The Market for Hand Tools and Accessories Continues to Expand

As more and more people switch to cordless power tools and more energy efficient appliances, the market for hand tools and accessories continues to expand. The global market for hand tools and accessories is estimated to reach US$ 19.4 billion by the year 2015. The economies of the GCC region, with construction projects worth US$ 1,368 billion currently underway are a significant market for power and hand tool manufacturers. According to recent market research*, the global demand for hand tools and accessories has been growing at a steady pace, making it one of the most consistently profitable sectors in the industry despite the current global economic conditions. A large part of this development has been driven by increased demand for cordless powertools such as saws and drills. There is also greater demand for more energy-efficient and ergonomically designed hand tools. Leading manufacturers are expected to continue to target this segment with more innovatively designed products and specially targeted marketing strategies. In fact, demand for power tools is expected to surpass traditional hand tools worldwide, due to the increasing popularity of cordless electric saws, polishers, grinders and sanders. Electric screwdrivers are expected to witness robust demand, and electric saws and drills are projected to record above-average growth figures. "The renewed growth in the Middle East’s construction industry is expected to drive demand for hand tools and accessories,” said Ahmed Pauwels, Chief Executive Offcier of Epoc Messe. Source: albawaba.com