Hand tools find extensive applications in numerous activities including chiseling and chopping among others in a variety of sectors such as construction, manufacturing, household, and automotive sectors. Growing popularity of DIY activities is one of the key factors that is propelling the prospects of hand tools manufacturers in the near future. Consumers in developed nations are increasingly opting for carrying out minor repair activities by themselves rather than employing dedicated professionals owing to the high labor costs in these regions.
In addition, DIY toolkits are gaining popularity in the emerging economies such as India and China owing to limited skilled labor, especially in the urban areas. Consequently the demand for hand tools such as hammers, screwdrivers, chisels and other tools that are used for home repairs and woodwork is on the rise. This trend of a rapidly spreading DIY culture across different regions of the globe will significantly increase the demand for hand tools in the near future.
Fragmented Industrial and Automotive Businesses Generate Demand
Most industrial facilities make extensive use of hand tools for maintenance purposes. Rising need for professional grade hand tool kits can be witnessed within the industrial sector. Worldwide industrialization is anticipated to generate demand for relevant hand tools in the sector.
Growing demand for hand tools in the automobile repairing sector is also expected to boost demand. With the rapid growth of small scale automobile repair businesses, the production of hand tools is also expected to go up.
As per a recent study by Future Market Insights on the global hand tools market, industrial expansion particularly in the emerging economies is expected to drive up the growth of hand tools being used for industrial sector applications during the coming decade.
The rising demand for hand tools can be seen widely, owing to the massive increase in the activity of the worldwide automobile industry. Rising disposable income and the increase in technical jobs is creating improved opportunities for hand tools manufacturers for expansion in production capacities and improved quality and pricing. This could be attributed to the willingness of professionals to pay more for high-end tools, for efficiency in their work.
Manufacturers Focus on Design Improvements for Enhanced Accuracy
The hand tools market is largely fragmented owing to the presence of numerous well-established local manufacturers of hand tools, who are increasingly taking advantage of digital technology such as online sales portals to provide their products to users through both online and brick-and-mortar stores. Manufacturers are increasingly emphasizing on developing tools that are improved in the terms of ergonomics to achieve enhanced precision.
For Instance AKAR Tools produces a wide range of hand tools such as spanners, automotive tools, plumbing tools, and electric tools among other including improvements in ergonomic designs such as non-slip, non-conductive materials for grips, and optimal separation between handles for better grip strength.
Similarly, Cleco also released a new range of pneumatic right-angled grinders that feature ergonomically designed anti-vibration handles to reduce fatigue of the user, while increasing comfort and precision.
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