Asia-Pacific to Hold the Lion’s Share in the Household Hand Tools Market

Fri, 14 August 2020 8:52

Asia-Pacific holds a substantial market share in the household hand tools market and is expected to contribute to the demand for household hand tools in the coming future. Improved standard of living and ease of using tools have surged the demand for hand tools in the region. Strong economic growth, coupled with rising disposable income, growing household construction, and remodeling of existing houses drives the market growth.  

Impact of COVID-19

The COVID-19 outbreak has severely affected various industry verticals. Stringent government regulation and disruptions in the supply chain across the globe have adversely impacted business operations. The U.S. and China are the leading producers and consumers of household hand tools and are also among the severely affected regions by COVID-19. The key participants are struggling to maintain the operations, which is ultimately impacting the revenue figures. The raw material prices are witnessing a spike due to discouraging demand and rising inventories, further hampering the market growth.

Key Highlights

  • The household hand tools market is growing at a lucrative growth rate owing to the DIY trend and higher labor costs across the globe
  • The online retail segment holds the highest market share due to ease of buying and one-day delivery services
  • North America dominates the global market on account of the shifting consumer preference for independent service and  increasing number of nuclear families

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Key Players

  • Stanley Black & Decker, Inc.
  • Apex Tool Group, LLC
  • Great Wall Precision
  • Klein Tools, Inc.
  • Wurth Group
  • Phoenix Contact GmbH & Co. KG
  • Channellock, Inc.
  • Akar Tools Limited India
  • JPW Industries (Inc.)
  • JK Files (India) Limited (Raymond Ltd)
  • Excelta Corporation
  • Sinotools Industrial
  • Techtronic Industries Co. Ltd.
  • Kennametal Inc.
  • Robert Bosch Tool Corporation  

Household Hand Tools Market: Segmentation

By Product Type

  • Measuring Tools
  • Tapes and Dies
  • Screws and Drill Drivers
  • Cutting Tools
  • General Tools

By Distribution Channel

  • Specialty Retail Stores
  • Hypermarkets/Supermarkets
  • Online Retail

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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