Mechanical Hand Tools Market Overview
Mechanical hand tools are used across multiple sectors such as industrial, household, construction, as well as, professional. The construction sector generates the largest demand for mechanical hand tools, along with the industrial sector. Upsurge seen in the construction industry and rapid industrialization worldwide are factors owing to proliferated growth in the global mechanical hand tools market. Furthermore, budding application industries and higher demand for household applications are expected to flourish the demand for mechanical hand tools market. An increasing number of manufacturing plants are also contributing significantly to the demand for mechanical hand tools, augmenting the global market.
Other factors contributing to the growth of mechanical hand tools market include the increasing pollution, rapid urbanization, and improving economic conditions. Also, an increase in demand for wooden furniture market is likely to augment the mechanical hand tools market. A growing number of nuclear households has led to a rise in the demand for small and convenient furniture, further fueling the market for mechanical hand tools. Lucrative growth in the automotive sector and the automotive repair and maintenance activities are also predicted to drive significant growth to the mechanical hand tools market. Incorporation of advanced features to develop equipped vehicles is also likely to prompt substantial growth in the mechanical hand tools market. Comprehensive growth and development of the automotive industry are prognosticated to influence noteworthy demand for mechanical hand tools during the assessment period.
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Market Segmentation
The global mechanical hand tools market is segmented by type and application. By type, the mechanical hand tools market is segmented into hand service tools, hand saw, and edge tools. By application, the mechanical hand tools market is segmented into construction industry, household application, and decoration industry.
Regional Analysis
The mechanical hand tools market is geographically segmented into North America, the Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is foreseen to emerge as the principal market for mechanical hand tools market like it did in 2016, holding up to 35.3% market share. The U.S. is expected to have one of the highest consumption rates for mechanical hand tools owing to rapid industrialization and a higher number of construction sites. The Asia Pacific is prognosticated to grow at the fastest rate with a 4% CAGR during the assessment period. Europe is projected to hold the third position in terms of revenue share.
Competitive Analysis
The global mechanical hand tools market appears to be fiercely competitive with many key players and new entrants forming an aggressive landscape for it. These players are expected to incorporate collaboration, partnerships, acquisition, expansion, and newer product/technology launches as a way to not only retain but capture bigger market share during the forecast period.
Expansions are prophesied to help established players in the global mechanical hand tools market to extend and strengthen their sales networks. Well-established players are generally seen striving to create ergonomic products and on the expansion of their product portfolio to gain a significant competitive advantage over their industrial peers.
Key Players
The major players operating in this market, as profiled by Market Research Future include Stanley Black & Decker, Robert Bosch Tool Corporation (U.S), Wurth Group (Germany), Hilti Corporation (Liechtenstein), TOYA SA (Poland), Makita Corporation (U.S.), Snap-on (U.S.), Metabowerke GmbH (Germany), Techtronic Industries Co. Ltd (TTI) (Hong Kong), and Klein Tools (U.S.).
Industry Update
February 2019: Snap-on announced authorization of a share repurchase program of up to $500 million of common stock by the board of directors, which replaces the previously approved share repurchase program of $206 million of common stock.
October 2018: Milwaukee Electric Tools Corporation, a Techtronic Industries subsidiary announced the acquisition of Imperial Blades. Imperial Blades is known to provide high-quality products and a diverse range of accessory solutions.
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