New York, NY, March 04, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Industrial Hand Tools Market by Product Type (General Purpose Tools, Metal Cutting Tools, Layout & Measuring Tools, and Taps & Dies) and by Sales Channel (Online Sales, Retail Sales, and Distributor Sales): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2018–2025”. According to the report, the global industrial hand tools market was valued at USD 9.85 billion in 2018 and is expected to reach USD 13.05 billion by 2025, at a CAGR of 4.1% between 2019 and 2025.
Industrial hand tools are widely used in construction, automotive, and manufacturing industries. There are several types of industrial hand tools, such as metal cutting tools, layout and measuring tools, and general purpose tools. These tools are used for cutting, measuring, fabricating, screwing, etc. Industrial hand tools are widely available in the market and are supplied through distributors, online, or through retailers. The global industrial hand tools market is predicted to grow rapidly over the forecast period, due to the increasing demand from the construction and automotive industries. Moreover, the large-scale awareness regarding labor safety and ergonomics is anticipated to fuel the global industrial hand tools market growth in the years ahead. However, the oscillating costs of raw materials may restrain the market in the future. Alternatively, the expansion of e-retailing is expected to offer new growth opportunities in the industrial hand tools market in the future.
Browse through 71 Tables & 35 Figures spread over 110 Pages and in-depth TOC on “Global Industrial Hand Tools Market Size & Share 2018 Report: Industry Type, Segments, Demand, Analysis and Forecast 2025”.
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The global industrial hand tools market is classified based on product type and sales channel. Based on product type, the industrial hand tools market is divided into metal cutting tools, layout and measuring tools, general purpose tools, and taps and dies. General purpose tools dominated the market in 2018 and are projected to continue its dominance throughout the forecast period as well, owing to rising product demand for commercial and residential construction activities. Moreover, metal cutting tools are expected to grow at the fastest rate over the upcoming years. Based on the sales channel, the global industrial hand tools market is segmented into online sales, retail sales, and distributor sales. The online sales channel is expected to register the highest CAGR over the forecast timeframe, owing to the growing demand for the e-commerce platform.
Asia Pacific is expected to be the fastest growing industrial hand tools market globally in the future, owing to the surging construction activities in India, China, Philippines, Indonesia, and Vietnam. Moreover, new constructions in China and India are estimated to expand the industrial hand tools market growth in the Asia Pacific region in the years ahead. In 2018, China was the leading consumer of industrial hand tools and is projected to maintain its dominance in the future as well.
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North America held the largest market share for industrial hand tools in 2018 and is expected to dominate over the forecast time period. 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 are projected to drive the industrial hand tools market growth in North America.
The European industrial hand tools market was the second leading regional market in 2017. The increasing demand for industrial hand tools in several industries, such as automotive, construction, etc., have propelled this regional market’s growth. Additionally, growing concerns regarding labor safety and ergonomics are likely to further enhance the demand for industrial hand tools in Europe over the estimated timeline.
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Rapid industrialization in Latin America is the major driver of the industrial hand tools market. The burgeoning demand for industrial hand tools in the automotive sector is predicted to drive this regional market. Brazil is estimated to be the largest regional contributor over the upcoming years. The regions’ emerging construction and automotive industries are expected to increase the applications of industrial hand tools in Latin America in the upcoming years.
The Middle Eastern and African industrial hand tools market is predicted to grow at a moderate rate in the years ahead, owing to the surging infrastructural construction activities in the countries of the Middle East and the rising demand for industrial hand tools in oil and gas and manufacturing industries in the upcoming years.
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Some key manufacturers of the global industrial hand tools market are Snap-on Industrial, Klein Tools, Xinapse Systems Ltd., JK Files (India) Limited, Stanley Black Decker, Siemens Healthineers, Toshiba Medical Systems Corporation, Akar Tools Ltd., Mirada Medical Limited, Mim Software, Inc., Sciencesoft USA Corporation, Kennametal Inc., Channellock, Inc., Apex Tools Group, and Wera Tools.
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This report segments the global industrial hand tools market into:
Global Industrial Hand Tools Market: Product Type Analysis
- General Purpose Tools
- Layout and Measuring Tools
- Metal Cutting Tools
- Taps and Dies
Global Industrial Hand Tools Market: Sales Channel Analysis
- Online Sales
- Retail Sales
- Distributor Sales
Global Industrial Hand Tools Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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