Global Hand Tools and Accessories Market to Reach $22 Billion by 2026
SAN FRANCISCO, May 19, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Hand Tools and Accessories - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 18; Released: May 2021
Executive Engagements: 11744
Companies: 158– Players covered include 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 and Others.
Coverage: All major geographies and key segments
Segments: Segment (Mechanics Service Tools, Edge Tools, and Other Segments)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Hand Tools and Accessories Market to Reach $22 Billion by 2026
Defined as tools powered by hand, hand tools are the most ubiquitous, omnipresent and indispensable instruments used virtually every day. Right from adjusting and repairing machinery to building a multitude of objects both simple and complex, hand tools are of immense value to both consumers and professionals including craftsman, handymen and industrial workers. 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$22 Billion by 2026, growing at a CAGR of 3.9% over the analysis period. Mechanics Service Tools, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$12.2 Billion by the end of the analysis period. After a thorough 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.
The U.S. Market is Estimated at $4.8 Billion in 2021, While China is Forecast to Reach $2.9 Billion by 2026
The Hand Tools and Accessories market in the U.S. is estimated at US$4.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.9 Billion by the year 2026 trailing a CAGR of 6.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. The market is witnessing increased focus on customization and sophistication, mainly due to the prevailing intensely competitive climate. Technology advancements and developments in production technology of hand tools are also supporting growth in the market. Focus of manufacturers is on the development of efficient, ergonomic and advanced hand tools and accessories for addressing the production and assembly needs of various industries.
Edge Tools Segment to Reach $3.5 Billion by 2026
Edge tools include axes, adzes and hatchets, chisels, professional and craft edge hand tools (including knives), among others. Global market for Edge Tools is estimated at US$2.8 Billion in 2020, and is projected to reach US$3.5 Billion by 2026 reflecting a compounded annual growth rate of 4.3% over the analysis period. United States constitutes the largest regional market for Edge Tools segment, accounting for 28.4% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 6.7% over the analysis period, to reach US$437.9 Million by the close of the analysis period. More
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Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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