The Asia-Pacific hand tools sets market was valued at $4.2 billion in 2021 and it is expected to reach $7.9 billion at a CAGR of 5.8% between 2022 and 2032. Manufacturers have realized the benefits of changing, enhancing, and even adding new features to tool designs. Today's tools need to be strong, dependable and constructed to suit the demands of the task for which they are selected.
By region, China is the largest market of hand tools sets across the Asia-Pacific region.
The surge in infrastructure development projects under the One Belt One Route plan, rising DIY and Do-It-for-Me home improvement appeal, and rising domestic consumer spending on construction can all be contributed to the expansion. The rapid industrialization and increase in construction projects in the provinces of Guangdong, Jiangsu, and Zhejiang may also be favorable factors for the market's expansion over the evaluation period.
Source: SAI Research
The market will be greatly boosted by the growth of the sales network. Manufacturers are providing franchise outlets with enticing perks to the owner to recruit new participants in the reselling sector. Manufacturer support for proprietors includes low initial establishment costs, comprehensive guidance, and training to operate their stores, thorough operation manuals and processes, sales and marketing, technical and operational support, and marketing & branding support such as website ads, newspaper ads, and so on.
Over the coming years, market growth is anticipated to be aided by the growing popularity of cordless power tools. This is explained by a rise in demand for products with smaller sizes. The demand for corded power tools and hand tools is anticipated to decline due to technological developments in chip manufacturing and battery technology. The country's power tool and hand tool markets are dominated by foreign corporations, however, regional businesses are gradually transitioning from OEMs to self-governed brands in the cordless market.
It is projected that the market will be driven by the cost-effective product development of precise tools with cutting-edge machinery across various geographies. Global market expansion is predicted to be aided by the growth of industrial manufacturing clusters and the expansion of heat treatment units inside these facilities. The production of hand tools with consideration for nation-specific product standardizations can improve the performance of manufacturers across numerous regions.
Numerous important players have made significant investments in research and development, which has fueled the creation of more innovative items for the worldwide market. The businesses are also devoting time and resources to developing and enhancing production facilities to produce more precise, long-lasting, and feature-rich instruments. Moreover, Manufacturers in the Asia Pacific cordless power tools market are seeing revenue potential thanks to powered screwdrivers, drill drivers, and hammer drills. The advantages and disadvantages of both corded and cordless drills are having an impact on market growth. For example, cordless drills may be carried about and have rechargeable batteries.
Based on product type, the power tools segment accounted for the largest share of this market. Over the projection period, growth is anticipated to be fueled by the growing preference for Li-ion batteries over traditional batteries. Drills, saws, wrenches, grinders, sanders, and other instruments are further divided into the power tool category. These advantages are expected to increase the market's growth prospects. However, the hand tools segment is also expected to boost its significant share during the forecast period due to its rising demand in various countries such as India, China, and Japan, among others.
In terms of application type, the residential category holds most of the market share. The expansion of DIY home improvement and landscaping projects and DIFM might be blamed for the market rise. Additionally, the market is anticipated to benefit from the increased demand for hand tools that are ergonomic and affordable throughout the anticipated time frame. On the other hand, the industrial segment is expected to propel market growth due to rising demand for various types of hand tool sets among several industrial sectors in the Asia-Pacific region. The segment's development potential can be attributed to increased industrialization and rising commercial applications, particularly in the automobile and construction industries. Construction, rail, automotive, aerospace and defense, oil and gas, and other industries are further divided into the industrial category.
Geographically, China is the largest market in the Asia-Pacific region. This country is also estimated to hold its dominant position during the forecast period from 2022 to 2032. China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, the Philippines, and the rest of Asia-Pacific are the nations covered in the power tools market study. Because China and Japan were early users of these products and because key manufacturers like Stanley Black & Decker, Inc. provide a variety of power tool types in the region, China currently holds a dominant position in the power tool market for the Asia-Pacific region. Additionally, India is leading the region thanks to several construction projects that have been started there.
According to the study, key players such as Ajay Industries (India), Akar Tools Ltd (India), Apex Tool Group (U.S), Asahi Metal Industry (U.S), Daido Kogyo (Japan), Deep Tools (India), Eastman (India), Hebei Sinotools (China), JK Files (India), Klein Tools (U.S), Lobtex (Japan), Techtronik Industries (Hong Kong), Tajima Tool (Japan), Wintek (India), among others are leading the Asia-Pacific hand tools sets market.
|Market Size in 2021||US$ 4.2 Billion|
|Market Volume Projection by 2032||US$ 7.9 Billion|
|Forecast Period 2022 to 2032 CAGR||5.8%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Product Type: Spanners, Household Tools, Power Tools, Hand Tools & Others
By Application Type: Industrial, Residential & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Ajay Industries (India), Akar Tools Ltd (India), Apex Tool Group (U.S), Asahi Metal Industry (U.S), Daido Kogyo (Japan), Deep Tools (India), Eastman (India), Hebei Sinotools (China), JK Files (India), Klein Tools (U.S), Lobtex (Japan), Techtronik Industries (Hong Kong), Tajima Tool (Japan), Wintek (India), among others.|
The Asia-Pacific Hand Tools Sets Market Has Been Segmented Into:
The Asia-Pacific Hand Tools Sets Market – by Product Type:
The Asia-Pacific Hand Tools Sets Market – by Application Type:
The Asia-Pacific Hand Tools Sets Market – by Regions: