Pliers Market Forecast and CAGR
According to the latest report by Fact.MR, pliers market is projected to show decent growth over the forecast period (2021-2031). Steady growth in demand and sales seems to provide a positive outlook to the industry. Moreover, constant demand from the commercial and residential sectorcoupled with demand for automotive repair and maintenance activities is projected to bolster the growth for plier’s sales.
What is Driving Demand for Pliers?
Increasing urbanization has led to a surge in construction, repair and maintenance activities. Additionally, activities such as gardening and home repairs continue to be the segments driving the plier’s growth.
Moreover, the adoption of new channels by manufacturers and suppliers for marketing and sales of product such as e-commerce websites has provided consumers to choose as per their requirements giving an additional push to the sales of the tool.
However, safety concerns associated and consumer-specific needs may hinder the growth of demand.
DIY (Do It Yourself) Activities to Set the Market Growth for Pliers
COVID-19 pandemic has compelled people to follow measures such as social distancing and more and more people are opting for tools that can help in repair and maintenance works.
Additionally, home improvement activities such as, renovating and remodelling remains a major part of DIY activities which has led to a significant increase in demand over the years.
In addition to the above factors change in consumer preference for more sophisticated and safer tools coupled with technological advancements is bolstering the demand for the product.
Asia Pacific Pliers Market Outlook
The Asia Pacific is expected to play a major role in the growth of plier’s sales because of several infrastructural developments taking place in the region. Additionally, China, India and Japan have emerged as potential hand tool markets over the past half-decade creating a surge in demand for the product.
Moreover, the Indian market in the past half-decade has also seen exponential growth attributed to the growing small scale enterprises and government policies such as “Make in India”.For instance, the Indian hand tool industry for the past half-decade has been growing with an exceptional y-o-y growth rate of close to 12%. This can be attributed to the availability of cheap labour, raw materials and favourable government policies.
Moreover, high spending on infrastructural development in sectors like defence, agriculture, railways, automobiles and aerospace is demanding high-quality hand tools paving the way for sales in the region.
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The US and Canada Pliers Market Outlook
U.S holds a major part of the consumption share due to the high popularity of DIY culture in the region. For instance, for the past half-decade U.S is dominating the DIY segment by holding a major share of it and this trend is projected to remain constant over the forecast period (2021-2031) driving sales for the use of tool.
Moreover, home improvement activities such as remodelling and renovation coupled with the opening of plier speciality stores have given the required boost to the industry in the region.
Canada is expected to witness significant growth with the introduction of customized DIY kits coupled with new and innovative combinations of tools in the DIY kits
Who are the Key Manufacturers and Suppliers of Pliers?
Some of the leading manufacturers and suppliers of pliers are
- Klein Tools
- The Great Wall
- Apex Tool Group
- Channellock Inc.
- Irwin Industrial Tools
- Akar Tools Limited
The aforementioned players are mainly relying on inorganic growth strategies such as acquisitions and collaborations to expand their overall share. Other than these the hand tool marketis a highly fragmented with small and medium enterprises holding the majority of the global market share. For instance, in India, there are around 2500 manufacturers of hand tools out of which 95% are small and medium enterprises catering to the needs of the local market.
An Adaptive Approach to Modern-day Research Needs
Pliers Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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