Hand tools are gaining major emphasis on doing manual and hand–powered tasks across application segments including industrial and household segments. The increasing number of industries and manufacturing plants are giving rise to maintenance activities across the globe, thereby boosting the demand for hand tools. New innovative hand tools are being designed considering its applications, to ensure that the hand tools deliver specific expected to performance, thereby simplifying applications.
Companies Launching New Products to Differentiate from Competitors
The hand tools manufacturers are developing new products designed with precision and advanced handling, thereby making the operation more effective and simplified. The varying application of hand tools from industrial to the household utility are fostering the manufacturers of hand tools to bring key innovations. New product development strategy is expected to be a major factor contributing to the overall profits gained by manufacturers. Find out the key revolutionary products that are expected to bring profitability to the hand tools landscape.
- There has been a proliferation in the overall maintenance services, thereby giving rise to a growing demand for hand tools that find their vital application in maintenance purposes. The household application space requires major maintenance and repair, owing to which new developments are made in line with these requirements. Two inventors from Texas developed a ROOF & GUTTER RAKE, to mitigate the maintenance challenges for the households for cleaning debris accumulated on roof surfaces and gutters. This innovative approach for roof maintenance is lightweight, durable, and portable to use.
- Bon, a provider of contractor-grade hand tools introduced a line of forged steel masonry trowels that are equipped with precision forged shank and blade that make them consistently robust and strong throughout its lifespan. Setting new performance standards for masons, such new hand tools are expected to boost the capabilities of existing hand tools. The flexibility and elasticity protect the joints of the workers, thereby boosting the operability.
- High-speed and precision hand tools have been attracting major attention from the end-users. In line with this demand, Falcon Tool Company introduced a line of high-speed precision hand tools including ROTUS Air Grinder, Emax EVOlution Micro-Grinder, and effective attachments. The incorporation of the latest technology and the in these high-speed precision hand tools make it ideal for the industrial applications that demand speed and precision.
- BURNDY, a company manufacturing tools for electrical utilities, industrial and maintenance, launched a series of hand tools for stripping and cutting wires. Providing custom-designed jaws help is minimizing or eliminate the damage to a bundle of wires.
Implementing Key Strategies to Help Manufacturers Expand Capabilities
There are several strategies implemented by the leading hand tools providers. With an aim to expand the distribution and supply of the hand tools, the hand tools providers are entering into collaborations. For instance, the Toobank announced a partnership with Milwaukee Tools, which would commence from the 1st February 2019, gaining wholesaling and distribution rights for the latter. With this partnership, Toolbank would distribute the Professional Red Fever Hand Tool range in Ireland and UK. Such distribution agreements play a significant role in the overall growth of the hand tools market, as companies find growth potential.
Acquisition strategies are also being implemented for expanding the business line. For instance, Vaughan & Bushnell Manufacturing Co. acquired DASCO PRO, Inc. which would expand the latter’s product offerings within the same retail category and strengthen their competitive advantage against other domestic and foreign companies manufacturing tools. Similarly, the manufacturer of highly engineered components acquired Stride Tools LLC, the manufacturer of specialty hand tools that are recognized for next-gen durability, with an aim to expand its US manufacturing capabilities.
The hand tools market is expected to grow significantly with the increasing industrial application.
Download Sample Copy of Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1114
