Overview and Scope
The specialty tools market consists of sales of drywall lifts, bearing pullers, valve spring compressors, soldering stations, and surgical retractors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The specialty tools market size has grown strongly in recent years. It will grow from $15.61 billion in 2023 to $16.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to innovations in materials, industry growth, regulatory compliance, consumer preferences, and increased global trade.
The specialty tools market size is expected to see strong growth in the next few years. It will grow to $20.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to growing awareness of environmental sustainability, continued growth in emerging markets, a shift towards remote work arrangements, changes in supply chain dynamics, and growth in renewable energy. Major trends in the forecast period include the adoption of digital and green technologies, the integration of automation, increasing demand for tailor-made solutions and personalized products, and the integration of robotics.
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Segmentation & Regional Insights
The specialty tools market covered in this report is segmented –
1) By Product Type: Hand Tools, Power Tools, Diagnostic Tools
2) By Distribution Channels: Online, Retail
3) By End-User: Automotive, Construction, Manufacturing, Aerospace, Other End Users
North America was the largest region in the specialty tools market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising construction activities are expected to propel the growth of the specialty tools market going forward. Construction activities encompass the planning, development, and execution of projects involving the building, renovation, or infrastructure enhancement of residential, commercial, or public spaces. Rising construction activities can be attributed to factors such as population growth, urbanization, infrastructure development, economic expansion, and increased investment in real estate and public works projects. Specialty tools are used in construction activities that offer specialized capabilities for precise cutting, measurement, heavy lifting, and quality control, enhancing productivity and safety on-site. For instance, in November 2023, according to the Office of National Statistics, a UK-based statistics authority, the total new work construction output surged by 15.8%, achieving a historic milestone with a value reaching $168,474 million in 2023. Moreover, in 2022, total new work increased by $23,006 million, with private sector growth at 16.8% and public sector growth at 13.1%. Therefore, rising construction activities will drive the growth of the specialty tools market.
Key Industry Players
Major companies operating in the specialty tools market are Robert Bosch GmbH, 3M Company, ABB Ltd, Würth Group, Stanley Black & Decker Inc., Emerson Electric Co., Techtronic Industries Co. Ltd, Sandvik AB, Hilti Aktiengesellschaft, Makita Corporation, Ingersoll Rand Inc., Fluke Corporation, Husqvarna Group, Snap-on Incorporated, Lincoln Electric Holdings Inc., Graco Inc, Milwaukee Electric Tool Corporation, Festool Group GmbH & Co. KG, Klein Tools Inc., Metabo Corporation, Proto Industrial Tools, Matco Tools, Channellock Inc, Irwin Industrial Tool Company, Teng Tools AB
The specialty tools market report table of contents includes:
1. Executive Summary
2. Specialty Tools Market Characteristics
3. Specialty Tools Market Trends And Strategies
4. Specialty Tools Market – Macro Economic Scenario
5. Global Specialty Tools Market Size and Growth
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32. Global Specialty Tools Market Competitive Benchmarking
33. Global Specialty Tools Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Specialty Tools Market
35. Specialty Tools Market Future Outlook and Potential Analysis
36. Appendix
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