The North American hand tools market is anticipated to grow at a CAGR of 2.0% during the forecast period. North America was the second-largest market for hand tools in 2019, accounted for a share of more than 24.0%. The region is expected to maintain its dominance throughout the forecast period as well owing to the rise in end-user applications. The revenue is mostly from the largest economy of the region – the US. The North American region is home to several large industries including automobile, construction, aerospace, electronics, and packaging.
Being a forerunner in the automobile industry, the North American automotive sector manufactures the highest number of electric cars in the world due to the rising demand for eco-friendly products. Some of the largest automobile manufacturers such as Ford, General Motors, and FCA are based in the US. With the North American automotive sensors market expected to grow at a CAGR of 5.45% during 2020–2027, the requirement for the assembly of precision parts will be on the rise. This can further drive the market for precision hand tools like pliers, cutters, and wrenches.
With the North American construction market expected to grow at a CAGR 3.96% during 2019–2024, the demand for general purpose and cutting tools can be more prominent from the construction industry. There are more than 5,650 hotel construction projects in the pipeline, which is further expected to drive the demand for various types of hand tools. However, the outbreak of the COVID-19 pandemic has disrupted all the construction and other relevant activities in the region, which has had negative impacts on the hand tools industry. The region is the worst hit COVID-19 continent with more than 10 million COVID-19 cases, as of October 1st Week (2020). Although, the lockdown impositions have been lifted and most of the major industries have started operating entirely, which will aid the hand tools market in gaining momentum.
The North American hand tools market is segmented based on tool type and end-user. Based on tool type, the hand tools market is segmented into general purpose tools (hammers, clamps and vises, pliers, ratchets and sockets, riveters, screwdrivers and nut drivers, wrecking bars, and wrenches), cutting tools (chisel and files, cable and wire cutting tools, knives and blades, and saws), layout and measuring tools (plumb bob and try square), and taps and dies. On the basis of end-user, the market is classified into commercial, industrial, and residential.
In terms of geography, the North American hand tools market is bifurcated into the US and Canada. The US is estimated to lead the market share by a large margin, whereas Canada is expected to lead in terms of growth rate. With several initiatives being implemented for investing in Canada, the country is planning to improve public transit and residential housing projects over the next few years. With the reapproval of the Trans Mountain pipeline by the prime minister, the laying of the pipeline can be boosted in provinces like Alberta. This will increase the scope for material removal and demolition tools in the country. The telecom industry of Canada is also estimated to attract investments due to its high growth potential over the next five years.
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North American Hand Tools Market Segmentation
By Tool Type
- General Purpose Tools
- Hammers
- Clamps and Vises
- Pliers
- Ratchets and Sockets
- Riveters
- Screwdrivers and Nut Drivers
- Wrecking Bars
- Wrenches
- Cutting Tools
- Chisel and Files
- Cable and Wire Cutting Tools
- Knives and Blades
- Saws
- Layout and Measuring Tools
- Plumb Bob
- Try Square
- Taps and Dies
By End-user
- Commercial
- Industrial
- Residential
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Regional Analysis
- The US
- Canada
Company Profiles
- Apex Tool Group, LLC
- BOJO INC.
- Channellock, Inc.
- Daniels Manufacturing Corp.
- Emerson Electric Co.
- Estwing Manufacturing Co., Inc.
- Gray Tools Canada, Inc.
- Ideal Industries, Inc.
- Kennametal Inc.
- Klein Tools, Inc.
- Lowell Corp.
- Leatherman Tool Group, Inc.
- Snap-on, Inc.
- Stanley Black & Decker, Inc.
- Stiletto Tools
- Vaughan Manufacturing
- Wiha Tools, USA
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