Global sales of hand tools to reach $20 billion by 2010

North America and Europe dominate the global hand tools and accessories market, followed by Japan. The hand tools and hardware industry is one of the few in the world, which is not affected by recession. During recessions, when other industries face slowdowns, the hand tool industry continues to fare better than most industries, due to the increase in demand among consumers who want to save money by doing the repair work themselves.

The hand tools and hardware market is one of the most consistently profitable industries worldwide, despite its low profile. In terms of sales volume, the industry is small in comparison with major manufacturing industries. However, growth in the hand tools and hardware industry has been remarkable. Global hand tools and accessories market is likely to grow at about 4.6 percent annually over the period 2001-2010 to reach US$19.9 billion by 2010. North America and Europe between them collar over 64 percent of the world hand tools and accessories market. Asia-Pacific (excluding Japan) is expected to offer the highest growth opportunity over the period 2001-2010, with a CAGR hovering around 9 percent, followed by Europe at 4.9 percent. Mechanics' service tools market represents the largest segment of global hand tools and accessories market with an estimated share of 56.7 percent in 2007. Edge tools market is expected to grow fastest, registering a CAGR of 5.2 percent through the 2001-2010 period.

Although hand tools and accessories products are "low-tech", the industry as such is highly automated, and employs state-of-the-art technology to produce high quality products. Research is focused on improving quality, durability and usability of different tools. Product innovations are readily adopted into the mainstream and continued efforts are being made by producers to improve the efficiency of the tools to suit the preferences of different customers.
South East Asia represents a market with potential for exports from the US and Japanese saw manufacturers. Indonesia is considered as an important market for the tool industry, since the country decided to restrict exports of lumber and develop its own lumber industry, which would require large quantities of saws. Germany is one of the largest exporter of precision tools including hand tools, power tools, tool for machine tools, grinding tools, molds and measuring instruments; followed by Japan, the US, Asia-Pacific and France.

Major players in the marketplace include Akaki Spare Parts & Hand Tools S.C., Akar Tools Ltd., Black and Decker Inc., Delta Machinery, Cooper Industries Inc., Danaher Corporation, Emerson Electric Company, Facom Tools Group, Illinois Tool Works Inc., J.K. Files & Tools Limited, Jore Corporation, Kennametal Inc., Kennametal Industrial Product Group, Leatherman Tool Group Inc., Pilana Tools, Robert Bosch Tool Corporation, Sandvik, Shiloh Industries, Snap-On Incorporated, Stihl Holding, The Stanley Works and Uni-Select Pacific Inc.

"Hand Tools and Accessories Market: A Global Strategic Business Report", published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, product profile, recent developments, mergers, acquisitions, profiles of major players and other strategic industry activities. Analysis is presented for major geographic markets such as U.S., Canada, Japan, France, Germany, Italy, the United Kingdom, Spain, Russia, Asia-Pacific, Middle East/Africa and Latin America. Analytics for the period 1991 through 2015 are provided in terms of product segments including mechanics' service tools, edge tools, hand saws and miscellaneous hand tools & accessories.

For more details about this research report, visit http://www.strategyr.com/Hand_Tools_And_Accessories_Market_Report.asp.