You Should Be Investing In Hand Tools!

September 19, 2018

You Should Be Investing In Hand Tools!

Stay Ahead of The Curve with These Predictions In The Hand Tools Marketplace! 

First, just to be clear, let's make sure we all know what is the difference between hand tools and a power tool. Yes, we know it is pretty self-explanatory but according to Wikipedia, hand tools are any tools that are powered by hand rather than a motor. Categories of hand tools include wrenches, pliers, cutters, striking tools, struck or hammered tools, screwdrivers, vises, clamps, snips, saws, drills and knives. Outdoor hand tools can be such items as garden shovels, pitch forks, pruning shears, and even rakes are also considered hand tools.

power tool is a tool that is run by an additional power source and mechanism other than the solely manual labor used with hand tools. Power tools are used in industry, in construction, in the garden and around the house for purposes of driving (fasteners), drilling, cutting, shaping, sanding, grinding, routing, polishing, painting, heating and more.

What is truly great about hand tools is their versatility. They serve so many end users from professionals, DIY’ers, homeowners, renters, crafters, sportsmen and the list goes on. 

Above Average 10 Year Market Growth In Hand Tools Predicted

With the expansion of different end users, it isn’t surprising that by 2027, the hand tool industry is expecting a Compound Annual Growth Rate (CAGR) of 3.9%. The CAGR is a useful measure of growth over multiple time periods. When you read the article I came across by Future Market insights, you come to understand that the increasing prevalence of DIY activities and rising employment opportunities for technical jobs, are key driving forces shaping the trends of the global hand tools market.

The report further reveals that a majority of hand tools sold in the world will be used for industrial purposes, with metal cutting tools some of the top-selling products. Also, throughout the forecast period, over 40% of global hand tool sales will be accounted by retail distribution channels, with online distribution of hand tools also continuing on it's path of robust growth.

What is interesting is that the power tool market is also going to grow. This will result from industrial operations equipping their workforce with power tools because there are cost-effective, help lessen labour-induced work and could increase the factory’s efficiency. This will be an interesting topic to discuss in a later post so stay tuned!

Hand Tool Trends

What is great about hand tools is their diversity. They are used by so many different types of end users. Based upon this diversity in the marketplace, market predictors and my lifetime in tools, I predict that people will be looking for innovative & unique features in their hand tools in the coming year. 

We will examine each 2018 trend in hand tools more closely in my next post. Check back next Wednesday for the rest of the story in hand tool trends. If you haven't yet, be sure to sign up for our newsletter so you won't miss it. 

~Richard Coulcher, Co-Founder of Defiance Tools

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