Hand Tools Market - China Tightens Its Grip on the Global Hand Tool Trade

Cutlery, Hand Tools And General Hardware July 26, 2015
Author: Olga Minchina
Account Manager

hand tools market

With a global market share exceeding 50%, China has become the world's leading exporter of tools as well as a tool production base in the world. China significantly strengthened its position in the global import structure, from 59.6% in 2007 to 67.3% in 2013. This country exported 73.8% of its total hand tool output in 2013. Of this amount, 20.3% was supplied into the U.S., where hand tools held around the half of total U.S. consumption.

China and India were the main global suppliers on the hand tools market with a combined share of 74.4% of global exports in 2013. However, the fastest growing supplier from 2007 to 2013 was South Africa (+46.7% per year).

In 2013, the U.S. (7.6%), Germany (6.1%), the Russian Federation (6.1%), the United Kingdom (4.1%) and France (3.5%) were the leading destinations of hand tool imports, together making up 27.4% of global imports. The share of Nigeria increased significantly (+3.4 percentage points), while the shares of the United Kingdom and Spain illustrated negative dynamics.

Improving safety and saving time are two major trends that hand tool manufacturers are focusing on in the marketplace. Besides, more and more manufacturers come up with multi-purpose tool varieties. Tool weight, comfort and the amount of physical strength necessary to operate a tool have grown into being deciding factors for customers.

Experts never cease to improve hand tool products, manufacturers say. Some changes may seem negligible and not necessarily eye-catching in a product's outward appearance, but tomorrow's tools are likely to be of even higher quality and value.

Increasing attention on comfort as a means to improve workers' productivity is propelling innovation. With cost-efficiency and safety as the corner-stones, hand tools with advanced functionality and enhanced safety features are expected to experience increased demand in the coming years.

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  • hand tools market share
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  • key hand tools producers

Source: World: Hand Tools - Market Report. Analysis and Forecast to 2020