Hand Tools and Accessories: A Global Strategic Business Report
San Jose, CA (Vocus) September 30, 2010
The hand tools and accessories market is one of the most consistently profitable industries, sustaining momentum even in times of economic downturn. Product innovations are readily adopted into the mainstream and continued efforts are made by producers to improve efficiency of the tools to suit the preferences of different customers. Although the products are considered “low-tech”, the industry as such is highly automated, and employs state-of-the-art technology to produce high quality products. There is a growing demand for convenient, easy to use and more ergonomically designed hand tools. Tool manufacturers are expected to continue to target the growing consumer strata with newer marketing strategies, including those aimed at women consumers.
Demand for power tools is expected to surpass hand tools due to increasing popularity of cordless electric saws, polishers, grinders and sanders. Electric screwdrivers are expected to witness robust growth, and electric saws and drills are projected to record above-average growth figures. Increasing consumer shift towards do-it-yourself (DIY) products and emphasis on feature-laden tools would boost the consumer tools market, which is expected to surpass the professional tools market. Hand tools are increasingly giving way to electrically and machine driven tools, owing to high-speed production process. Global hand tools market in the Asia Pacific and Latin American regions is expected to witness higher growth rates through 2015. Indonesia is considered an important market for power and hand tools, while Germany is one of the largest exporters of precision tools including hand tools, power tools, grinding tools and others, followed by Japan, US, Asia-Pacific and France.
The global market for hand tools and hardware accessories remained relatively immune to the worldwide economic recession that surfaced in the last quarter of 2008. The industry witnessed reasonable growth despite the adverse economic situation globally exhibiting in fact, better growth rates when compared to various other industries. In times of scarce finances, consumers mostly preferred to carry out general repair works on their own. This was one of the main reasons behind the improvement in demand for hand tools.
North America and Europe constitute the largest markets worldwide, as stated by the new market research report on Hand Tools and Accessories. The US, representing the single largest global market, is largely influenced by increasing residential activity and higher spending power for home improvement. Asia-Pacific is slated to race ahead as the fastest growing market worldwide, gaining strength from regions such as China, India, Taiwan, Hong Kong and Indonesia among others. Mechanics' Service Tools segment represents the largest hand tools and accessories segment. The other significant segment, Edge Tools, inclusive of chisels, axes, professional and craft edge hand tools, is poised to register the fastest compounded annual growth rate through 2015.
Leading market participants in the global hand tools and accessories market include Akaki Spare Parts & Hand Tools S.C., Akar Tools Ltd., Cooper Industries Inc., Danaher Corp., Emerson Electric Co., Facom Tools Group, Illinois Tool Works Inc., Jore Corporation, J.K. Files & Tools Limited, Jore Corporation, Kennametal Inc., Leatherman Tool Group, Inc, Kennametal Industrial Product Group, Pilana Tools, Robert Bosch Tool Corporation, Sandvik, Shiloh Industries, Snap-On Incorporated, Stanley Black & Decker, Stihl Holding and Uni-Select Pacific Inc.
The report titled “Hand Tools and Accessories: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of industry outlook, overview, research & technology, product overview, recent industry activity, and profiles of market players worldwide. Analysis and overview is presented for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Latin America and Middle East/Africa. Market analytics are provided in terms of dollar (value) for product segments including Mechanics' Service Tools, Edge Tools, Hand Saws and Miscellaneous Hand Tools & Accessories. The study also presents historic data for an insight into market evolution over the period 2000 through 2006.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Hand_Tools_and_Accessories_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site http://www.StrategyR.com/
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