Hand Tools & Woodworking Tools Market worth $10.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 22, 2021 /PRNewswire/ -- According to the new research report "Hand Tools & Woodworking Tools Market with COVID-19 Impact, by Type (Chisels, Hammers, Saws, Pliers, Wrenches, Screwdrivers), Distribution Channel (Online, Offline), End User, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Hand Tools and Woodworking Tools Market size is expected to grow from USD 8.4 billion in 2021 to USD 10.3 billion by 2026, at a CAGR of 4.0%. The growth of the market is attributed to the increasing commercial as well as residential construction and infrastructure projects, adoption of hand tools in households for residential/DIY purposes as well as growing manufacturing setups and increasing repair and maintenance operations across the world.
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Wrenches and Chisels are estimated to hold the largest market share of the hand tools and woodworking tools market respectively during the forecast period.
Wrenches are hand tools that owned the highest market share in hand tools market in 2020 and are expected to dominate the market during the forecast period as well. These wrenches are used to hold standard bolts and nuts firmly and for gripping and turning objects. Wrenches are greatly needed for repairs and maintenance operations in automotive industry and in plumbing and electrification operations, where they are used to turn pipes or for fitting operations.
Chisels are hand tools and woodworking tools that owned the highest market share in woodworking tools market in 2020 and are expected to dominate the market during the forecast period as well. A chisel has a sharp blade at one end used for carving or cutting wood. Chisels are designed and constructed with different dimensions and blade specifications.
Online distribution channel for hand tools and woodworking tools market to grow at highest CAGR from 2021 to 2026
Online distribution channel is growing and is expected to grow at the highest growth rate in the market during the forecast period. This channel can be seen changing the way customers shop. They are providing customers with numerous additional benefits such as door-to-door delivery of products and provide an online display of an extensive variety of products and brands to choose from through their online e-commerce platforms. Various third-party distributors sell hand tools on the online platforms. This helps the customers compare, evaluate, study, and select the best suitable hand tool. These online platforms has enabled many hand tool manufacturers to sell their products directly to the end customers. Large manufacturing organizations can be seen launching their online distribution channels with their e-commerce platforms.
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The mid-and high-level precision GPS receiver market in APAC is expected to grow at the highest CAGR from 2021 to 2026
The growth of the hand tools and woodworking tools market in APAC can be attributed to the rapid industrialization and surging construction activities in the countries such as India, China, Australia, and Japan. Hand tools are highly used in both construction and industrial activities. Even governments from the leading countries are taking initiatives towards developing infrastructural and construction plans and bringing industrial development with the increasing number of industrial plants and manufacturing units. However, the pandemic has resulted in disruptions in supply chain activities, revenue losses, and slowdown in production activities which have somehow impacted the growth of the market, eventually impacting the economy.
Stanley Black & Decker (US), Apex Tool Group(US), Snap-On Incorporated(US), Techtronic Industries Co. Ltd (China), Klein Tools (US), Husqvarna (Sweden), Akar Auto Industries Ltd. (India), and Hangzhou Great Star Industrial Co. Ltd. (China) are a few major players operating in hand tools and woodworking tools market.
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