The European hand tools market is anticipated to at a CAGR of 2.1% during the forecast period. Europe is one of the largest and wealthiest economies and is home to the most developed countries such as the UK, France, Italy, and Spain. The EU accounts for around 76% of the total GDP in Europe. The market also has several world-class manufacturing industries such as automobiles and construction. Since the introduction of the industrial revolution, Europe has grown rapidly in terms of standards of living, per capita income, productivity standards, and adoption of innovation and technology. The rising economic development in the region has also led to rapid urbanization in countries with people opting for more individual and smart homes to improve their lifestyles. Furthermore, the growth of the industrial sector has led to rising demand for hand tools.
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Further, the European aerospace sector is one of the highly developed industries that manufacture high-class jets, helicopters, aero engines, civil aircraft, and unmanned aerial vehicles, which use precision hand tools. Similar growth trends can be also seen in the consumer electronics industry in Europe, which is expected to grow at a high rate during the forecast period, which can further drive the growth for fastening tools. However, the COVID-19 pandemic has disrupted nearly all the major end-user industries in Europe, resulting in decreased demand for hand tools. Under the lockdown norms, the commercial and industrial activities came to a halt, which had a negative impact on the sales of hand tools in Europe.
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European 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 European
• Beta Utensili S.P.A.
• Corporacion Patricio Echeverria, S.A.
• HAZET-WERK- Hermann Zerver GmbH & Co. KG
• Hultafors Group
• Industrial Technical Tools SpA
• IREGA S.A.
• NWS GermanyProduktion W. Nöthen e. K.
• PB Swiss Tools AG
• PILANA A.S.
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