The Asia-Pacific hand tools market is expected to have the highest CAGR of 3.5% during the forecast period. The Asia-Pacific region was the largest market for hand tools in 2019 and accounted for more than 30% of the overall market share. It is also expected to be the fastest-growing market during the forecast period mainly due to the dominant construction industry. The construction market in Asia-Pacific, excluding India, is estimated to reach $5.44 trillion by 2021, however, the onset of the COVID-19 will have diminished the construction industry growth by quite a few percentage points. In the longer term, it is also estimated that more than half the global spending in the construction industry will come from APAC countries, especially China, India, Singapore, and Indonesia during the forecast period, thereby supporting the growth of hand tools and their related accessories.

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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. 

Asia-Pacific is home to some of the big players of hand tools market including Ajay Industries, JCBL Group, Asahi Metal Industry Co., Ltd., Hebei Sinotools Industrial Co., Ltd., Kseibi Tools Co., Ltd., Ningbo Great Wall Precision Industrial Co., Ltd. and Techtronic Industries Co. Ltd.

Research Methodology

The market study of the Asia-Pacific hand tools market is incorporated by extensive primary and secondary research conducted by the research team at OMR.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity in our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Asia-Pacific Hand Tools Market Research and Analysis by Tool Type
2. Asia-Pacific Hand Tools Market Research and Analysis by End-user

The Report Covers

• Comprehensive research methodology of the Asia-Pacific hand tools market.
• This report also includes a detailed and extensive market overview with the key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Asia-Pacific hand tools market.
• Insights about market determinants which are stimulating the Asia-Pacific hand tools market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.