 2027 - Featuring Apex Tool Group, Emerson Electric and Irwin Tools Among Others - ResearchAndMarkets.com

The "Hand Tools and Accessories - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Hand Tools and Accessories estimated at US$17.5 Billion in the year 2020, is projected to reach a revised size of US$23 Billion by 2027, growing at a CAGR of 3.9% over the analysis period 2020-2027.

Mechanics` Service Tools, one of the segments analyzed in the report, is projected to grow at a 4.1% CAGR to reach US$12.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Edge Tools segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 15.9% share of the global Hand Tools and Accessories market.

The U.S. Accounts for Over 27% of Global Market Size in 2020, While China is Forecast to Grow at a 6.3% CAGR for the Period of 2020-2027

The Hand Tools and Accessories market in the U.S. is estimated at US$4.7 Billion in the year 2020. The country currently accounts for a 26.98% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$3.1 Billion in the year 2027 trailing a CAGR of 6.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the year 2027.

Other Segments Segment Corners a 31.6% Share in 2020

In the global Other Segments segment, USA, Canada, Japan, China and Europe will drive the 3.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.3 Billion in the year 2020 will reach a projected size of US$5.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.3 Billion by the year 2027, while Latin America will expand at a 3.9% CAGR through the analysis period.

Select Competitors (Total 202 Featured) -

  • Apex Tool Group
  • Channellock Inc.
  • Emerson Electric Co.
  • Greenlee
  • Gray Tools Canada Inc.
  • Ideal Industries, Inc.
  • Irwin Tools
  • J.K. Files (India) Limited
  • Kennametal Inc.
  • Klein Tools Inc.
  • Leatherman Tool Group, Inc.
  • Milwaukee Electric Tool Corporation
  • Ningbo Great Wall Precision Industrial Co., Ltd.
  • Pilana Tools Group
  • Snap-On Incorporated
  • Stanley Black & Decker
  • Techtronic Industries Co. Ltd.
  • Wera Tools

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
  • Industrial Activity to Remain Subdued in the Immediate Term
  • Evolution of the Industry
  • Hand Tools Continue to be Relevant in the Modern Mechanical Era
  • Hand Tools & Accessories: Product Profile
  • Mechanics' Service Tools
  • Edge Tools
  • Others Segment
  • Global Market Prospects & Outlook
  • Developing Markets to Spearhead Future Growth
  • World Brands
  • Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Occupational Ergonomics: The Primary Factor Driving Innovation in the Hand Tools Market
  • Multitask Hand Tools Grow in Prominence
  • Focus on Productivity in Lightweight Manufacturing to Spur Demand for Intelligently Designed Hand Tools
  • Non-Magnetic and Non-Sparking Hand Tools Make Perfect Sense for High Energy and Electrical Component Applications
  • As Competition Heats up, Companies Keep Afloat with Product Innovations
  • Market Set to Benefit from Advances in Hand Tools' Production Technology
  • Hand Tools Continue to Find Use in Industrial Applications
  • Mechanics' Service Tools: The Largest Product Market to Witness Strong Growth
  • Automotive Repair & Maintenance Services Demand Determines Growth in Vehicle Mechanics Tools Market
  • Advances in Specialty Tools for Automotive Industry
  • Aircraft MRO: A Major Market for Aviation General Mechanic's Tools
  • Shrinking Air Travel Demand amid COVID-19 to Squeeze Margins of Aircraft MROs
  • Incremental Gains for Remote Maintenance amid COVID-19 Set to Alter Aircraft MRO Landscape
  • Machinery Maintenance & Heavy Equipment Repair Supports Demand for Mechanic's Service Tools in the Industrial Sector
  • Construction Industry Trends Presents Determines Demand for Tools Used by Construction Workers
  • DIY Home Improvement, Gardening and Landscaping: Potential for Growth in the Hand Tools Market
  • Commercial Carpentry: Hand Tools Face Stiff Challenge from Power Tools
  • HVAC Tools Trends towards Technological Sophistication for Better Functions
  • Intelligent CAD Technology Enables the Development of Ergonomically Designed Hand Tools
  • E-Retailing Expands Growth Opportunities
  • Competition from Power Tools: A Market Dampener

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/yhithl