Asia-Pacific hand tools market is estimated to witness a strong CAGR of 3.5% during the forecast period. Asia-Pacific is set to be the dominant and influential economy across the globe. It consists of powerful nations such as Japan, China, India, South Korea, and Australia. The growth in the Asia-Pacific economy was estimated at 6% in 2019, however, the COVID-19 pandemic has severely damaged the economies of nearly all the countries in the region. In the longer run, these countries are expected to gain momentum economically, which will have a positive impact on the hand tools industry in Asia-Pacific. The region also offers a favourable situation for the growth of small countries such as Laos and Mongolia due to the large infrastructure projects that they undertake. The fiscal policy of Myanmar is expected to accelerate its economy in the short term. With the GDP of countries such as South Korea growing at the rate of 3% and Indonesia growing at the rate of 5% (pre-COVID, but expected to gain momentum in the later years of the forecast period), the Asia-Pacific region is emerging as a hub for the growth of new industrial markets.
The arrival of the COVID-19 pandemic has broken up the flow of sales of hand tools in Asia-Pacific. With stores being closed in most of the major end-user markets of China, the US, and APAC countries, vendors are trying to fill the gap through e-retailing and third-party sellers. Players are also offering an ‘In-store’ like experience to enhance the customer experience as brick-and-mortar stores are more preferred as an ideal source of distribution in the growing DIY markets.
The Asia-Pacific 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.
Country-wise, the market is segmented into China, Japan, India, and the Rest of Asia-Pacific. China is anticipated to lead the way with increasing commercialization and industrialization. Correspondingly, China is a major contributor to the global hand tools industry, a high percentage of manual labor, has expanded even more market share of the hand tools industry by a few percentage points.
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Asia-Pacific Hand Tools Market Report Segment
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
A full Report of Asia-Pacific Hand Tools Market is Available at: https://www.omrglobal.com/industry-reports/asia-pacific-hand-tools-market
Asia-Pacific Hand Tools Market Report Segment by Country
- China
- Japan
- India
Rest of Asia-Pacific
Company Profiles
- Ajay Industries
- Asahi metal Industry Co.,Ltd.
- Daido Corp.
- Deeps Tools Pvt. Ltd.
- Eastman Cast and Forge, Ltd.
- Hebei Sinotools Industrial Co., Ltd.
- JCBL Group
- Kseibi Tools Co., Ltd
- Kyoto Tool Co., Ltd.
- Lobtex Co. Ltd.
- Ningbo Great Wall Precision Industrial Co., Ltd.
- Sterling Mfg. Co.
- Tajima Tool Corp.
- Techtronic Industries Co. Ltd.
- Wintek Tools Co., Ltd.
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