The Asia-Pacific hand tools market is expected to have the highest CAGR of 3.5% during the forecast period. The Asia-Pacific region was the largest market for hand tools in 2019 and accounted for more than 30% of the overall market share. It is also expected to be the fastest-growing market during the forecast period mainly due to the dominant construction industry. The construction market in Asia-Pacific, excluding India, is estimated to reach $5.44 trillion by 2021, however, the onset of the COVID-19 will have diminished the construction industry growth by quite a few percentage points. In the longer term, it is also estimated that more than half the global spending in the construction industry will come from APAC countries, especially China, India, Singapore, and Indonesia during the forecast period, thereby supporting the growth of hand tools and their related accessories.
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The arrival of the COVID-19 pandemic has broken up the flow of sales of hand tools in Asia-Pacific. With stores being closed in most of the major end-user markets of China, the US, and APAC countries, vendors are trying to fill the gap through e-retailing and third-party sellers. Players are also offering an ‘In-store’ like experience to enhance the customer experience as brick-and-mortar stores are more preferred as an ideal source of distribution in the growing DIY markets.
The Asia-Pacific hand tools market is segmented based on tool type and end-user. Based on tool type, the hand tools market is segmented into general purpose tools (hammers, clamps and vises, pliers, ratchets and sockets, riveters, screwdrivers and nut drivers, wrecking bars, and wrenches), cutting tools (chisel and files, cable and wire cutting tools, knives and blades, and saws), layout and measuring tools (plumb bob and try square), and taps and dies. On the basis of end-user, the market is classified into commercial, industrial, and residential.
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Asia-Pacific Hand Tools Market Segmentation
By Tool Type
• General Purpose Tools
o Clamps and Vises
o Ratchets and Sockets
o Screwdrivers and Nut Drivers
o Wrecking Bars
• Cutting Tools
o Chisel and Files
o Cable and Wire Cutting Tools
o Knives and Blades
• Layout and Measuring Tools
o Plumb Bob
o Try Square
• Taps and Dies
• Rest of Asia-Pacific
• Ajay Industries
• Asahi metal Industry Co.,Ltd.
• Daido Corp.
• Deeps Tools Pvt. Ltd.
• Eastman Cast and Forge, Ltd.
• Hebei Sinotools Industrial Co., Ltd.
• JCBL Group
• Kseibi Tools Co., Ltd
• Kyoto Tool Co., Ltd.
• Lobtex Co. Ltd.
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