The hand tools and woodworking tools market size is expected to grow from USD 8.4 billion in 2021 to USD 10.3 billion by 2026, at a CAGR of 4.0%. The growth of the market is attributed to the increasing commercial as well as residential construction and infrastructure projects, adoption of hand tools in households for residential/DIY purposes as well as growing manufacturing setups and increasing repair and maintenance operations across the world.
Key companies operating in the hand tools and woodworking tools market include Stanley Black & Decker (US), Apex Tool Group(US), Snap-On Incorporated(US), Techtronic Industries Co. Ltd (China), Klein Tools (US), Husqvarna (Sweden), Akar Auto Industries Ltd. (India), and Hangzhou Great Star Industrial Co. Ltd. (China). Many major companies focus on implementing organic growth strategies, such as product launches, and inorganic strategies, such as partnership and expansions, to increase their revenue.
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Top 3 Players in Hand tools and woodworking tools market:
Stanley Black & Decker, Inc.
Stanley Black & Decker, Inc is a globally leading manufacturing company that delivers a diversified product portfolio of hand tools, power tools, engineered fastening systems, electronic security systems, oil & gas and infrastructure services, healthcare solutions, among others. The company operates under three business segments: Tools and Storage, Industrial, and Security. The tools and storage segment comprises the subsegments, such as Power Tools and Equipment (PTE) and Hand Tools and Accessories & Storage (HTAS). Under this business segment, the company delivers innovative hand tools, power tools, storage solutions, and other related accessories under the umbrella of its various acquired brands, which include Stanley, DeWalt, Back & Decker, Craftsman, Irwin, Facom, Mac Tools, Lenox, and Powers. The company is known as a worldwide leader in hand tools because of its innovative, tough, and strong properties. These tools find applications for professionals from various industries, including construction, manufacturing, electrification, and plumbing.
Apex Tool Group
The company is known as the globally leading manufacturer and supplier of professional and industrial hand and power tools, tool storage, drill chucks, chain, and electronic soldering products. It manufactures and offers hand tools through its various acquired hand tool brands, such as SATA, Campbell, GEARWRENCH, Cresent, Jacobs, and Weller. These hand tools stand for quality, innovation, and value that make sure the end users are able to solve their problems efficiently. The end-use markets that the company serves include automotive, aerospace, electronics, energy, hardware, industrial, construction, consumer retail, and residential/DIY. The company has established its operations in over 30 countries and its manufacturing facilities in over 20 locations across the world.
Snap-on is a globally leading company that manufactures and markets tools, equipment, diagnostics, repair information, and system solutions. The products offered by the company include hand tools, power tools, tool storage solutions, diagnostics software, information and management systems, and shop equipment, and related services. The company operates under four business segments: Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services. The business segment, Snap-on Tools Group, is primarily known for providing vehicle and repair services. These hand tools claim to offer quality, durability, performance, and reliability to the experts and are well-known in the market for providing longer service, greater productivity, and higher income. The industries that the company serves majorly include aerospace, agriculture, construction, mining, and power generation.
Hand Tools & Woodworking Tools Market with COVID-19 Impact, by Type (Chisels, Hammers, Saws, Pliers, Wrenches, Screwdrivers), Distribution Channel (Online, Offline), End User, and Region - Global Forecast to 2026
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