World - Hand Tools - Market Analysis, Forecast, Size, Trends And Insights
Update: COVID-19 Impact
The Global Hand Tool Market Picks Momentum
IndexBox has just published a new report: 'World - Hand Tools - Market Analysis, Forecast, Size, Trends And Insights'. Here is a summary of the report's key findings.
Hand tool manufacture is gradually seeing a recovery, following the decline in 2020. The market is forecast to accelerate, due to the increased need for DIY and repair work and construction growth in terms of private homes.
Key Trends and Insights
In 2020, hand tool manufacturing worldwide experienced a significant decline, due to the Covid-19 restrictions. In 2020, most countries noted a decline in hand tool manufacture, and the global imports reduced almost by half from the 2019 level (IndexBox estimates).
The increase in the need for DIY and repair work, against the continuing remote working trend, remains a key impetus to the hand tool market recovery in 2021. The fall in real household income as a result of the pandemic is forcing people to switch from the use of paid services to completing repair work themselves; this, in turn, may enhance the demand for hand tools. In Western countries, primarily the U.S., construction growth in terms of new out-of-town housing, is an additional driving factor.
In the current climate of increased awareness regarding the issue of environmental sustainability, special recycling points for hand and garden tools are now becoming more widespread. Tools and hardware accepted at these recycling points are given to kindergartens, schools, prisons and social community groups for their ongoing use.
The U.S. Leads Hand Tools Consumption and Imports
The countries with the highest volumes of hand tools consumption in 2019 were the U.S. (568K tonnes), China (332K tonnes) and Japan (112K tonnes), with a combined 34% share of global consumption. Italy, Brazil, Germany, Russia, the UK, France, Canada, Viet Nam, South Korea and Thailand lagged somewhat behind, together accounting for a further 25% (IndexBox estimates).
From 2012 to 2019, the most notable rate of growth in terms of hand tools consumption, amongst the key consuming countries, was attained by Italy, while hand tools consumption for the other global leaders experienced more modest paces of growth.
In value terms, the largest hand tools markets worldwide were the U.S. ($5B), Japan ($2.9B) and China ($1.6B), with a combined 39% share of the global market. Italy, Canada, Germany, South Korea, France, the UK, Brazil, Russia, Viet Nam and Thailand lagged somewhat behind, together accounting for a further 29%.
The countries with the highest levels of hand tools per capita consumption in 2019 were Canada (1.81 kg per person), Italy (1.75 kg per person) and the U.S. (1.72 kg per person).
From 2012 to 2019, the biggest increases were in Italy, while hand tools per capita consumption for the other global leaders experienced more modest paces of growth.
In 2019, the U.S. (416K tonnes), distantly followed by Germany (149K tonnes) were the major importers of hand tools, together committing 23% of total imports. The following importers - the UK (85K tonnes), France (81K tonnes), Russia (81K tonnes), the Netherlands (76K tonnes), Poland (56K tonnes), Spain (52K tonnes), Belgium (51K tonnes), Canada (50K tonnes), Indonesia (49K tonnes), China (46K tonnes) and Malaysia (44K tonnes) - together made up 27% of total imports.
Imports into the U.S. increased at an average annual rate of +4.2% from 2012 to 2019. At the same time, Poland (+7.9%), Spain (+4.6%), Belgium (+4.1%), Malaysia (+3.8%), Germany (+2.6%), the Netherlands (+2.5%), Indonesia (+2.1%), China (+2.0%), the UK (+1.8%), France (+1.7%) and Russia (+1.5%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in the world, with a CAGR of +7.9% from 2012-2019. By contrast, Canada (-3.3%) illustrated a downward trend over the same period. While the share of the U.S. (+3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the U.S. ($3.7B) constitutes the largest market for imported hand tools worldwide, comprising 18% of global imports. The second position in the ranking was occupied by Germany ($1.6B), with a 7.8% share of global imports. It was followed by France, with a 4.3% share.
Source: IndexBox Platform
This report provides an in-depth analysis of the global hand tools market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
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The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
The Largest Exporters on The Market and How They Succeed
The Largest Producers on The Market and Their Profiles
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