Recovery in the Construction Sector Spurs Demand for Hand Tools and Accessories, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) August 11, 2014 -- Follow us on LinkedIn – Defined as tools powered by manual labor, hand tools find applications in major end-use sectors, including construction, automotive service, professional mechanics, and the DIY market. The market is poised to benefit from a reviving construction industry and a resurgent automotive industry. Market for hand tools is also anticipated to gain from ergonomic design innovations as a result of rising focus on reducing the risk of hand fatigue or musculoskeletal injuries. Growing emphasis on comfort as a means to increase worker productivity is driving innovation aimed at designing comfortable hand tools. With cost-efficiency and safety playing a crucial role, hand tools with advanced functionality and improved safety features is set to witness increased demand in the coming years.
Rising preference for DIY (do-it-yourself) home improvement and gardening projects is also set to promote consumer demand for hand tools. Faced with high renovation costs, consumers are turning to DIY home improvement. Improving housing market is also expected to increase building renovations, thereby enhancing opportunities for hand tools and accessories. Increasing preference for cordless power tools is expected to intensify the threat of substitution, forcing manufacturers of traditional hand tools to focus on improved ergonomic designs, enhanced functionalities, and cost-efficiency to battle competition.
As stated by the new market research report on Hand Tools and Accessories, Europe represents the largest market worldwide. Asia-Pacific, driven by housing needs for a burgeoning population, ranks as the fastest growing market with a CAGR of 6.1% over the analysis period. Mechanics' Service Tools represents the largest product market supported by growing use in the automotive aftermarket sector. Edge tools, comprising axes, adzes and hatchets, chisels, professional and craft edge hand tools, are forecast to witness the fastest growth over the analysis period.
Major players covered in the report include Akar Tools Ltd., Apex Tool Group, Channellock Inc., Emerson Electric Co., Facom Tools Group, Irwin Tools, J.K. Files (India) Limited, Jore Corporation, Kennametal Inc., Klein Tools Inc., Leatherman Tool Group Inc., Milwaukee Electric Tool Corporation, Pilana Tools Group, Sears Holdings Corp., Snap-On Incorporated, and Stanley Black & Decker among others.
The research report titled, “Hand Tools and Accessories: A Global Strategic Business Report,” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers, acquisitions, and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets, including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Product segments analyzed include Mechanics’ Service Tools, Edge Tools, and Other Tools & Accessories.
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 leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today as one of the world's largest and reputed market research firms.
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