Global demand for smart hand tools market valued USD 16.69 Billion in 2018 is expected to reach around USD 24.88 Billion in 2025, at a CAGR of above 5.87% between 2019 and 2025.
The global demand for smart hand tools market valued USD 16.69 Billion in 2018 is expected to reach around USD 24.88 Billion in 2025, at a CAGR of above 5.87% between 2019 and 2025. Smart hand tools are widely used in automotive, manufacturing and construction industries. There are different types of smart hand tools, such as layout and measuring tools, general purpose tools and metal cutting that are used for measuring, cutting, screwing, and fabricating among others. Smart hand tools are widely available in the market and are supplied through retailers, distributors, and online. The global smart hand tools market is anticipated to grow quickly over the forecast period, owing to rising demand from sectors such as automotive and construction. In addition, growing awareness regarding ergonomics and labor safety are some other factors fueling the demand for smart hand tools market. However, the fluctuating costs of raw materials may hamper the market growth. But, the expansion of electronic retailing is likely to offer new growth opportunities in the smart hand tools market in the near future.
The global smart hand tools market is categorized into product type, sales channel and end-user. Based on product type, the smart hand tools market is segmented into general purpose tools, layout and measuring tools, taps and dies, and metal cutting tools. General purpose tools dominated the market in the year 2018 and are expected to continue its dominance throughout the forecast period, due to rising product demand for residential and commercial construction activities. Metal cutting tools are predicted to grow at the fastest rate in the coming years. On the basis of sales channel, the global smart hand tools market is fragmented into retail sales, online sales, and distributor sales. The online sales channel is expected to register the highest CAGR over the forecast timeframe, owing to growing demand for the e-commerce platform.
The North American smart hand tool market held the highest market share for smart hand tools in 2018 and is anticipated to preserve its dominant position over the forecast period. The growing demand for smart hand tools for industrial applications and rapid expansion of the construction industry are factors driving the smart hand tools market in North America. Moreover, the government focus on infrastructure development is also expected to boost the smart hand tools market growth in the region.
The European smart hand tools market was the second largest emerging market in 2018. The rising demand for smart hand tools from various industries, such as construction, automotive and others have contributed to the regional market’s growth. Additionally, growing concerns related to ergonomics and labor safety are also likely to enhance the demand for smart hand tools in the region.
Asia Pacific smart hand tools market is anticipated to grow at a fastest rate, owing to accelerating construction activities in developing economies such as China, India, Indonesia, Vietnam and Philippines.
Rapid industrialization in Latin America is one of the major drivers of the smart hand tools market. The rapid demand for smart hand tools in the automotive sector is likely to drive the regional market. Brazilian market made the maximum contribution and is expected to be the largest regional contributor over the forecast period. The flourishing automotive and construction industries in the region are expected to fuel the market growth in the estimated timeframe.
The Middle Eastern and African smart hand tools market is expected to grow substantially, due to growing demand for smart hand tools in manufacturing and oil and gas industries.
The key players in the smart hand tools market are Snap-on Industrial, Klein Tools, Xinapse Systems Ltd., JK Files (India) Limited, Stanley Black Decker, Siemens Healthineers, Akar Tools Ltd., Mirada Medical Limited, Mim Software, Inc., Sciencesoft USA Corporation, Kennametal Inc., Channellock, Inc., Apex Tools Group, and Wera Tools among others.
The report segments the smart hand tools market as follows:
Global Smart Hand Tools Market: Product Type Segment Analysis
Global Smart Hand Tools Market: Sales Channel Segment Analysis
Global Smart Hand Tools Market: End-User Segment Analysis
Global Smart Hand Tools Market: Regional Segment Analysis
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