Industrial Hand Tools Market: Key Insights
The growth of the construction and manufacturing industries is one of the essential drivers of the industrial hand tools market. The increasing demand for housing, infrastructure development, and manufacturing activities globally has increased the demand for industrial hand tools. These tools are essential in these industries for various applications such as cutting, fastening, and shaping.
The industrial hand tools market is witnessing technological advancements driving the demand for improved and innovative hand tools. For example, the introduction of cordless power tools has made it easier for workers to move freely without being restricted by power cords. Developing lightweight, ergonomic tools that reduce the risk of injury is also a significant factor contributing to the market's growth.
The growth of the DIY (Do-It-Yourself) market is also driving the demand for industrial hand tools market. The rise of e-commerce platforms has made it easier for consumers to purchase hand tools for their personal use. In addition, the increasing trend of home renovation and improvement projects is driving the demand for industrial hand tools in the DIY market.
Growing Automotive Repair and Maintenance Activities to Drive Industrial Hand Tools Market
The growing automotive industry is driving the demand for industrial hand tools used in the repair and maintenance of vehicles. The increasing number of vehicles on the road globally, combined with the need for regular maintenance, has increased demand for hand tools such as wrenches, pliers, screwdrivers, and socket sets. These tools are essential for mechanics to carry out tasks such as oil changes, brake repairs, and engine maintenance.
The growing demand for automotive repair and maintenance activities has increased aftermarket sales of industrial hand tools. The aftermarket refers to selling automotive parts, equipment, and services to vehicle owners after the initial purchase. The increasing number of vehicles and the need for regular maintenance drive the aftermarket growth for industrial hand tools. This has increased the availability of specialized hand tools for specific automotive applications, further fueling the market's growth.
Industrial Hand Tools Market: Segmental Overview
The global industrial hand tools market is segmented on the product type and sales channel. Based on product type, the market is segmented into taps and dies, layout and measuring tools, general purpose tools, working tools, and others. Similarly, on the basis of sales channel the market is bifurcated into direct, and indirect.
Based on sales channel, the direct segment held the substantial share in the market. The direct sales segment, which refers to selling industrial hand tools directly to end-users, is key in driving the market's growth. The direct sales channel allows consumers to purchase hand tools from the manufacturer, eliminating the need for intermediaries. This has increased the availability of a wide range of hand tools and accessories, allowing consumers to choose from various options based on their specific requirements. Additionally, the direct sales channel enables manufacturers to reach a larger customer base and reduce the cost of distribution, leading to increased profitability and market growth.
Industrial Hand Tools Market: Competitive Landscape and Key Developments
Akar Tools Limited, Apex Tool Group, LLC, Channellock, Inc., CRAFTSMAN, IBT Industrial Solutions, Irwin Industrial Tools, PARD Hardware Industrial, Snap-On Incorporated, and Techtronic Industries Co. Ltd. among the key players operating in the industrial hand tools market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
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