European hand tools market is estimated to record a CAGR of 2.1% during the forecast period (2020-2026). Europe was the third-largest market for hand tools in 2019 and accounted for a share of more than 20%. It is expected to remain one of the significant revenue contributors during the forecast period. This growth ensues from rising investments in the construction industry and infrastructural developments in other general industries. The key markets for hand tools in 2019 were the UK, France, Italy, Spain, and Germany. However, some of the potential markets over the next five years include countries such as the Netherlands, Denmark, Russia, and Portugal due to the rapid infrastructural development in these nations. The construction industry in Europe employs more than 20 million people, accounting for more than 9% of the European GDP. The industry has always been resistant to changes in terms of providing solutions to the dynamic work environment and working spaces, which is expected to fuel the demand for hand tools alongside the advanced battery-operated power tools.
Browse the full report description of "European Hand Tools Market Size, Share & Trends Analysis Report by Tool Type (General Purpose Tools, Cutting Tools, Layout and Measuring Tools, and Taps and Dies) and by End-User (Commercial, Industrial, and Residential) Forecast Period (2020-2026)" at https://www.omrglobal.com/industry-reports/european-hand-tools-market
However, the COVID-19 pandemic brought on damaging effects on the European hand tools market. The lockdown also kickstarted the trend of DIY and crafting activities as consumers were forced to isolate themselves in households. The people also found more time to get involved with pending home repairs and other improvement activities. The scope for tool kits, art, and wooden tools, and repair tools were on the rise during the pandemic, especially in the wrenches, pliers, chisels, knives, and other cutting tools segments. Although the online demand was geared up during early 2020, the issue with product availability and remote delivery was more common. However, the retail stores and DIY chains in economies such as the UK, Italy, and the Netherlands were partially opened during Q3 2020, which had a positive impact on the overall market.
Market Coverage
Key questions addressed by the report
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region/segment
European Hand Tools Market Report Segment
By Tool Type
o Hammers
o Clamps and Vises
o Pliers
o Ratchets and Sockets
o Riveters
o Screwdrivers and Nut Drivers
o Wrecking Bars
o Wrenches
o Chisel and Files
o Cable and Wire Cutting Tools
o Knives and Blades
o Saws
o Plumb Bob
o Try Square
By End-User
European Hand Tools Market Report Segment
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