Asia-Pacific hand tools market is estimated to witness a strong CAGR of 3.5% during the forecast period (2020-2026). 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 favorable 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.
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The growth in demand for LNG is estimated to reach 337 MMTPA (million metric tons per annum) by 2030. This will lead to growth in the number of gas reserves and distribution networks, which would generate new demand for hand tools. Furthermore, investments coupled with progressive government policies in Vietnam, Taiwan, and South Korea in the renewable energy sector will fuel the demand for power tools for joining components.
Market Coverage
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region/segment
Asia-Pacific 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
Asia-Pacific Hand Tools Market Report Segment by Country
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